Murdo Fraser has been consistently wrong on LBTT. In the previous financial year, we generated more resource than was forecast. It is in the nature of economic forecasts to give us a range.

The OBR has said that the UK equivalent of LBTT—stamp duty land tax—is one of the more volatile sources of receipts. In recent years, SDLT receipts have been a large source of fiscal forecasting errors. In line with that, we have revised our SDLT forecast proportionately more than that of any other major tax.

LBTT has been operating well. Murdo Fraser should not just take my word for it—he should take that of the Finance and Constitution Committee, of which he is a member.