Professor Jim Stewart:

One of the problems is that we are seeking certainty where we cannot have it. It is all very well saying industry wants a certain tax environment, but that is not in our gift. To attain certainty where there is uncertainty is very difficult and I have no real answer to it. Regarding the potential to raise additional tax revenues, we can say for sure that we would not, in fact, raise that level of revenue because we would see tax strategies changed. The large accounting firms already have six strategies up their sleeves to cope with this eventuality. One of the questions to consider is whether our tax base would fall even more or if we might receive a little more in tax. Certainly, there is no way we would get anything like 5% of the $100 billion to which the Deputy referred. I would like to be able to answer his questions in greater detail, but I am unable to do so.