Thank you for the question.
The decision to update the defence policy is a very recent one. At the time of the government's announcement on spending cuts, we didn't know exactly how much money was going to be added to the defence policy.
What I would suggest for members, as you watch this space going forward around defence spending.... The reductions or reallocation exercise the government has launched for all departments, including defence, very much targeted operational funding. You are seeing new investment in the defence policy that's now been articulated. It's a mix of capital and, frankly, heavily weighted towards capital.
I would distinguish, as you watch this space, between vote 5, which is our capital spending, and vote 1, which is our operating spending. Obviously, they have to go hand in hand to make sure you support the various activities. I would watch the interplay between those two things as time goes on.
However, what still holds is the 1.76% by 2029-30, in terms of percentage of GDP. That number factors in everything we know.