Patrick Boyle

I think energy, I think more building is needed so that people can afford to live and work where they are.

And I think that

in almost everywhere in the Western world, retirement benefits probably have to go down because we're in a situation, there's sort of an interesting demographic thing where in the post-World War II period, a lot of this sort of social contract came in.

And at that time,

there were probably about eight workers to every retiree.

Now we're reaching the point where it's sort of one worker for, you know, because, well, there's economically inactive people, which is both children and the elderly.

And you've got a ratio of one to one we're starting to reach.

So essentially, you've got one person wage that is supposed to support, you know, more people.

And there's not really the...

That social contract of sort of, you know, cradle to grave social insurance sort of idea doesn't really work.

And in particular, you look in places like Italy, where, you know, where that I think in a few years time,

there's going to be 0.8 workers for every economically inactive person.

And whenever you try and sort of cut pension benefits, you look to France, right?

I mean, they set the whole city on fire every time anyone suggests it.

But the truth is that in order to balance the books, we need to balance the

Yeah.

So that tells you.

No, that's the thing is there's some difficult conversations.

Yeah, I mean, you know, to be honest, it's a fairly interesting IPO document.

I mean, I'm sure you saw the first 15 or 20 pages were photographs of rockets, which is a little bit unusual.