Mr. John McCarthy:

We have prioritised work to be Brexit, which is appropriate. Trade war is certainly a possibility but I do not think it is a possibility for this year or next or the next couple of years. It could certainly be seen in later years if there is still this secular stagnation, weak world growth and so forth. We have to prioritise the issues we see, the most important of which is Brexit. That is what we have done. We can of course attempt to simulate the impact of a trade war but for the moment we are focusing our modelling on WTO type arrangements.