So, you're confident that they're taking a robust approach to planning for various scenarios, going forward, are you, as individual HEIs?
Yes, and as the deal becomes more clear politically, then they will obviously have greater clarity in terms of which of these scenarios they need to work up more fully, but they are sighted on it.
Okay. Can I just ask about fee and access plans, and how Brexit might impact them? To what extent do you think that they could be impacted?
I think there are two dimensions to maybe touch upon there. Fee and access plans are approved annually by us. They are approved in advance of the recruitment cycle for the year that they apply to. So, we're just in the process now of finalising our consideration of fee and access plans for the 2019-20 academic year. So, there's quite a long lead time. We, as part of that process, go through similar—we look at their financial sustainability, which is based on their forecasts—data to the stuff we've just been discussing. And also, of course, the fee plans themselves make assumptions about how many students of different types, from different domains, are going to be recruited. So, clearly, if there is a continuing downward pressure on EU student recruitment, then that will reduce the amount of fee income that's going to come in, unless they can find other students, and that will reduce the amount of investment in the various activities that are identified in the fee plans. In terms of process, we have two things that we can do. If institutions are becoming aware that the basis upon which they've submitted a fee plan is fundamentally different from the reality, then they can come into us for a change to their fee plan. So, we have a change process. If it's not fundamentally different, but there are always differences between what you plan and what happens three years later—. We also monitor after the event and, if there are differences, we would then obviously require institutions to explain those differences. If they've had fewer students and less investment, we would need to understand that. Conversely, if they'd had more students, and potentially more investment, we'd want to know what they'd spent it on, and if they've done different things, we'd want to understand that as well. So, we do challenge through a monitoring process. The only other thing that's perhaps worth saying is that, in the 2019-20 fee and access plans—they're not published yet, so I can't give you the full detail—five universities have made reference to Brexit and the Brexit impact, and things they want to do through their fee and access plan to try and address some of those issues, so they're in there as well.