Voted, last time just one of them voted, last time just one of them voted for a cut in Interest Rates. If we start to see other members of that committee moving towards a cut, a cut later in the year becomes increasingly likely. We will also get detail from the Bank Of England about what they think they is happening to economy right now to stop your running at the detail there that the main concern for them is inflation. It has been sky high over recent months and it is now starting to come down. 3. 2 is where it currently is but it is still above the Bank Of England a target of 2 . What they will be looking out at what point will be inflation, thats a measure of how quickly prices are rising, at what point will that come in line with their forecast and therefore they can start to afford to cut Interest Rates. Because english Interest Rates, m are rather blunt tool that the Bank Of England has to try and encourage us to save rather than to spend. Cool the economy, Stop It Overheating and keep things in check. They will be looking at when things start to align, when they can start to cut Interest Rates because remember, high Interest Rates take money out of our pockets, they make our Mortgage Payments are more expensive, they make it harderfor business to invest, more expensive for business to invest, so it really is a Balancing Act between Keeping A Lid on inflation and not stifling any Economic Growth. Thats where the target is 2 , not too hot, not to old. They are keeping a close eye on that over the course of the next time, and well start to get detail from that nine Member Monetary Policy Committee on how they voted and what they think they will happen with the economy next. Ben. And what they think they will happen with the economy next. With the economy next. Ben, ust to remind our with the economy next. Ben, ust to remind our viewers with the economy next. Ben, ust to remind our viewers of t with the economy next. Ben, ust to remind our viewers of howh with the economy next. Ben, just to remind our viewers of how that remind our viewers of how that really does impact people across the uk, we do know that the Trade Body Uk, we do know that the Trade Body Uk finance, uk, we do know that the Trade Body Ukfinance, banking uk, we do know that the Trade Body Uk finance, banking body, says that 1. 6 million Mortgage Deals will expire in 2024, could you tell us more of how this will affect peoples daily lives . More of how this will affect peoples daily lives . Yes, you are riuht. Peoples daily lives . Yes, you are right the peoples daily lives . Yes, you are right. The first peoples daily lives . Yes, you are right. The first thing peoples daily lives . Yes, you are right. The first thing we peoples daily lives . Yes, you are right. The first thing we will peoples daily lives . Yes, you are right. The first thing we will see l right. The first thing we will see is the cost of mortgages. People who are coming off a fixed rate deals and you went for the numbers there, those are the ones that will feel it the most keenly. Especially if they are looking to remortgage, to fight are looking to remortgage, to fight a new fixed rate. You might not get a new fixed rate. You might not get a cheaper rate but at least you have the certainty about how much you will be paying out if your monthly income every month and you know exactly what that rate will be. Of course, despite in recent months and therefore people finding them a lot more than they were. They have spiked in recent months. Were not talking about a return to one of those record low awakes we saw in the wake of the financial crisis, the wake of the financial crisis, the cost of borrowing was artificially low, designed to put the economy on a Life Support Machine was not were not talking about a return to those rate anytime soon, werejust about a return to those rate anytime soon, were just talking about rates moderating from where they are right now. We have just moderating from where they are right now. We havejust spoken moderating from where they are right now. We have just spoken to some economists who have suggested have suggested that we might start to see rates at two or 3 , a little bit more noble, were not talking about the no. 10. 21. 5 that we saw in the immediate aftermath of the financial crisis. People will start to feel well worse off because they are paying more on things like mortgages you might find businesses say that they just cannot afford you might find businesses say that Theyjust Cannot afford to take out that loan to invest in a new machine or a new factory. Thats why it can be detrimental if the Bank Of England does not get this right. They have a lot of balls to juggle to make sure the economy does stay on that even keel. Its also worth remembering that it is not an easy job because a change in Interest Rates take at least six, seven, eight manston so we start filling it in our pockets. They are making decisions now that we will start to feel by the end of the year. At the same time, they are having to base a decision on things like inflation inflation, that is looking backwards, theyre looking at things that have already happened to the economy. They have based it on things that are already happening backpack make a Calculator Gambler is happening next. To make sure that they can set Interest Rates accordingly. That is why may be the Bank Of England has held off cutting just yet. The world forecast markets