Thank you. I'm grateful to both Peter Fox and Llyr Gruffydd for their comments this afternoon. And in terms of the first contribution, the changes to LTT do mean now that the starting rate is increased to £225,000, and as I say, that's equivalent to a 25 per cent uplift on the previous level, and that does more than make up for the increase in property prices that we've seen since we last set those levels. And as I said, the effect now is that 60 per cent of residential property in Wales is below that new threshold, and that does, of course, include many properties acquired by first-time buyers, and just under half of residential property transactions will pay no tax at all, and that, as I mentioned in my opening remarks, is a higher proportion than across the border. I do think that Llyr Gruffydd really hit the nail on the head in the sense that we have to balance between supporting home owners, but also investing in public services, and I think that the regulations before us today do strike that balance quite appropriately.

We haven't had any notification, as you would imagine, in terms of what might be in store for us on 17 November, when the Chancellor makes his next statement. But there's absolutely no reason why the UK Government couldn't be sharing, in confidence, at least, their thinking with us. We were in a very fortunate position in terms of being able to respond quickly, because over the summer, we had been doing a great deal of modelling and costing of policy options in advance of potentially making changes alongside the draft budget. So, in that sense, the work was done and so we were in a good position to respond very quickly. But it did mean that we couldn't respond on the day, and make those announcements and make those benefits available to people immediately, and I know that, inevitably, there's some frustration then for people who are caught in that period between, although we did put those transitional arrangements in place for people who had completed, to try and be fair to those people.

In terms of the other ways in which we can use land transaction tax, we're always thinking about what more we could be doing with that tax. Ultimately, LTT is one of the taxes for which its main purpose is revenue raising, and it does bring in significant amounts of funding to the Welsh Government. But I think it is important also to explore how we can potentially use all of our taxes for behaviour change in that context of climate change, which both colleagues have mentioned. And it's something that I am interested in exploring further as well.

So, thank you to all colleagues for their contributions to the debate. As I say, I think we've got the right balance between providing some reductions to taxes for those buying properties in the lower-to-middle part of our housing market, including most first-time buyers, and then also making sure that we raise additional revenue for essential public services by asking those who are purchasing more expensive properties to pay a little more in tax. And so, I commend the regulations to the Senedd.