Mr. Niall Gibbons:

To clarify, the figure of €7.5 billion is the total value of the industry, domestic and international. The expenditure on the island of Ireland last year attributable to international arrivals from the United Kingdom was just short of €1.4 billion. Oxford Economics has done a lot of work for us on the cost of Brexit. The total number of British people travelling abroad every year is forecast to decline by 2.5%. It is not just a matter of travel to Ireland. Brexit has economic consequences that move beyond Britain. I alluded in my speech to the fact that Oxford Economics has revised downwards its forecast for tourism growth four times this year. If its forecasts are correct - economic forecasts are not always right - the reduction in tourism revenue is likely to be in the region of €120 million by comparison with last April and May. It is not just the British market that is affected; Brexit has economic consequences that spread beyond all markets. It has economic consequences for growth in general. That said, the figures are based on economic forecasts, and these change. I am attaching a health warning to them. They are the only projections we have. They are the best in the class but it has not always been a great class in the past five or six years.