Mr. Sebastian Barnes:

Let me come back to the final point. Although some options have been kept off the table, other options are still there. For example, one option would be to raise VAT. Another option that is mentioned in the document is raising PRSI rates and there are other taxes mentioned, or that are possible, including the increase in carbon taxation. The increase in carbon tax that is envisaged would raise about €800 million out to 2025, which is an important and useful contribution but is not on anything like the scale that is required. Anyway there are other tax options there.

On the Deputy's second point, as we have discussed with other members of the committee this morning, the recovery of the SME sector is a key part of the recovery. If it does not happen we will be in a much more difficult situation and we will be much closer to the kind of severe scenario that we outlined in our report. The recovery of the SME sector and support of it with both emergency measures in the near term and ultimately with stimulus is very important.