Dr. Tom McDonnell:

One of the considerations was to see what was possible to shake from the tree given that first recommendation and our understanding of the demographics. Just transition has to be paid for. There will be other calls over the next ten or 20 years. We need a significant increase in revenue yield.

The question is how to do that while minimising damage to the economy and doing so in a way that is fair and equitable. We did not emphasise increasing labour taxes on higher earners. We instead looked at capital stocks.

With regard to Intel, none of the suggestions we talked about today would necessarily affect Intel's business to any greater extent. A land tax on Intel's land would not be particularly valuable. Given the type of model we would use, that is, some sort of hedonic regression model, it would not affect Intel particularly greatly at all.