investors, economists, had initially at the start of the ebb and expecting the bank to start cutting rates by now but the economic picture is changing slightly and what we have seen in america is a similar thing. They are holding off cutting rates at the moment because of the economy and inflation is not coming down as quickly as they thought. Yes, rates are on hold right now in the uk but when we get the detail will get an indication of whether a rate cut is coming injune or may be august but most definitely by the end of the year. Ben. Or may be august but most definitely by the end of the year. By the end of the year. Ben, stay with us and by the end of the year. Ben, stay with us and we by the end of the year. Ben, stay with us and we will by the end of the year. Ben, stay with us and we will come by the end of the year. Ben, stay with us and we will come back i by the end of the year. Ben, stay with us and we will come back to | by the end of the year. Ben, stay with us and we will come back to bed right now lets go to doctor karen bonner who is a principal economist. Doctor good to have you, now, this decision was largely expected but what learnings have you drawn from this . ,. ,. , this . Yes, it outlined, it was exnected this . Yes, it outlined, it was expected that this . Yes, it outlined, it was expected that the this . Yes, it outlined, it was expected that the bank this . Yes, it outlined, it was expected that the bank of i this . Yes, it outlined, it was expected that the Bank Of England would hold Interest Rates at 5. 25 and i think that the backdrop to this is that inflation has been falling, it was 3. 2 when we got the march figures and it is expected to fall further in april. Potentially towards that 2 but that would be very much driven by the Energy Prices and the energy price cap. I guess from the get the figure for the following month, the main figures which will get injune may be will have a clearer picture. The Bank Of England is essentially saying that inflation is coming down but we are not quite sure at this point that they it is on a stable enough basis that they would be confident enough to cut, so it has been said, it is likely to be in the summer, potentially august before we will see the first cut. And, you know, it does take some time to work its way through so unfortunately, for consumers and households which have been very squeezed, it is looking like towards the end of the year, maybe next year, before we might start to see some of the effects of this. Effects of this. Doctor bonner, Lease Effects of this. Doctor bonner, please stay effects of this. Doctor bonner, please stay with effects of this. Doctor bonner, please stay with us effects of this. Doctor bonner, please stay with us we effects of this. Doctor bonner, please stay with us we will. Effects of this. Doctor bonner, l please stay with us we will come back to you but right now lets go to economics editor who is at the Bank Of England for us. Faisal, good to have you, it is an election year, its an important piece of news during an election year, what are your key takeaway is . So during an election year, what are your key takeaway is . During an election year, what are your key takeaway is . So weve got some detail. Your key takeaway is . So weve got some detail, obviously, your key takeaway is . So weve got some detail, obviously, the your key takeaway is . So weve got some detail, obviously, the result, | some detail, obviously, the result, the hold, that we have had, thats what you kind of expect that the vote was interesting. A 7 to vote so an extra vote for a cut. This is an incremental move towards a cut at some point. 7 two. We have some words from Andrew Bailey who says encouraging news on inflation, we think it will fall closer to our 2 target in the next couple of months but we need to see more evidence that Inflation Rates will stay low before we can cut Interest Rates. What you have is a move along the path towards rate cuts and i think they are eyeing the following notion, which is, before the next decision on a june 21, there are two sets of inflation figures, jobs and wages figures, and that gives a lot more information not about whether inflation is going to fall, we know its going to fall sharply, but whether that fall stays in place. And when they get that information, i thinkjune is a possibility, my reading between the lines, notjust with what were hearing from the bank villain but also from their new focus for the economy, is that perhaps august or september is when they expect things to go. We have one extra vote, we needed two or three extra votes to the ballot. The Direction Of Travel is deafening for a cut, we have is in a different Direction Of Travel in america, for example, where some members of their committee have responded to sticky inflation with actually maybe rates go inflation with actually maybe rates 9 up inflation with actually maybe rates go up in america, that has affected global markets, it has affected a domestic Mortgage Rates here, but they are not going down the road in they are not going down the road in the uk but there were definitely a cut at some point but it is slow progress towards that cat. We have also had some new forecast from the Bank Of England, remember they were criticised in an independent review that we had just a month ago, they think the economy is going to be a little stronger than expected. They think the pretty firmly now that tomorrow we will get official news that the uk has emerged from what was a shallow depression with a growth of 0. 