Derek McDowell (Labour)

I mention this because I am against the idea of flat tax. The only realistic way of doing it in a fashion, which is controllable or which makes sense, is by agreeing, first, that there must be a broad base of taxation throughout the European Union so that we all agree in principle we will tax corporation profits as well as taxing income and, second, that there is a minimum rate at which it will apply. I am not saying any more than that — that, in itself, would be a more than sufficiently radical notion to get us going — but we must intervene in that and our rigid adherence in this country to the notion that we will not allow any interference or harmonisation on tax will do us down sooner rather than later; it is a matter on which we need to keep an eye.

These debates are always useful because they allow us an agenda of such width and breadth. I am glad the Minister of State, Deputy Treacy, had the opportunity to come in and share his time with us this afternoon.