On Brexit, our baseline forecast, which underlies our forecast for the U.K. and for the eurozone, is that a deal will be reached. It will be one in which trade in goods is essentially tariff‑free, which would allow most supply chains to remain intact. It is one in which the regime for financial services would be, you know, quite favorable to the U.K. And I recognize that that is an optimistic scenario, but we tend to assume that when some set of economic arrangements is clearly in the joint interest of the negotiators, that somehow, they will manage to make this come about.

Obviously, if this does not come about, if there are arrangements which are more restrictive of trade, which put up more barriers which disrupt supply chains, then this is going to be more challenging for both the U.K. and its eurozone partners. And there are some very critical areas where, you know, a technical agreement does have to be reached; for example, on how to handle clearing of derivatives over the transition from old arrangements to new arrangements.

We know the negotiators have been working very hard. In fact, there has been a remarkable amount of progress on a lot of issues, and this often goes unnoted. But there are some very key elements that have not been resolved and that seem very difficult. So, until we get more information, we will keep with our assumption that reason and good policy will prevail. And hopefully we will be proven right.