Mr. Brendan O'Connor:

If the question is specific to the exemptions, it very much depends on the outcome. The maintenance of the trading relationship to the greatest extent and the transitional arrangements that we would hope for would be close to the status quo. A hard Brexit is very different. It is difficult to make the case for exemptions from fiscal rules unless we have something to hang it on, at least at this point.

Deputy Doherty's comments are fair. Clearly, Deputy Doherty is familiar with the research we have put out on a hard Brexit. We have put out the research to inform and stimulate debate and the types of questions Deputy Doherty is asking. We probably need to know a little more about the negotiating outcome before we make those through the Council formations.