Mr. John McCarthy:

Profitability is growing faster than compensation of employees, so the labour share of value added is falling, but it is not solely wages that need to be incorporated into the analysis. The compensation of employees is the wage bill.

Employment rose by 10% or 12% which will also feed into the wage bill. The number of employees is up as well as wages. The Deputy is absolutely right in his net point about 2015 but not so much about 2016 because trading or total profits were up by 7%. Compensation of employees was also reasonably strong last year. Employment growth was about 2.9% and wages about 2%, so 2015 was an anomaly. There was a big increase in the profit share relative to wages. In 2016, that gap was not as large.