‘We are projecting an improvement in the public finances next year. There are, however, clear downside risks for the public finances. In particular, international corporate tax reform could weigh more heavily on this revenue stream than is currently assumed. Having said that, the public finances are in a much better position to absorb the expected shock to corporate tax revenue than, say, a decade and a half ago. The tax base is much wider than prior to the global financial crisis and, importantly, there is time to build up the resilience of the public finances before international reforms move to the implementation phase’.