Mr. Derek Moran:

These are the choices. At the moment, it is hard to say what the probability around Brexit is going to be. In my view, we would have to be very cautious in an October budget if there was going to be a hard exit two weeks later. We would have to act accordingly. If a deal is eventually done and there is an orderly exit, another set of challenges arises. We are at or about full employment. Earnings in the economy are starting to tick up. We are starting to see capacity pressures. All of that would argue in favour of pumping less money into the economy, which involves containing expenditure increases and tax reductions. A counter-cyclical budget is very much where we should be going. I do not know whether Mr. McCarthy wants to add to or disagree with any of what I have said.