The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

Exactly. I'm not saying that there aren't any structural issues there. Clearly, there are. What I'm saying is we've built such strong positions in our local markets that we understand an awful lot more about that, and unlike in a property market where there is a dominant player in the form of Rightmove that has emerged in the property market, where you can see there's been a structural shift, there isn't one online dominant player in the recruitment market which would absolutely bear out my thesis that actually this is mostly driven by the cycle and mostly driven by the economy. But clearly the longer the economy is as challenged as it is, and structural change continues to happen, then the less likely that we'll see 100 per cent of that. I believe we'll see some come back but it won't come back in the way it was.

That has been the primary issue, is the -- it's almost like a falling knife that's been getting sharper on the way down as we have gone through the cycle and we're bumping along the bottom but it's yet to improve.

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