Dr. Paul Egan:

We published a working paper in March. It was co-authored with the Department of Finance. We looked at the macro impact on 10% and 25% tariffs. It also looked at the impact on public finances. The way the model we used works is it splits out revenue into three different stands: indirect, which is VAT receipts; corporation tax, which, obviously, is the profits firms make; and personal tax, which is income. We saw significant falls across all three.