Christopher Woolard: There are a number of variable factors in this mix. The first is the communications coming from the existing provider—we will obviously have a view on that—that encourage people to access the guidance guarantee and understand exactly what it is. There will be lots of other things that sit within the Treasury’s control in terms of running this process, the level of good public understanding, if the guidance guarantee is properly marketed and other questions that will affect the variability. In a world where there are not those kinds of prompts, we would expect a pretty high degree of inertia based on our experience elsewhere. Equally, with the right prompts in place, we will see quite a high level of consumer engagement. That is possible, but there are a lot of variables.