Dr. Robert Kelly:

I will not comment directly on yachts. I will make two points in response to the Deputy's question. First, I think there are two elements to the restrained spending right now. The most acute, which probably accounts for the vast extent, is the need not to feed inflation, as the Deputy mentioned. The other element is vulnerability and ensuring the public finances are put on a firm foot structurally, which requires that we do not start to use potentially transitory receipts to feed expenditure.

To come back to the Deputy's main point, the net spending rule that was designed in the summer economic statement in 2021 relates to net spending. It is exactly relevant to his point. If revenues are raised, more spending can be done. The rule just means that net of balance of revenues and expenditure, the growth will be 5%. Exactly as the Deputy outlined, we are saying that within that structure, the 5% is to provide guidance. As to the relativities across policies in terms of how that spending versus tax revenues is done, that is a Government decision. On the Deputy's point, yes, what he is proposing would still keep us in line.