The hon. Gentleman can accept that or not. He appears not to accept it, which puts him at odds with the report that his own Government endorsed. He is never slow to make his point whether through assertion or evidence. Let us be clear what we are talking about here: the Kay report, delivered to the Business Secretary, is crystal clear that there is far too much intermediation. It talks about pension schemes, which are a massive part of that asset management industry. Of course they are. The way that most people are invested in the stock market is through their pension scheme. The idea that intermediation is in asset management only outside the pension funds seems rather odd.