Mr. John McCarthy:

This relates to the macroeconomic modelling work that we did jointly. We have a PhD economist, one who is skilled in macro modelling, working on this matter on my side. Three scenarios were published last November. We did not know at the time that a hard exit would become the most likely. This leads us to believe that the macroeconomic impact will be more severe. To put some figures on the macro scenarios, after five years, the level of GDP would be three and a half percentage points below a baseline scenario of no Brexit and closer to four percentage points after a decade. There would be significant front-loading. This would reduce employment by approximately two percentage points and raise the unemployment rate by one percentage point. In terms of the public-----