Dr. Kieran McQuinn:

We made the point earlier that Dr. Lawless and other colleagues in the institute tend to look at Brexit from the longer-term perspective, which is the natural way to look at it because, obviously, Brexit will unfold over many years. If we were to look at the measure when it comes in particularly through the trade channels, those of us who look more at the shorter-term aspects of it and try to map, through the short term, the longer-term implications of it, would hold up our hands and say there are very large confidence intervals about trying to measure the short-run impacts of Brexit. In a sense, what we are doing in the short term is mapping through the trade channel effects but obviously there is a whole series of other effects which are very difficult to quantify.