In March there was a significant downgrade in our outlook and that’s essentially been confirmed in June and now in the September forecast. So now, as of September 2019 before we made this policy decision, the 2021 inflation forecast was 1.5%. So compared with 1.8% that’s a big movement, from 1.8% to 1.5%.
In that context, the decision was that we needed to revise our policy stance, which as I say is a rate cut, reinforced forward guidance, reopening of the APP and then there’s the redesign of our targeted lending facility and the introduction of this new tiering system for how banks will be exempted, to some extent, from the implications of negative interest rates on their excess liquidity.