---

Finance (No. 2) Bill

I thank the Economic Secretary for that intervention, but he highlighted the difference himself. He said that residential property companies are considering taking such a step, but commercial property companies have said definitely that they will do it—[Interruption.] He asked me a question and he must allow me to answer it. The difference is that several commercial property companies have said that they will definitely do it. A consortium of housing associations has said that it is considering doing it, but as I read the FT it has not said that it will definitely do it. So we still do not have a concrete example of any residential property company saying that it will convert to REIT status on these terms. That is an important distinction.