Mr. Seamus Coffey:

Absolutely, the impact of inflation is clearly important. When we are in a period of high inflation, we should increase spending more to keep things fixed in real terms. We have made frequent points about the changing nature of the population, including changes in size and demographics. That does need a more medium- to long-term view. These things do not necessarily show up when one looks at a short-term, year-on-year basis, or 20 months as the most recent report looked at. Our stand-still scenario takes into account population growth, inflation and demographics. It is an issue we look at repeatedly.