It's unusual—I'm usually more optimistic than Catherine. I'm not quite so sure how much this impacts. You asked specifically about governance. In terms of governance protocols, it's actually a very limited change indeed, in formal terms. We've got the introduction of the Stormont brake, but, as you know, that brake is still very much a system whereby the Northern Ireland Assembly can request the UK Government to ask for a pause on the introduction of new legislation, with numerous, numerous conditions and requirements and hurdles. Apart from that, in governance terms, the system is the system. And I think the political point and perspective for me was that this was about the UK finding a way to step back from previous rhetoric about trying to overturn or disapply all or part of the protocol, and play by the rules that are generally accepted in treaty obligations.
So, in that sense, it was a clearing of the air, a stepping back from the brink of the Northern Ireland Protocol Bill and similar pieces of legislation, but it wasn't really a full reset. Yes, there was lots of positive music, but it was clear, I think, even as it was being agreed, that this wasn't enough. We've talked a lot about the importance of trust in international relations, but trust is a necessary but not a sufficient condition. And as we're seeing with Horizon, as Catherine says, that's potentially really important for key sectors in the economy, and in societal connections, but those negotiations have got hung up on completely understandable questions around financing.
I think we're going to see the same kind of issue, and this comes back to my previous point, that the UK Government, I think, hasn't really settled on what it's trying to do here. And I think the level of investment that Rishi Sunak gave to securing the Windsor agreement, it's telling that he hasn't put the same level of investment and commitment into other areas of European policy, such as Horizon, or the other various issues that we might discuss. And again, I think that reflects understandable preoccupation with cost-benefit analysis ahead of a general election that will be coming in the next year. So, it's not to say that what he has done was wrong, or that Windsor was pointless, because I think we needed to have that, but, at best, it takes us back to where we probably should have been at the beginning of 2020, and there's not really anything in that Windsor agreement that wasn't, I think, potentially accessible at that point. But the politics in London I think stopped that happening, so we've had to do some work to regain that ground, and so, we're starting again, and then we're getting back into the normal set of issues around finances, around political capital that will always be present no matter who's in power on either side of the relationship.