Let F be a non-Archimedean local field and let p be the residual characteristic of F. Let G=GL2(F) and let P be a Borel subgroup of G. In this paper we study the restriction of irreducible smooth representations of G on -vector spaces to P. We show that in a certain sense P controls the representation theory of G. We then extend our results to smooth -modules of finite length and unitary K-Banach space representations of G, where is the ring of integers of a complete discretely valued field K with residue field .