Mr. Sebastian Barnes:

One way of thinking about that is that it is very hard to know the probability of a hard Brexit. We have been discussing an extreme outcome so it is hard to know how much that should be factored into these decisions. There is no way to smooth the possibilities out so that it would be possible to end up in the same place no matter what the state of the world. We are stating that a bigger budget balance today means the amount of consolidation that would need to be done in a very bad scenario would be that much less. It seems to us that it is prudent and sensible to be cautious now and to have a slightly bigger budget balance than might have been the case otherwise. If things did go wrong then, it would be possible to be that far advanced regarding the actions required.