I say again that I have engaged with stakeholders and experts and I challenge what Murdo Fraser is saying about the composition of the tax.

It should be welcomed that more than 90 per cent of people who purchase properties pay no tax or less tax than they would have paid under the previous regime. There is economic growth. Our forecasts have been laid out clearly in our methodology document, and we will continue to analyse and monitor the housing market. Murdo Fraser will know that there is no evidence of distortion in the market, as the Finance and Constitution Committee agreed.

We will monitor the position and ensure that we are properly funding our public services, and we will refine our tax rates as required. That will be evidence based, and all the evidence to date has said that the system is operating well. Some of the financial impacts are a consequence of the economic situation.