Mr. Conor O'Kelly:

Investors will look at the long-term economic impact, what the money is being spent on and why it is being spent. I imagine that if it were for a temporary blow such as Brexit, where the Government is trying to fix a problem and insulate itself, investors would look through that. As to whether debt managers would be charged a premium when they are in the market actively auctioning, it is very likely. If a little bit more needs to be borrowed, the markets would estimate that; it is supply and demand. However, I think it would be modest.