Thank you, Mr. Keddy; it's a pleasure to respond to your question.
You're quite right, I think, that when you're looking at the decision you would make, you have to take into account the cost-effectiveness of the measure, which is the cost of it to the treasury. The other part of it would be how effective it is.
If I had to pick one, I think I'd pick the enterprise investment scheme. We've looked very closely at this. This is a U.K. incentive vehicle for small, emerging businesses—start-ups and emerging companies—that has been highly successful in the U.K. It has been in place for 20 years. It has had scrutiny by Her Majesty's Treasury. It has done a very successful job and has been very popular, so it works.
It would be very cost-effective. We estimate that it might cost $200 million to $250 million in tax expenditure to put in place, which would be from a 30% deduction from income tax for the purchases of those shares. Also, the capital gains earned on the shares would be tax-free.
The most important thing about its effectiveness is that the market decides. This is not something like a venture capital labour-sponsored fund or any other kind of managed fund. These are decisions that individual investors would make on the merits of the investment.
I think something like that would be a huge shot in the arm, both for small businesses looking for capital and for the marketplace itself. So that's what I would recommend.