Ms Emma Cunningham:

It is a factor of a number of things. It is the deal, certainly. There will be a certain reallocation of profits from countries like Ireland to market jurisdictions. We have also had healthy corporate tax receipts in recent years and the more a country has, the more that is subject to reallocation. That was the subject of a paper published by the economic division in recent months. It highlighted the risks to our corporation tax receipts, a significant portion of which might be considered vulnerable or unlikely to reoccur in future years.