Jim Power

But, you know, the bottom line is in the exchequer finances, OK, the revenue mainly comes from taxation.

And once you commit to spending, it is really difficult to roll back on that.

And we discovered that, for example, with the energy credits.

I think they were contained in about two budgets.

And then when the government financed

failed to deliver the last time.

There was murder, there was hell to pay.

So that's the problem with spending.

Once you commit, it's a ratcheting up effect.

It's really difficult to roll back, even if the tax revenues disappear.

So I think the public finances are in a very, very precarious place at the moment, potentially.

I think government really needs to stand up, be strong, keep the lid on public spending.

and make sure that the tax take is maintained to the greatest extent possible, whatever that entails.

Well, yeah, I mean, that's one way of looking at it, Chris, because we are so heavily dependent on US multinational sector.

And they're all doing so well.

They're all doing so well, yeah.

Well, that's one way of looking at it, absolutely.

Listen, Chris, great to talk.

And I apologize for confusing you about Exchequer and general government.

It's EU accounting, which I don't fully understand.