The static costing of a potential rate change is relatively straightforward. For illustrative purposes, a 1p increase or reduction across all three bands in 2020-21, or in a future Assembly, would increase or reduce revenues by approximately £220 million, with the vast majority of revenues, of course, being generated through the basic rate. So, that would be the effect of a 1p change.

I think it is for all of us as Assembly Members, as we seek to develop our manifestos for the next election, to consider how and if we would use our Welsh rates of income tax, and also then to demonstrate to the people of Wales what the impact would be on their lives. So, for example: were there to be a reduction of 1p and a reduction of £220 million to the Welsh Government budget, it would be incumbent to demonstrate where those cuts would fall; and, equally, were there to be an increase of 1p and an increase of £220 million for the Welsh Government budget, it would be important to set out where that additional spend would be made.