Mr. Sebastian Barnes:

I share the Deputy's assessment of the SME sector. The points he made are absolutely right. It is very important to note that the SME sector will be a key part of the recovery and the creation of employment. That is one of the reasons why the emergency support measures the Government has taken in phase 1 are so important. They should be accessible to all firms. The creation of demand in these areas is also why the stimulus in the second phase is very important. As we discussed earlier, it may be appropriate to target some of the stimulus at sectors that will struggle because of the nature of what they do. Some of those sectors are very jobs-rich.

The choices made further down the road will be a political decision. As I said earlier, increases in taxation should be considered in light of their impact on growth and jobs. SMEs are a key part of that.