00:00What are you seeing in terms of signals around the UK economy?
00:03So I pick up on some of what Rick was saying in terms of a little bit of a gap between the numbers and sentiment.
00:09As you said, record highs for the markets.
00:12We are seeing capital flows.
00:13It's not a rush of capital coming out of the US into the UK the way that the narrative had sort of positioned it after Liberation Day.
00:23But we are seeing capital flows coming into the UK.
00:27We have a healthy pipeline.
00:29You mentioned one.
00:29There have been actually a number of IPOs over the last few weeks and more to come.
00:34And the broader market is, frankly, digesting a little bit of this difference between sort of the common narrative and what is actually going on on the ground.
00:47We have seen very significant reforms in terms of the capital markets over the last few years that have made it much simpler, much more flexible for companies to list.
00:58And I don't want to get into this, unless you want me to, I won't get into the specifics of some of the changes that have been made.
01:03A number of them are somewhat technical.
01:05But they have made London a lot more attractive and a lot more competitive as a listing destination.
01:10And so I think that the facts would show it's fairly positive.
01:18The sentiment is often quite negative.
01:20We have to kind of move on from that negative sentiment that has really become embedded over the last several years.
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