Mr. Paul Sweetman:

At this point in time that is certainly the approach we have to take. I would encourage, and it always comes back to this, looking at the competitiveness agenda. I am sorry to be a broken record on it but it is quite clear to us that when you do the thought experiment of what we need to do, it always does come back to the simple competitiveness aspects of what companies are going to need, such as talent or public infrastructure.

To give some anecdotes, we have been in touch with a number of companies. We have met the senior leadership teams of a number of organisations and some have multiple sites or operations. Within those conversations, over the past six months, particularly at the highest peak of the discussions on tariffs, we talked about what we knew and the insights we were getting. The question-and-answer parts of those sessions invariably went to local challenges on infrastructure - water, public roads or transport, etc. - that the companies highlighted as some of the biggest challenges. Anecdotally, that tells me a lot about where companies are at. We are certainly speaking about tariffs and the challenge and uncertainty around them, but about getting the basics right too.