Mr. John Hogan:

It is difficult to estimate. Earlier in the session, I talked about the two-pillar structure at play in the OECD. Pillar 2 is the minimum effective tax rate. The other pillar is the reallocation of taxing rights, which was part of the overall agreement at the OECD. It is fair to say that the detail of the implementation of that pillar has been difficult to finalise. Ms Cunningham is on the OECD Committee on Fiscal Affairs at which detailed discussions are going on as to what that might mean. Until we see how that turns out, it is difficult for us to assess other than in broad terms. In the last number of years, we have spoken of the need to be prudent in our expectations around corporation tax receipts. That is probably amplified now by what is happening internationally.