Mr. Michael Tutty:

I am not sure it could be called less risky. When the crash occurred in 2008, capital spending was cut by 66% when stamp duty receipts evaporated. One of the issues with capital spending is that it is the easier option when it comes to cutting. Existing projects would be allowed to go to their conclusion but new projects would not start. It is very difficult to eliminate an ongoing payment or reduce a salary for a public sector worker but if a project does not commence, there is the question of who would get the contract, be employed by it and benefit from the presence of the capital project. These are unseen elements so it is easier to cut such spending. We would like to see spending being placed on a more sound and sustainable footing.

The Deputy is correct that perhaps we have a lack of precision in the estimates relating to corporation tax but our inability in this respect simply highlights the massive uncertainty that exists. If we could put a number on it, we would do so. It is very difficult to do that.