By way of response to the first question, BJ will have to cope with both a significant and unique fall in domestic output/demand which will also have deleterious consequences for debt and balance sheet metrics for banks and borrowers, and a savage contraction in global growth, now in the ballpark of -3 to -5%, compared with a prior expectation of +3ish. That assumes H2 is not too bad. Can't see any way BJ can compensate for this double whammy, and we should note that China et al can better anticipate V-shaped upturns when output/demand dip, than when it plunges as now. What interests me is the politics of this economic hit, and whether finally, the scale of this shock is the catalyst for a sig correction in property valuations? If so, we should brace for even more 'interesting times'