Well, Dirprwy Lywydd, of course I have heard the representations made by some in the development sector. Both I and my officials separately have met with those who have concerns, and that engagement will continue. Andrew R.T. Davies, in his original contribution, set out their concerns very fairly and of course I will listen and continue to listen to them. No doubt the UK Government, his Government, in 2016, in its budget, when it raised the top rate of tax for non-domestic transactions by 25 per cent—not the 20 per cent horror that Mark Reckless mentioned in opening, but by 25 per cent—a Conservative Chancellor doing that, then he relied on what his budget document said to him, that these changes ensure that businesses purchasing the highest value freeholds and leases make a larger contribution while delivering a tax cut for those purchasers, often smaller businesses, who purchase less expensive properties; exactly the analysis that we carried out here in Wales.

The Conservative Chancellor's budget document, when he raised the top rate of property taxation by 25 per cent in that budget, said that this measure was not expected to have any significant macroeconomic impacts. When these things are done by a Conservative Chancellor, it is a matter of standing up and cheering. When they're done by a Welsh Government here in Wales, the whole of the world is about to fall in on their shoulders.

I also heard, Dirprwy Lywydd, from the business sector, that, in developing LTT, businesses stressed the importance of stability and certainty. To consider changing the rates after only one month of operation, with no further evidence about the effect of these rates, would be premature and would create instability and uncertainty, which, itself, would be potentially damaging to the economy in Wales. So, what I will do is what I have said repeatedly in this Chamber: we will now look at the actual evidence, not the speculative evidence, not the things that are said in advance about what the effect might be; we will see the actual evidence from transactions and give that evidence very careful consideration. As a result of amendments promoted by our colleague Steffan Lewis during the passage of the Bill, there is a legislative requirement to secure an independent review of LTT in the future. In the meantime, consideration of the emerging evidence will be part of every budget cycle, and, for a newly commenced tax, that is particularly important.