4 over the first quarter. A little improvement pretty sluggish economy but better than expected. That rate cut still proving elusive but deftly where they want to be in the next few months. ,. ,. , they want to be in the next few months. ,. ,. ,. , ~ months. Part of the point you making there is that months. Part of the point you making there is that you months. Part of the point you making there is that you have months. Part of the point you making there is that you have said months. Part of the point you making there is that you have said it months. Part of the point you making there is that you have said it is there is that you have said it is incremental progress, essentially, that it incremental progress, essentially, thatitis incremental progress, essentially, that it is slow growth, what does that it is slow growth, what does that say about the way that perhaps world events have been affecting our economy given that this was not some huge boom at the pandemic and some of the challenges we have been facing . I of the challenges we have been facin . ~ , facing . I think the banks perspective facing . I think the banks perspective is facing . I think the banks perspective is much facing . I think the banks perspective is much of i facing . I think the banks i perspective is much of what facing . I think the banks perspective is much of what we are seeing reflects Global Factors and interestingly, they expect inflation, once it comes down to the 2 target set for the Bank Of England, that it will bump up a little bit because, although Energy Prices have come down because the prices have come down because the price cap has fallen, they do not expect further cuts are now. 0ver expect further cuts are now. Over the last couple of months global Energy Prices, they have not continued to fall, they have continued to fall, they have actually come up a little bit. If you like, that continuing good news on energy bills, or less bad news, you might put it, that wont endure and that then has an impact on the Inflation Rate going forward. So, the picture you get of is not of an economy on some posts recession rebound, its a pretty slowish growth, may be enough for the government im sure over the next few days claiming that the economy has turned a corner but it is not a rebound. That they may hope for in that they may hope for in terms of the next few months. That they may hope for in terms of the next few months. Of the next few months. Thank you for that analysis of the next few months. Thank you for that analysis and of the next few months. Thank you for that analysis and of of the next few months. Thank you for that analysis and of course, for that analysis and of course, there is plenty more from him and our colleagues on bbc news on our website, bbc news website and app we have a live page going to stop i do want to go back to our correspondence of ben thompson who is in the newsroom monitoring all of this for us. Now, ben, wejust heard there some detail about how this decision came about. Some of the signs that they are looking for. This is, of course, in election year, so what is it, for example, the tories are really hoping to see right now and what are they really hoping to see in the summer, as well . ,. ,. ,. , well . Some of the expectation about the timin well . Some of the expectation about the timing of well . Some of the expectation about the timing of this,. Well . Some of the expectation about the timing of this,. We well . Some of the expectation about the timing of this,. We should well . Some of the expectation about the timing of this,. We should be l the timing of this,. We should be really clear that the Bank Of England is independent and that was a change brought in by gordon brown and, therefore, immune to political influence about what the government of the day might want to happen to manage a policy they say that they have their targets and they will respond accordingly. Those targets are based on the economy and how despairing. If you are the conservatives right now, you are hoping that inflation starts to come down, inflation falling pretty sharply to make people clearer about what money they have in their pocket. At the same time, they are also keeping an eye on how the economy overall is faring so as faisal was telling us there, not. 5 of growth this year, 1 of growth in 2025, one would expect the government now would be trying to paint a picture of an economy that is on the mend. But, of course, the Real Question is whether we feel it in our pockets. Inflation is starting to fall gives us a bit more money in pockets but until Interest Rates start at four and our Mortgage Rates start at four and our Mortgage Rates come down, that of course remains a key problem. Coverage continuing here on bbc news. Moise. Continuing here on bbc news. Now, ben, when continuing here on bbc news. Now, ben. When we continuing here on bbc news. Now, ben, when we spoke continuing here on bbc news. Now, ben, when we spoke earlier continuing here on bbc news. Now, ben, when we spoke earlier when this newsjust broke, you ben, when we spoke earlier when this news just broke, you were saying that you wanted to know how this decision broke out between the nine member panel. Now that we know, there was one more person than last time who had voted for this decision, what is your