We now believe that our actions are likely to be more effective and more credible to the extent that they are more clearly understood and more predictable. Therefore, today we provide the public with large amounts of data and commentary on monetary policy, in our regular publications, on the internet, and in response to specific requests.
More broadly, the portion of corporation tax receipts that does not appear to reflect domestic economic activity and stems from a relatively small number of firms continues to grow to an estimated € per annum.2 Such revenues are subject to sudden change – for example due to potential shocks stemming from the evolving framework for global corporation tax or any re-adjustment of multi-national enterprise value chains – highlighting the risks of them forming part of permanent expenditure.