Dr. Robert Kelly:

Certainly, any factor that may potentially change the tax dynamic for firms operating here is potentially important. Let that be political. However, the reality is also that there are potentially a small number of firms, it is less than ten. They could take a business operating decision to change how they organise their tax and it could easily happen. Is there political risk? Yes. People talk about that. They will talk about the base erosion and profit shifting, BEPS, process, if we were to have the first pillar of that, and what that would mean in terms of tax and where tax would potentially be paid. Ultimately, it is even more narrow than that. We could see certain companies change how they approach paying their taxation and where they pay their taxation could have a big implication. That is how we keep citing this. Are these excess corporation taxes bad? No. They are a great asset to the State if one thinks about building and in some ways it reflect a very successful model. We just need to be very careful we do not become dependent on them day-to-day and create a risk for ourselves. If that were to stop, we would have to do very sharp cuts in spending to match it.