Professor Edgar Morgenroth:

Perhaps I will come in on the protocol, seeing as I have done a fair bit of research on Brexit over many years at this stage. The protocol really is necessary and arises out of the nature of the kind of Brexit we have got, so it is a direct implication. While we can argue about how this protocol or a protocol is applied, the basic need for it will not go away, and that is simply because of Brexit and the need to keep the integrity of the Single Market. If we did not have the protocol and left the Border open, Ireland would end up having to take the hit of Brexit. Nobody in the Republic of Ireland voted for Brexit and we can note again that the majority in Northern Ireland did not vote for it either.

There is clearly an issue. Some imports from GB into Northern Ireland will clearly be impacted in this regard - there is no doubt about that - but there are opportunities as well arising out of Brexit and the protocol for Northern Ireland. Northern Irish businesses can source within the EU where businesses in GB will have to face non-tariff barriers. This is something that has not really been given enough attention, perhaps for political reasons, but economically there is a great opportunity here for Northern Irish businesses. We need to explore that much more. There is no doubt but that there are costs to Northern Ireland from the protocol but that is simply a cost of Brexit. There is not very much room around this. We can apply the rules a little differently but the rules will have to be there.

On corporation tax, Professor Fitzgerald might want to come in. Again, it is a big issue.