You would expect housing market to cool, not expecting dramatic downturn.

We are trying to ensure there is an element of flexibility on interest rates.

We are not behind the curve on inflation.

If we get inflation to target interest rates will be a slightly positive premium to inflation.

Equilibrium level of interest rates is very uncertain.

If we get inflation to 2%, nominal interest rates will be broadly at that level.

We are in a long transition since global financial crisis with low interest rates.

There are risks on both sides.

Quantitative tightening will have a tightening effect.