Mr. Niall Cody:

As I said earlier today we are starting from a position where the UK and Ireland are members of the EU, we have regulatory alignment, are in a single market, and have similar standards. If the regulatory arrangements diverge, which is the reason some claim they want to leave the EU, over a period of years changes will happen and Revenue and various other agencies will have to respond to that. I do not see it as a cliff face in April. Everybody asks what if the UK goes to have low regulation and low taxes but its VAT and excise rates are at the higher end, like ours, and I do not think it is economically viable for it to slash its VAT rates. Over time it will have to deal with that.