00:00Even if there was a bursting of a bubble which is primarily not located in the UK,
00:05the market effect is so large now that it clearly would wash over.
00:08So I think that's right.
00:09And of course we ran a stress exercise which looked just at this question
00:13and it did reduce UK growth.
00:17Now, exactly how the effects would run through,
00:19you would expect obviously some adjustment in UK macroeconomic policy,
00:22which is another way of saying you might expect some adjustment in interest rates to reflect that.
00:26So how you play it through, you'd have to decide.
00:28But yes, it would wash over.
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