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Thirdly, this has unintended consequences. Think of an earlier moral fad: ESG. The FCA has required all companies registered on the London Stock Exchange to have an ESG plan, and the wording looks much like the wording here for EDI. Since that happened, scores of companies have left the London Stock Exchange. It is dying as we watch it, and that cannot be surprising. If you are a chief executive, chairman or major shareholder of a company that is going to list, and you are asked where you are thinking of listing and you ask where you should list, you will be told that in London there will be this ESG regulation all over you which will be a huge time sink, requiring you to hire lots of people, and that you are going to have to show all sorts of compliance. Such a chief executive will say, “Fine, I think I’ll go over to NASDAQ and sign there”. So it will be if we put too many onerous requirements, such as EDI, on football clubs.