Thank you—that's great, thank you.
We've got some questions now around HEFCW's powers of intervention from Dawn Bowden.
Thank you, Chair. We received substantial evidence from HEFCW suggesting that powers were inflexible and hard to use—I think HEFCW called them 'threatening'—saying that they make sanctions difficult to use and so on. Are you satisfied that HEFCW's powers are useful on a preventative day-to-day basis?
If I may disagree slightly, I don't think their powers are frightening. It's very clear what powers are available to HEFCW, and they're certainly more than just the ability to, maybe, lean on an institution. Clearly, there is a system by which there is the ability to, you know, ramp up and escalate levels of intervention in the sector by HEFCW, but I certainly wouldn't describe them as inflexible or not having weight.