Dr. Tom McDonnell:

Essentially, two or three companies engaging in corporate restructuring suddenly changes the fiscal space available to a country, possibly quite dramatically. The nine 3.5s get added to 26, divided by 10 and that is the reference rate. It is not as simple as that, of course. I would argue that while the reference rate should be increased marginally for future years, it shows what a nonsense it can be when a Government is basing economic policy on those kinds of things.