Kate English

So this 2.4% really places us on quite a strong and robust footing as we move towards the end of the year and into 2026.

And as I said, it's quite remarkable given the factors at play.

That's a staggering 21% increase.

If we look at total tax receipts, excluding some of the kind of Apple tax money there that can put it off.

Just comparing November this year versus November last year, that's a staggering 21% increase.

And overall, it puts our tax heads at a very, so across the board for income tax, VAT, corporation tax, all that really healthy levels of growth, which is good for us fiscally.

It is a key month, obviously, for big tax heads.

You know, many large companies, they pay most of their corporation tax for the year.

So that's why November in particular gets such focus and why, again, that 21% increase is quite eye-watering.

Yes.

So early days still on this.

But yesterday they revealed a unveiled, sorry, a sweeping new plan to transfer some supervisory or enforcement powers more to its market regulator.

Yes, who is its market regulator?

It's Paris-based.

It's the European Securities and Markets Authorities, ESPA.

In total, there was about actually 18 law changes.

But I suppose what it looks to do is gain new powers to ESPA for clearinghouses, central security deposits and trading venues.

But really, what does this mean for us here today?

You know, there's going to be a lot of talk around this.

We've seen some of the smaller economic nations, Ireland included, Luxembourg, another, show a little bit of pushback or opposition to some of these changes and fear that we may lose some jobs because of a centralisation of these powers.