---

Physics Research

That is a complicated area, because there are many different types of ring fence: parliamentary ring-fencing, where the budget is voted for separately; Treasury ring-fencing, where there are hundreds of little pots all over the place; and general departmental ring-fencing in one or two areas. I am talking about using the Government's existing definition of the ring fence. Whether we will consider the elements within that ring fence is another question, particularly given the exchange rate pressures on the ring fence at the moment. That needs to be looked at. I am referring to the existing definition of the ring fence and nothing more than that.