Mr. Seamus Coffey:

I am not sure the distribution of the available fiscal resources between tax and spending would have a significantly different impact on the economy. If we have a tax cut or an expenditure increase, there might be some differences but the overall effect would be quite similar. We take account of the overall impact of the fiscal resources available. Whether the Government opts for a 50:50 split or 100% towards expenditure, I am not sure the impact on the economy would be significantly different. Different measures obviously would have a different impact but I do not believe it would be sufficiently significant to have an impact on growth or in terms of overheating the economy. We will not control such overheating by deciding to increase spending versus reducing taxes. It is the overall package that has the largest effect.