Jack Bowles : Yes. I mean, to be blunt, we would not say that we accelerate the profitability of NGP to 2024. We would not have looked at all these things, but it’s a very valid question. I think what you have to see is the consumers are increasingly coming to our portfolio and to our brands. And we have now 22.5 million consumers that are there, which only represents a small portion of the 80 million that are existing at the moment. So we have a lot of space to grow and to grow against competitors. The second thing is the FDA is, of course, doing all the regulatory work, but it has slowed down dramatically, because they have a lot of things to do, which I understand. So I think that the speed at which regulation and new regulation will come in and reglementation related to all these is going to be slow.
And I think that we have adapted very well in the past to all the regulators. And we know that we have very strong brands. So we have space to grow, and we know that we have very strong brands. So I’m confident in the way forward. These things are multiyear things with a lot of litigation, regulation, discussions and all this will take time. We have this kind of debate is now five years, and it’s only starting to move slowly and there is not even a definitive view in terms of what is going to happen. So we’ll take the time and we’ll make sure that we do the right thing for the business. And we reiterate — I reiterate the fact that we’ll be profitable in New Categories by 2024. I could even be profitable sooner, but I want to invest the money in order to make sure that we grow the base of the business.
And that’s what we’re doing in the right way. Already last year, we reduced the losses by £100 million. This year, it’s another £600 million. So it’s all about continuing to grow. We have 40 — sorry, we have 80 million consumers that are out there already. I said that that’s going to grow to 130 million consumers with a lot of available income. We have 22.5 at the moment, I have seen a lot of space to grow. So yes, it’s always a complex market. If it was not a complex market, we would not be so much benefiting because we have wired the organization to be not only much better in terms of combustible, and we’ve done a great job in combustible in the last three years. We have appointed now a Board member in terms of combustible in order to make sure that we extract the value and we are going even to take out around 30 markets, yes, which we are the first ones to do seriously and reducing the number of cigarette users.
And at the same time, we’re going to have another GBP 1 billion of reduction of cost in terms of our structure. We are reorganizing our structure in a way that is geared towards category management, and we are making sure that our financials are sound in order to make sure that we continue to invest. We’re making money and we’re investing that money. So that’s what we do.
Tadeu Marroco: Yes. The only add to what I would say to your question; is that the FDA has embraced the risk continue. So you would believe that all the decisions they will take is actually aligned with that and not incentivize consumers should go back to cigarettes.
