Professor Michael McMahon:

Yes. We have had the discussion of the title of it, but as we speak, not only to this committee but also to international bodies, we will continue to call it the national spending rule. On the presentation of the budget, it did not have a presentation of the net aspect of this rule. There was some initial question about whether it was a net or overall spending rule.

That was clarified 18 months or so ago and we believe rightly so. We think if a Government of the day raises extra tax revenue on a sustainable basis, then that should be in the pot that they should be able to spend. So, yes, we were worried. That would probably not fall into what I would classify as the gimmickry. I would put that in the lack of transparency. For ourselves but also for members, as the Committee on Budgetary Oversight, it is important certain details are reported. There is another that I would add. There is the net spending rule but also the breakdown of their existing level of service, ELS, estimates and where they get them makes it very difficult to understand where are the budgeting further outcomes so I would classify that under transparency. All of that falls under the headline of budgetary process that we worry a little bit about.