The other point that Tom Josephs highlighted was that because quantitative easing by the Bank of England effectively refinanced the long-term debt that the bank bought and replaced it with short-term debt, which the bank has issued at bank rate, much more of our debt is sensitive to day-to-day changes in the bank rate, rather than being paid at the interest rate of whatever the gilt was that it purchased, which often had a 15 to 20-year maturity and was well below market interest rates.