One of our objections to Corbynomics was the plan for renationalisations. We asserted in our letter that this consumed fiscal space. What was meant by that was that the cost of finance for governments, after a certain point, will depend on the amount they borrow, and there will in fact a limit beyond which borrowing lowers the price of the sovereign's bonds to zero. Borrowing to fund nationalisation limits potential borrowing for other purposes, given this limited fiscal space.