take on what they say about the health of this economy . It they say about the health of this econom . ,. , they say about the health of this econom . ,. I, economy . It is really simple, there are nine members economy . It is really simple, there are nine members on economy . It is really simple, there are nine members on this economy . It is really simple, there | are nine members on this Monetary Policy committee, last time eight voted to keep rates on hold and one voted to keep rates on hold and one voted for a cut, this time seven voted for a cut, this time seven voted to keep the rates on hold and to voted for a cut. It seems that they are being more convinced, albeit in very incremental ways that the rate cut will come at some point. This is by no means a decisive shift in the thinking of the Monetary Policy committee there are just saying that the indicators are just saying that the indicators are heading in the right direction and we may be in a position to start cutting rates sooner. As they said, the market probably now im just looking at the bets at the moment. Im looking at three rates cuts sort of been priced in right now so far this year. Remember inflation is still above the target, growth, whilst not in reception, its not stellar growth by any means. So, they will be keeping a close eye on how that is faring. Adjusting at the Inflation Forecast as well, any suggestion that by the end of the inflation will be at target of 2 . Arise again next year, banks are saying it could hit 2. 6 next year before falling once again in 2026 below target so that 1. 9 . As i was telling you earlier, there is a real kind of goldilocks thing going on here and the bank needs to be very careful about the inflation not running too hot or too cold, it has to be just right. Running too hot or too cold, it has to bejust right. Making all running too hot or too cold, it has to be just right. Making all these calculated moves, when they make them and how deep the cat should be. Harmony because they make this year will be what they watch really closely. As i said, there is quite a divide growing now between what is happening in the uk and what is happening in the uk and what is happening in the uk and what is happening in america stop all fare deeper bets have been on the Federal Reserve and the Bank Of England, the uk central bank to cut Interest Rates sort of in line, they have been tackling the same problems of prices going up and they want to bring them down but in the us inflation is proving to be more of a problem than it has for other developed economies, it is sticky, it is not falling as quickly as they hoped. So, it didnt a prospect of a rate cut in america has been posted further and further away. There were some little discussion about whether rates could start rising once again in the United States and that is important because whilst Interest Rates are high and makes a currency more attractive so the dollar is strengthening against the pound right now. A weak pound has its advantages and its disadvantages, it makes the stock market look particularly attractive because the ftse 100 particularly attractive because the ftse100 report their profits in dollars and a weak pound makes the dollars and a weak pound makes the dollars look more valuable. So there will be a close eye on what that means for the states in the stock market and what we find as well as the pound weakens and the stock market rises so you might start thinking that the economy is firing on all cylinders but it really does give you a sense of how link with all of these things are and what the bank of illinois looking out of illinois looking at how it makes a decision when, how deeply and how quickly to make it makes a decision when, how deeply and how quickly to make a cut in, just looking at the rate cuts this year. Your question about the split, 7 2 at the moment its not a decisive move one way or the other, incremental and just to be really clear they need a really simple majority to make the cut. Ben, thank you so much for all of that context and analysis. Now, lets go back to doctor bonner who has been waiting for us and has more analysis. Its good to have you now that we have some more detail on the Bank Of Englands forecast, we know that the uk fell into economic recession at the end of last year, when the economy shrank for two consecutive three month periods, what have we heard now of what policymakers believe could be happening with the economy and what the uk economy has to look forward to . ,. , the uk economy has to look forward to . ,. , 4 the uk economy has to look forward to . , ~. , to . Yes, so i think that most customers to . Yes, so i think that most customers were to . Yes, so i think that most customers were expecting i to . Yes, so i think that most i customers were expecting that to . Yes, so i think that most customers were expecting that growth would continue to be quite subdued, this year and when faisal was reporting there he said he we mentioned growth to be about 1 so in terms of the Prime Minister indicating that this year we would see some kind of change, i think its going to be next year we are going to see Economic Growth at that level. It might even be on that very low rate that we had. Yes, so in terms of the rest of this year based on what the Bank Of England have forecast, they certainly seem to think that there will be improvements but as ben mentioned, it will be very incremental