Mr. Michael Tutty:

I am going to reply on the VAT question. I find it difficult to see how VAT receipts can have been affected by Brexit at this stage. Coming up to Brexit and searching exchange rate movements that may have affected what was going on in the economy, the main effect of Brexit is the uncertainty created for investment for the future because Brexit has not happened. It is not going to happen for quite some time so it should not have an immediate effect on consumer behaviour or business generally apart from its investment. I do not think we should be looking at Brexit as the reason for the VAT receipt shortfall any more than the income tax shortfall that is also behind profile. We must wait and see. The underlying consumption figures - the consumer expenditure figures - seem to be quite good so it is difficult to understand that shortfall. Hopefully, it is just a timing thing in terms of receipts. We are putting too much emphasis on Brexit. In respect of the UK economy and figures that went up after Brexit during August, it has been said that these figures show that Brexit did not have any effect but in the short term, I cannot see why Brexit should have a significant effect on behaviour that leads to VAT receipts.