Mr. Sebastian Barnes:

We have not. These are big problems that are facing many countries. One of the things the IFAC does is to participate in a network of European fiscal councils. We have discussions on this issues. There are certain countries, such as the UK, the Netherlands and Denmark, that have done good analysis on this issue. Most other countries are in the same situation as us. That should not make us feel comfortable; it is just a fact. There has been analysis in terms of the kinds of measures that could be taken and what measures would lead to that reduction in carbon emissions.

There are two pieces missing. One is the policies that will be put in place to achieve that. It would be possible to just tell people to do it and force them to do so through regulation but it may be the case that the Government wishes to use incentives, subsidies and other measures and provide compensation. The other is the question of what will be the fiscal impact of that. A fair amount of work has been done on the first leg. The next two legs are missing. There is not a significant amount of time in which to do this. In terms of climate, 2030 is not that far away. There is urgency to this. That information on how much it costs should be fed back into the choices in terms of the design of policies that are put in place and how it is going to be achieved. Potentially, the costs of this are massive. If it is done in an inefficient way, that will add to the scale of it. The changes should be made in the most effective way. Mr. Carroll has been considering these issues. I do not know if there is anything he wishes to add, particularly in terms of modelling.