Mr. Gabriel Makhlouf:

As I said in my introductory statement, the Monday evening announcements about level 5 will have an impact on underlying demand in 2020. As I also said in my opening statement, assuming the restrictions are time limited we see growth continuing next year and in 2022. We have made no provision for ongoing lockdowns because it is too difficult and too uncertain to make. One of the characteristics of the forecasts we made two weeks ago, in July and in April is that the path of the economy depends very much on the path of the virus, which is a very big unknown.

With regard to Brexit and the 2% assumption, it does assume essentially an agreement that there would be no tariffs and no quotas. It assumes an agreement on trade and goods that achieves no tariffs and no quotas. This is our underlying assumption. As the Deputy has said, it is not impossible that a deal is negotiated that is much broader than this. It is extremely unlikely but it is not impossible.