Professor John Doyle:

Yes, and that means borrowing something of the scale or €2.5 billion. Even if there were no deal on pensions, it is a possibility the UK would just walk away, although I do not think that is likely, and we would then be talking about borrowing something of the scale of €6 billion. Even then, however, it would not be an insurmountable level in a transition if we assume we would be investing in an economy for it to grow and not just leaving it to fester.