To get to those last few barrels out there is more expensive than the easy ones. They’re all looking for the giant fields because mature fields are declining.

The U.K. market has had a pretty much uninterrupted bull market, so the potential for profit taking is large.

I like the banks, they’re cheap and there’s a desperate need for income in this market and the banks offer it.

Sentiment is good in the UK at the moment, if you look across valuations they’re not excessive. It’s currently just being led up by miners, there’s got to be a bubble at some point but...