Professor John FitzGerald:

In terms of tax measures, there was a decision to get rid of the higher capital gains tax on land in I think the 1997 budget. There was a whole range of things such as the inefficiencies and the problems in the building sector. The builders did well. Economic theory tells one that with a fixed factor the people who will make a load of money will be property developers and the owners of land. The failure to deal with this matter was a very bad mistake. We have had tribunals on this issue. It is where big money was made and the matter should be dealt with.