These measures of underlying inflation are still – some of them actually ticked up a little. Others, in general are subdued. The picture isn’t much different from last time, really. In this sense, I said before that the decision we took today is obviously using incoming information like, as I said, the reduced variance. Otherwise it’s really backward-looking; it doesn’t send any new signal.
This would, of course, not be the end of the journey, as C&E risks, like any other mainstream risk, demand continuous attention and adaptation. But it would be a crucial step to making the banking system resilient to the twin climate and environmental crises, an urgent and vitally important imperative if ever there was one. 1.