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Well, I think as the committee recognises and we've discussed before, market sentiment across a range of markets, foreign exchange markets, the gilt market, inflation swap market, bank funding, and equities, are affected by developments with respect to Brexit. In particular, developments in Parliament yesterday was no different. Broad interpretation would be that-- I mean, the views were most clearly expressed in the foreign exchange market, where there was a sharp rebound in sterling following the vote.
And in public market commentary, also consistent with our market intelligence, that rebound would appear to reflect some expectation that the process of resolution would be extended and that the prospect of no deal may have been diminished. Now that, I'm not giving my opinion. I'm giving the market's initial take that's both publicly and also how is it expressed.
But that's in the hands of Parliament. I mean, the markets as the country are looking to Parliament for direction. And one would expect continued volatility. I would say in the very short term, there has been consistent with what I just said, a small rally in gilts, some tightening in UK bank funding spreads. That would be consistent with that. But I wouldn't put much weight on these very short term moves.
