Thank you, Deputy Presiding Officer. The Cabinet Secretary is well aware that I'm keen to explore the possibility that by cutting tax rates in Wales we can create a tax advantage compared with England and grow the Welsh economy, and, therefore, increase the size of the tax base. We had a productive exchange, I thought, in the Finance Committee a few days ago, where I was pleased to see that the Cabinet Secretary was open-minded to this possibility.

The head of the Welsh Treasury advised me to look at the Welsh tax policy report of 2018, where numerous international studies on this topic are listed, and I've had the chance to look at a few of them—they all give support, broadly speaking, to my hypothesis. I'd like to draw his attention to one in particular by Isabel Martinez from the Luxembourg Institute of Socio-economic Research, which looks at what happened in Switzerland when this was tried by one Swiss canton: Obwalden. That did have the effect of attracting people on higher incomes to the canton in order to afford an overall lower level of taxation for everybody. The share of rich taxpayers living in the canton increased by 25 to 30 per cent in the first five years after the tax change, and the bottom 99 per cent of taxpayers weren't affected at all by this change, so it seems as though it was a win-win situation.

I know international comparisons are difficult in these areas, because behavioural effects are going to be different in different countries, but I'd like to ask him if he will instruct his officials to conduct a formal inquiry into the possibilities of this so we can inform decisions in future budgets.