Like the earlier speakers, I think we need to move with caution on this, not least because, as you say in your statement, every tax we get, every power we get devolved, appears to lead to a similar reduction in the amount of the block grant, and that could actually lead to a greater burden on Wales than we currently get from the mildly redistributive system that we have, even if it’s not perfect. So, I think we need to avoid perverse incentives, and, obviously, the landfill disposals tax does that, but it can also be used to tackle perverse consequences. I was struck by the intention of San Francisco to levy a very modest 1.5 per cent payroll tax on the high-tech companies—global companies like Google, Amazon and Uber, not known for their enthusiasm for paying taxes anywhere in the world. But, if successful, that money could be used to provide affordable housing for low-income families who’ve been displaced by these very same successful tech companies who have made it impossible for people to go on living in the city.

So, I think we have to realise that, if the austerity policies of the UK Government continue, there will continue to be pressure on us to find new ways of boosting the public sector revenue, particularly if we see a reduction in public sector grants coming from central Government. So, do we have the powers in the future, were we so minded, to adjust the land transaction tax to become a land value tax, which might more adequately reflect the good fortune of those who benefit from well-connected communities and excellent services to pay more as a vehicle for reversing the well-known inverse care law, as well as tax avoidance? Perhaps you could give us some indication of the direction of travel that the Government might be suggesting we move in.