The Edinburgh Forms Announcement of SMCR Reforms

There's a range of things there that are clearly aligned in my mind with some of the signature things that are in the Edinburgh forms. So at this point, I would not necessarily be getting very excited about SMCR reforms. They seem at the very least at the very early stages and potentially could be quite slight. And Ben, I mentioned earlier, there's a net zero theme as well, isn't there? Yes, absolutely. We can expect a consultation paper around stable coin. Q1, Q2, 2023, that would be a joint FCA bank of England consultation,. further initiatives to follow later in the year, potentially.