The fact that borrowing by the household and business sectors had accelerated over the past six months or so confirmed this general picture. But as indicated earlier, the most important consideration was that our forecast of underlying inflation has had to be progressively revised upwards over the past six months.
Before closing and moving on to question time, I would like to thank the Committee again for the work that it has put in during the years I have been appearing before it. Not only has it kept an eye on monetary policy developments, it has also done a valuable job looking at payments system developments.