Dr. Mark Cassidy:

State financing increased fivefold over the past decade, with approximately three quarters to capital spending and approximately one quarter to current spending. It is now the second highest proportionately in the EU.

Higher interest rates are a significant element of the fall-off in inward capital investment. Uncertainly in the international environment is also playing a role. There are issues relating to the viability of housing supply, issues relating to the regulatory framework and issues around certainly, which is where the rental cap issue comes in. Investors value certainty. They are the main factors.