Mr. Sebastian Barnes:

The council has noted on a number of occasions that it is a major risk to public finances as it is being used to meet permanent spending commitments. They are concentrated on a small number of companies, many of which are very international and could move abroad if they decided. There are also risks associated with the international tax environment. It is a serious risk in the medium term. In the short run it is a risk but it can go either way. Corporation tax receipts might be very poor this year because of some of the domestic impacts in that very few companies will be making much profit. On the other hand, the multinational sector receipts may be quite good, and may even surprise on the upside. We will have to wait and see, as always.