And if I look at the difference between fixed term deposit costs and access accounts, I’ll just come up with a number that looks like you’re assuming that’s about a quarter of the interest-bearing deposits migrate into time deposits. Can I just double check ballpark with my thinking is accurate on that, that the deposit migration assumption within the interest-bearing account looks to be around 25% moving into time deposits, and I’ve just got a second question after that.
Alison Rose: Yes. I’m not going to comment on your assumptions. That’s not an appropriate one to make. Let me take a step back for you. So we will manage our past three years, we have consistently said, taking into account our liquidity and funding and our competitive position that we need to own deposits. Our liquidity and funding position is very strong. At the moment, we’re at around 35% pass-through. We’ve not said we will end up at 50% but we’ve said that’s an appropriate level to think about as an incremental level of pass-through. And what we are seeing is broadly stable between NIBs and NIBs, we are seeing customers take advantage of some of the fixed term deposits that we’re offering, which are competitive. I’ve given you some guidance around what the deposit levels of our customers in terms of what they have in their accounts.
And we’re very comfortable that we’re able to compete effectively. And we’re a net gainer in terms of new customer accounts coming into the business. So the uncertainty in all of this is customer behavior. And we continue to track and monitor that very closely, very comfortable, we can compete with the market, and we’re very comfortable with our position. And of course, our liquidity and funding remains very strong. So the way I would think about it, in terms of how we’re thinking about our deposits, we’ll manage volume and value, and we’ll keep it broadly stable over the period. That’s what I would think about for your assumptions and leave it there for you to model.
Omar Keenan: Okay. Fair enough. I think we could play around with our own numbers. But so that’s very helpful. Thank you very much. So just a question, sorry, another one on costs. I don’t know you don’t want to be specific around how quickly stranded Ulster costs may come down when we look forward into 2024 and 25. But perhaps could you talk around some of your maybe inflation assumptions beyond 2023? Because I guess we can look at your inflation forecasts. But do you think there’s any lagged inflation effects from high inflation ’23 that we need to consider in ’24 pr ’25? Or can you help us a little bit with the absolute moving parts looking beyond ’23?
Alison Rose: Hopefully what we’ve given you and I think Katie covered quite a lot in the presentation of the mix of our costs. So you can see really clearly what’s happening. I think, with regard to Ulster, that’s all included in our numbers as we go forward. And Ulster indirects, they’re part of BAU. And there will be some reductions, but there are lots of puts and takes in costs. And so overall, we’re very comfortable with the guidance. I think in terms of our economic scenarios. Those are in the presentation on what we’re assuming on inflation. But I think what we’ve given you I think is’ clear guidance on where we expect costs are today, our cost income ratio, and that we’re actively manage our costs as we go forward.
Operator: Our next question comes from Jonathan Pierce of Numis.
