stephen gallo joins us.ove what you wrote in the end of your note from last month saying johnson could face a leadership challenge but you thought it might come by the. so you were right -- you thought it might come by the first half of next year. so you are right. is the political risk in the pound or should there be more embedded in it? >> for the most part the political risk is largely priced in sterling. when johnson does step aside, i don't think you are going to see much of a rally. it is important to point out the weakness we have seen in sterling your today -- year to date is fundamentally competitiveness. this was very much on display and highlighted in the q1 current-account data. this data can be noisy and prone to revision, but there were also early science the first quarter of the year that the u.k. is becoming more dependent on shakier forms of external financing to cover the short form fall on the current-account. everything else including the political backdrop and potentially even fiscal ris