Diolch, Llywydd. Cabinet Secretary, the Wales Centre for Public Policy has recently published its report on the Welsh tax base, which has raised a number of salient points about the impact even small changes to the tax system can have on taxpayer behaviour, migration and inward investment.

With regard to land transaction tax, the report highlights that, although there were only 45 LTT and non-residential property transactions over £5 million in 2015-16, they accounted for 43 per cent of total transaction value of Welsh LTT. The report also notes that just 10 fewer freehold transactions over £5 million in one year could reduce revenue by £7 million. Taking all that into account, we've asked you previously, and I ask you again: will you, at the very least, monitor the top rate of LTT in this regard within Wales and consider bringing it in line with England or Scotland if the economy does show signs of suffering?