The importance of our 12.5 per cent rate is well known to the House. Budget speeches by my predecessors, indeed by myself, made the case for this rate. However, I strongly believe that our national interest is now best served by joining this agreement. It maintains our tax competitiveness and strengthens our position in the world. The agreement, which we shaped, is balanced and represents a fair compromise. While there will be a cost to the Exchequer, it provides long-term certainty for businesses and investors for the benefit of Irish jobs.