It's relatively limited at the moment, but if this does not resolve itself quickly there could be a very undesirable effect. Inflation is going to be higher than it would otherwise, against an otherwise healthy economic picture.
The market seems to be taking a relatively long-term view of commodity prices, and the weakness we've seen in both oil and natural gas is very much a short-term phenomenon.
The M&A inflows have already been significant and I think there is potential for a lot more to come because the UK equity market is among the largest, relative to GDP, and among the cheapest at the moment.