Professor John McHale:

We also say it is a deviation from the prudent path. Based on the plan the Government has laid out to follow the fiscal rules, we hope and expect it will return to that prudent path. On the comparison with the property boom, if one thinks back to 2005 or 2006, at the time it did not seem that these were unsustainable sources of revenue either. One could say that, year on year, they were not one-off sources, but ultimately, of course, they did not prove sustainable and revenues collapsed and we all know the very serious difficulties that followed. There are some similarities with what is happening to corporation tax.