Mr. Aidan O'Hogan:

It does not apply. This is only in respect of land that may need to be rezoned in the future. We may need to try to get more of it, which would help to reduce the overall price of land. We suggest that it should come down to a third. Roughly, one third of it is taken. It is with great reluctance that we have advocated any tax reductions. We are very conscious of what the tax incentives did. The same applies to VAT. We are suggesting that it be reduced from 13.5% to 9%. We have seen what that has done in the hospitality industry. We reckon that if 10% to 15% more houses are delivered as a result, it will be more than self-financing.

This will be more than self-financing. The people on whom it impacts most are first-time buyers. It is in that sector of new housing that this has its biggest impact. It would be honest to say that we are trying to look at sustainable models. However, as the Deputy stated, there is a crisis and it needs some facilitation to drive the market in the short term. All we are seeking is the means by which we can oil the wheels in order to have this delivered.