Firstly, on inflation. In the GFC when central banks embarked on quantitative easing, many people, including policy makers, feared that this would lead to inflation – it didn’t. Inflation tends to arise when you get a collapse in confidence in a country’s government and in its currency. We are nowhere near that situation. We have seen it recently in Zimbabwe, Argentina and Venezuela in recent years, but that is not the situation we are in now. Deflation is more of a worry. When it comes to interest rates, I think they will stay low. I think bond yields are too low, they are being held down by government pressure, but I do think they will start to edge higher. Consumers will want to pay off their accumulated debt, which will depress consumption temporarily, businesses will act similarly. But governments do not need to – their borrowing is like an interest free mortgage with no term, they can just roll it over, so I don’t think we are in for a period of high austerity, governments will just live with the higher debt.