at this stage. It will be very incremental at this state. ,. , stage. Doctor bonner, ust going back to the t stage. Doctor bonner, ust going back to the way stage. Doctor bonner, ust going back to the way in. Stage. Doctor bonner, just going back to the way in. The stage. Doctor bonner, just going back to the way in. The way stage. Doctor bonner, just going | back to the way in. The way this tells about the way consumers are behaving, what has this report told us about Consumer Confidence and also how businesses are dealing with the state of the economy right now . At the outset i mentioned the point of keeping Interest Rates high is to take that spending power out of the economy, it reduces demand, it takes the pressure of prices but what that means is that consumers have less money in their pocket, less to spend, less to spend particularly on those nonessential goods and services. Hospitality, Nonessential Retail and entertainment and so on. So you do see businesses are particularly in those sector is very impacted and more generally you see that demand taken out of the economy and it affects businesses right across the place who are reliant on that consumer spending. I think ben also mentioned earlier that higher Interest Rates mean that borrowing is more expensive for businesses to borrow is more expensive. It has an impact on Economic Growth so the picture is still one of quite subdued, i imagine for consumers in particular, for individuals, even though inflation is coming down we are paying much more at the minute for goods and services that we were a few years ago. That continues to have an impact and, obviously, with Interest Rates remaining on hold at that higher rate, we are still in that higher rate, we are still in that era compared to what we had been used to post the financial crash in that era of relatively high inflation and relatively high Interest Rates. Inflation and relatively high Interest Rates. ,. ,. , Interest Rates. Just to remind our viewers of Interest Rates. Just to remind our viewers of the Interest Rates. Just to remind our viewers of the real Interest Rates. Just to remind our viewers of the real impact Interest Rates. Just to remind our viewers of the real impact this i Interest Rates. Just to remind our. Viewers of the real impact this has, i do want to point them again to our live page where we do have interviews with people who are set to see their mortgages arise, whose pit fixed deals are expiring at the end of may and the fear they have and this, doctor bonner, is a reminder of this being complex economics and it can be hard to fathom how this will have a day impact, it can really change peoples lives, counted . Lives, counted . Absolutely. The inflation, when lives, counted . Absolutely. The inflation, when it lives, counted . Absolutely. The inflation, when it was lives, counted . Absolutely. The inflation, when it was around i lives, counted . Absolutely. The i inflation, when it was around that level, with robbie did not really notice it, in particular, our wages, if they had increased at a higher level than the Inflation Rate then you might have noticed price rises but they would not have had a big impact. When the inflation particularly started to move towards those double digit figures, and wages werent keeping pace with it, i think every individual would have noticed that. They noticed that their wages were not going as far, their wages were not going as far, the price increases right across the goods and services that they were buying. So it is economics but it does have a real impact on peoples lives, and peoples livelihoods, and you put in other costs, childcare, insurance, broadband, internet, right across, you know, it has a real impact on peoples lives. Doctor karen bonner. Real impact on peoples lives. Doctor karen bonner, thank real impact on peoples lives. Doctor karen bonner, thank you real impact on peoples lives. Doctor karen bonner, thank you for real impact on peoples lives. Doctor karen bonner, thank you for that i real impact on peoples lives. Doctorl karen bonner, thank you for that and now, as a reminder, we do have that live page on our bbc news website, you will also see a qr code on our theme that will put you straight through there. We will have continual analysis from our correspondence including faisal islam who you heard from earlier. There are more details from what we heard from Andrew Bailey so please go there to make more sense of this on how it affects you. Lets move on to some live pictures that you are seeing now. The title of the Duke Of Cornwall is too typically held by their elder son of the duke or monarch and it passed to william when his father was crowned king. Along with the title come the lands and businesses that make up the Duchy Of Cornwall and william is today visiting the site where the first Housing Project for the homeless will be built. They are a little wobbly there but you can see it as a bright blue sky and we will continue bringing coverage of that event. The project itself, which is delivered alongside a Cornish Charity will provide 24 homes with wrap around support for homeless people. William, as you can see there, is meeting some of the Development Leaders as well as the Chief Executive of the Cornish Charity i mentioned earlier. Construction itself will begin in september of this year and land for the homes is being provided by the Duchy Of Cornwall. William will then visit the beach well he will meet organisations who take care of it. We will continue bringing new that coverage as it happens. Now lets move on to some other news making the day. A british toddler who was born deaf can now hear unaided after becoming the first person in the world to receive a new Gene Therapy Treatments. Before herfirst birthday she was given an infusion in her ear which replaced the 40 Da With A Working Copy of the gene. Experts say that there is huge potential for this new treatment. Our Health ReporterMichelle Roberts joins me now with more on this from the newsroom. 