i'm going to bring that to viraj patel.have heard just after guest saying the pound can go lower. we are going to face this crisis in the u.k.. you don't think so. what do you think? >> this consensus of how low can you go over sterling is starting to get a bit tired. on one hand yes, the fundamentals do not look great. there is a twin deficit that is widening. one has to face the move we have seen so far and the has priced in a lot of these. we are talking about refunding prices for the u.k. economy and the pound which is still a reserve currency. that's getting to excessive. there are a lot of things that have to go wrong before we get to that point and i think in the short-term it is really simple. the one thing driving sterling weakness your today is the inflation crisis. anything that eases that on the margin, we are likely to get some policies that could be quite constructive and could see a contrarian corrective bout for sterling. a twin deficit is a factor but it is not an anchoring point at least in the short term.