Mr. John McCarthy:

I still think we are very much on target to achieve our headline deficit of 0.04% for this year. That would mean tax revenue of just north of €50 billion, its highest level ever. There is a lot of uncertainty but we assumed a euro-sterling exchange rate of 0.85 and it was 0.86 as of yesterday. We have a bit of depreciation vis-à-visthe dollar, which will help. Our assumptions for euro-dollar were 1.12 but yesterday's rate was 1.06.