Well, as you say, the interest rate changed without notice from 1.8 to 2.8 per cent with immediate effect last week. And that does cause difficulty for local authorities in Wales, of course, because they will have to reassess all of their borrowing plans and the plans that they have for strategic investment in social housing particularly, but also in schools and other capital projects particularly in Wales.

I think it's important to note as well that Welsh Government, over a long period of time, campaigned for the removal of the cap on borrowing for local authorities and to allow local authorities to be borrowing to a limit that was sensible for them. You certainly didn't give any examples in Wales where we've seen borrowing to an extent that is irresponsible in any way. So, I think that it is a big problem for local authorities in Wales, because of course it does mean reassessing their plans.