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You have been very clear, thank you. I have one last wee question to finish off this section. We have heard a lot of chat in recent months about possibly encouraging Scotland to move to a fee model for universities, similar to what applies elsewhere. However, purely from a business perspective, I was staggered when I went away this morning and looked at the perilous state of some English universities—despite the fee model—because of the gearing ratios. The situation does not seem quite as simple when we start to look at the financial provisioning of education.

How actively are you having conversations with the Government to almost look afresh at how we all get a bit of something that we want, such as flexibility? I appreciate that you have mentioned multiyear funding, which is, rightly, a common refrain. How active are the discussions, not just in your tripartite group? Is there the same sense of urgency?

Good morning and thank you for joining us. I hear what you are saying very clearly, Professor Gillespie. The probability of that risk occurring—that is, an institution failing due to cash-flow shortages or some other financial issue—is low. I am just putting that on the record. Is that correct?

I am sorry to interrupt but, in that case, how could you be clear in your earlier statement to Willie Rennie, when you said that you did not think that that was likely? I am sorry, but I forget the exact words that you used.

That is exactly what I would expect to happen. The reason why I may appear slightly startled about that is that there have been dire warnings from elsewhere in the UK, particularly from former UK Government ministers, for example, who are proclaiming that, in their opinion, it is likely that some institutions may fail in England. I presume that those institutions are taking the same mitigation steps as other institutions. That therefore begs the question: in your opinion, what is different in Scotland from what is happening elsewhere in the UK, where that is considered to be a higher probability? I am not clear about that.

You have given us a lot of content, which other members will pick up on.

As public sector institutions.

Where is that set, then? Is that set in articles of association?

Mark, do you have any final comments?

Good morning. I want to talk about infrastructure. We have had a few considerations around that and Audit Scotland referred to it in a recent report. The Scottish Funding Council recently updated its own plans. We had hoped that the Scottish Government would be able to provide an updated infrastructure investment plan, but that has been delayed by the UK civil service because of the UK general election, so the picture is slightly different. We also know that the cuts to capital expenditure over the next five years are forecast to be 20 per cent in real terms. Mark MacPherson, I know that your report referenced the increase in capital expenditure by the Scottish Government that we have evidence of in recent years, such as year-end 2022-23 and year-end 2023-24.

Given that picture, I would like to hear your reflections on where we are with the real need to deliver a sustainable college estate. I will come to you first, Mark MacPherson.

Thank you. I think that we will come on to that.