Mr. Leo Clancy:

Yes. If we look back on 2022 the financial market challenges, particularly for tech companies, that we saw in the early part of the year - April and May - meant that early-stage venture-backed companies were working on how they would conserve their cash for longer. That included quite a number of our clients. That is partly what I was alluding to, namely, that there were companies which might have planned to hire more people or increase their capital investment but which were pulling back until they saw how things would go. That was probably specific to the tech sector. The other moderation, as the Deputy rightly mentioned, is that as inflation gathered pace in August, September, and October - this was particularly driven by energy costs - many companies that might have made capital investments were at least being careful about doing so. We did not see a massive pull-back in capital investment. We have seen companies take a lot more care about how they deploy their capital. Thankfully, since I wrote that statement, we have had a better winter than we expected in terms of energy prices, so we still see confidence in the market. Those are probably the two key factors that were on my mind when I wrote that statement.