I want to make some progress, because I have an important announcement to make to the House.
The Republic of Ireland is one of our most important EU trading partners-we trade more with southern Ireland than with Brazil, Russia, India and China. That is partly for historical reasons and partly because many multinational companies have their headquarters there. Sadly, it has taken the recent banking crisis in Ireland for us to remember how important our trade with Ireland is. There would be concerns in that regard if we harmonised our time with the European mainland, because we would be unharmonising it from the Republic of Ireland.
What of the large proportion of our business that is not conducted with the EU? Who would benefit and who would be the losers? Companies trading with the far east might benefit, while those trading with the USA might not. Once again, we realise that there is no right answer and that compromises must be made.