 Mark Bailey, Head of Credit Strategy and Research at Fig Securities, live from Sydney. Mark, thanks very much for joining us this morning to talk in particular about this speech by Theresa May. It seemed to be the overarching theme was of a, and we saw the words behind her, a global Britain that they're leaving the European Union, but they're not leaving Europe. She wants to bat the both worlds, free trade agreements with everyone, including Europe. Yeah, good morning, James. I mean, I think you touched on most of the highlights of the speech in your introduction. I think also importantly as well was that she said no deal was better than a bad deal. And as you rightly say, she is trying to navigate a very fine line to leaving the EU, negotiating with the EU to get a better deal for Britain and also a better deal in the global markets as well. And that's going to be a very fine line. There was very little detail again in terms of how that is going to happen. There was also very little indication that as that negotiations progress, that Parliament will be involved. Yes, they will get a vote on the final deal in both, as you rightly say, in both houses of Commons and also in the Lords before it is enacted into British law. But also there was no comment in terms of when Article 50 will actually be formally triggered. She is still saying, has historically said it's going to be by March this year. But again, that wasn't set in stone. And again, there was no comment even though the question was asked, what would happen if Parliament votes against the final deal? So there's still a lot of unknowns. And it was interesting that she decides to have this speech, not in front of Parliament, but she took it to Lancaster House. Now, those with long memories will remember back in 1988, Margaret Thatcher used exactly the same room to talk about how Britain would be taken into the single market back in 1988. So it's kind of a full circle in that regard. So that was probably a hat tip to Margaret Thatcher and probably appeased some Thatcherites in the Conservative Party. But again, in terms of the reaction that we saw in Stirling, I think a lot of speculators were positioned there for a bit more harder language in terms of the speech that she used. But also as well, I think it's pretty critical and people aren't really talking about it, that one of the key factors for driving Stirling higher was a significantly higher than expected CPI print. Both headline and call came in at 1.6 versus consensus of 1.4. And that really started the Stirling rally because obviously it sets up the Bank of England for hiking rates faster than market consensus. Just on a clear lack of detail, I mean, these are essentially the opening throws. What you imagine is gonna be a rather intense negotiating process with the leaders of Europe. I imagine she was very conscious of that and not wanting to back herself into a corner with too many details because they haven't even started to negotiate. But what I did think was interesting was that throughout the speech, this sort of thread of threats, if you like, that was there. I'll quote her. She said, in terms of having a plan B, if we were excluded from accessing the single market, we would be free to change the basis of Britain's economic model. And she spoke about loose regulation and significantly cutting the corporate tax. I mean, that's a shot across the bow for Europe. Absolutely. And let's not forget that it's quid pro quo. You know, the UK is the largest importer of goods for the European Union. So, you know, if the deal that is finally negotiated is so bad that it backs Britain into a corner and they tear up any kind of negotiations, any kind of trade with the European Union, it's not just going to be bad for Britain, it's going to be bad for the European Union. So, both sides know that. And so, it's a matter of compromise. But equally, the European Union can't be seen to be given the UK an easy path, an easier deal, a better deal, because otherwise, there's going to be other countries that look at Britain and go, hey, maybe we should go down that same path as well, look after our own, negotiate a better trade agreement, and the whole single currency starts to fall apart. But you're right. Britain is trying to position itself in a strong defensive manner in terms of how it's going to negotiate with the European Union. Equally, it said, look, we're open for negotiations. We've got no set positions on this, but it does mean that the four principles of freedom we cannot accept of the free market in terms of good services, people, and capital, we're not prepared to accept that because Britain has voted six months ago and it wants control of its special immigration and especially of the laws. It doesn't want to be accountable to the ECGA, the European Court of Justice. It wants to have the laws made for Britain and ruled on by British courts. And there's also the fact in terms of how it's going to formalize the agreements with Wales, Ireland, Scotland as well in any kind of devolution of power to those centres as well. And then how Scotland and Wales and maybe Ireland also pick up their own agreements and negotiations with Europe down the line as well. So there wasn't a lot of detail in the talk. And let's not forget, we've had six months of thinking about this and the devil is in the detail. And I think a lot of this is going to go behind closed doors and we're not going to get any kind of detail. She said that she doesn't want to have a running commentary on that and we don't want to be talking about the finer details but Parliament will get a vote. So I think she's essentially headed off what was likely to be a Supreme Court ruling in terms of the fact that the UK government and the UK procedure for changing legislation such as repealing the European Union Act and triggering Article 50 would have to have gone through Parliament. The High Court has said that's the case and that would probably likely be upheld by the Supreme Court which is due to probably ruling that in the next coming weeks. So she's headed that off by saying it's got to go to both houses of Parliament for the final vote. Do you think in the near term...