Thanks very much for your presentation.
Ten years ago, Gary Goodyear was the minister of state for science and technology and our previous witness, Mr. McLean, talked about the Fraunhofer institutes and everything about this, and applied research versus basic research. At that time 10 years ago, Gary came out and said, basically, that we need to really focus on applied research, not to dismiss basic research but that we need to really double down our efforts on applied research. The colleges were very supportive of this at the time, 10 years ago. Of course, at that time, though, there was a huge critique because they said we were getting rid of basic research.
How do you balance the competing interests, let's just say? It is kind of competing interests between college research and university research or basic research. Can we do both? That's the first question. Can we do both and everybody's happy in the same sandbox?