 What does James think will be the impact of the lockdown on the housing market in the long term? Does this threaten the asset price inflation model? It could do. I've been trying to think about some of this because this isn't the first time I've been asked. There's clearly people out there worried about their houses, presumably. It's a bit early to say. I think there's a possibility that the housing market is one of the bits of the economy that recovers the most rapidly out of all this because if you have a pause on mortgage payments and perhaps some vague, not particularly serious or meaningful restrictions on evictions, that sort of thing that you unwind rapidly, things could, in theory, recover. I think the longer term bit and the potential here is to think about the balance of assets versus labour over a very long period of time. Historically, at least, pandemics tend to lead to the balance of the economy shifting more in favour of labour than in favour of wealth. You might anticipate that the asset price inflation model that Teddy Rookspin here is talking about starts to look a little bit battered or a little bit shifted as a result of that. There is a shift in favour of labour in one form or another. That's certainly a possibility out of this. That doesn't mean we all get some of the social democratic Shangri-La with loads of really strong trade unions. One option is that you have many more controls based on labour to deal with its potential strengths. You have much more monitoring at work, much more surveillance, much more intensive use of a data economy to make that happen. But at least potentially, the entire shift towards capital assets that we've seen over the last 40 years or so in terms of where the returns are being produced, who does best out of the balance of economic activity. That might, there is a case for saying this will start to shift back towards labour as a result of this crisis. Although I suppose one reason why historically pandemics have often led to an increase in the balance of power of labour is because so many people of working age die. That was part of the reason why wages rose after the plague, wasn't it? So we'll be looking for a different mechanism than that. Historically, yes. This time around potentially, if you want to, if you basically say to people, we're going to have to restrict the labour market to deal with the fact that there's a pandemic risk, then what you're actually doing is reducing the supply of labour. And that potentially puts more power back in the hands of labour itself, right? So you don't have to have this impact of the Black Death in Europe. You could have something different that plays out this time around. And that to me seems at least a plausible possibility, looking some distance ahead out of this crisis. Aaron, any final points? Yeah, it's really interesting one about the housing market. I think, I mean, the whole housing market, it's going into deep freeze, which is just, I mean, James knows better again than I, I don't think in peacetime this has ever happened before, just to spend, you know, the housing market. On the one hand, there'll be no new supply because obviously how new houses aren't being built, but people are still having children. People, you know, there's still a large population here. So if, if house building doesn't get to the previous although it was incredibly low before, if it doesn't get to the previous rate of construction for another year, 18 months, that could create bottlenecks. So prices would actually go up. At the same time, you might have large numbers of asset holders, people who own homes outright, pass away. Again, we don't know how bad this would get. That would increase the supply. I suspect the big crisis would be if we started to get lots of debt defaults and mortgages. That would be the thing that triggers a devaluation on the housing market. And of course, the government's taking extraordinary steps to make sure that doesn't happen. So in the absence of that, I don't think we would see something like happens in Nevada or California in 2008. I think it will more or less, you might, you know, what we forget is actually since 2016, house prices in this country, particularly London, have basically stagnated. Rents have actually slightly gone down. So we may just see the same as that a bit more noticeable for the next four, five, six years. You know, we shouldn't always be accustomed to this all, you know, up, down, peaks, troughs. It might just be slightly dull and a slight downturn.