Ramin Nakisa

And if that's the case, then the bond equity correlation isn't as reliable, being negative and being a good diversifier.

I think that's true.

And if you look at the numbers for services inflation in the UK, you're right, it didn't come down.

Chocolate inflation, 17%.

That never came down.

I was really upset about that.

So is Laura.

They ruined our chocolate.

You're so right.

I mean, the services inflation has been very high in the UK and it was just coming down.

That was the beauty of it.

If you listen to the monetary policy meetings, which of course I do, it was so exciting because you were finally seeing the bank saying, oh, we've finally licked it.

You know, services inflation is coming down.

Wage growth is slowing down.

It's still positive in real terms, but...

So it was like we were finally getting there and growth was improving.

And then suddenly you get this straightforward thing.

And if there was one thing that would scupper the UK economy, it's oil.

Because to first order, we ship in oil, we ship out services.

That's the UK economy.