Dr. Peter Bacon:

I think they would but there would have been adverse side-effects, the impact of which would probably have become intolerable for any Government. Mainly, this would relate to a shortage of accommodation in the rented sector. The first report was about house prices and there was no part of the terms of reference regarding the rental sector. The report was on why house prices were accelerating and raising headlines. That is basically the content of the terms of reference. They also asked for recommendations to stabilise the issue. That is what the report contained. I have always acknowledged that a side consequence of curtailing investment demand, as the measures did and which led to a levelling of prices, is to reduce the supply of rented accommodation. That is what happened.