18 month old 0pal is learning how Fun Making Noise can be. She is the first person to get a new type of Gene Therapy Treatment for an inherited deafness she was born with. Her parentsjo and james say it was a really hard decision to make. It was really scary but i think we have been given a really unique opportunity with no real evidence that any harm or adverse effects were likely to come to her and i think a lot of parents, regardless of their difficulty is that their children face, to be an opportunity to potentially make obstacles easier for her to overcome was a risk, definitely worth taking. Surgeons carried out 0pal� s procedure just before her first birthday. The infusion replaces the faulty dna causing her condition. A modified harmless virus delivers a working copy of the gene and that treats the sound sensing cells in the inner ear or cochlea. The new gene means they can carry the that they should. 0pal� s operation went to plan, gene therapy in her right ear and a Cochlear Implant her left. Just a few weeks later, she could hear loud sounds. Absolutely mind blowing. I was at work and you measured me to say what was going on and i could not believe the start. I said it wasjust a fluke, i said, and she must have reacted to something else. I got home from work and straightaway took the implant off and i was testing it out. Yeah, banging from the bottom of the stairs now she can even hear whispers in her gene therapy year. It was 24 weeks from surgery when we heard the phrase near normal hearing. They played us the sounds that she was turning to and it was quite mind blowing by how soft it was, how quiet it was, the sounds that, i think in day to day life you might not even notice yourself. 0pal� s part of International Study and experts hope that the treatment could work for other types of profound hearing loss too. This is a very specific gene, i quite a rare type of hearing loss so what i am hoping is that we can | start to use gene therapy in Young Children to restore hearing i for a variety of different kinds of genetic hearing loss. And then have amore one and done approach very restore hearing and we dont have to have the technology where they have to be replaced. Big sister nora has the same rare gene as opal. More than half of Hearing Loss Cases have genetic causes so there is big potentialfor this new type of therapy. Michelle roberts, bbc news. Effo rts efforts to keep up to the clean up efforts to keep up to the clean up britains rate lakes and seas. The statutory body say that Government Targets to improve Water Quality will be missed by a late margin. Here is our environment correspondentjonah fisher. The government through the Water Framework Directive has committed itself to improving the health of britains damaged rivers and lakes and coastal waters. At the moment, only 16 of them have a good ecological status. A target for 2027 of 77 looks a long way away. So, what is going on . The office for environmental protection, the official watchdog has been taking a closer look. It has delivered a scathing verdict on the governments efforts to improve Water Quality. We found efforts to improve Water Quality. Found the Legal Framework to be basically sound, thankfully. It is the way that it is being interpreted and implemented that is the issue, it is really being done poorly. That means that government is very unlikely to achieve its ambitions for our waters, unlikely to achieve its ambitions for ourwaters, in unlikely to achieve its ambitions for our waters, in fact, unlikely to achieve its ambitions for ourwaters, infact, it unlikely to achieve its ambitions for our waters, in fact, it is very likely to miss by a large, large margin. Which were to be met by 2027 so there are some very serious issues here. So there are some very serious issues here issues here. They say that the governments issues here. They say that the governments plans issues here. They say that the governments plans lack i issues here. They say that the l governments plans lack detail, commitment and funding and plans for polluted river basins are too generic. Polluted river basins are too reneric. ~. , polluted river basins are too reneric. ~. ,. , generic. What we have seen over the 25 ears generic. What we have seen over the 25 years previous generic. What we have seen over the 25 years previous since generic. What we have seen over the 25 years previous since this 25 years previous since this directive 25 years previous since this directive was launched, our rivers have directive was launched, our rivers have really directive was launched, our rivers have really flatlined, we have not made have really flatlined, we have not made any have really flatlined, we have not made any strategic improvement to our rivers made any strategic improvement to our rivers despite lots of new initiatives our rivers despite lots of new initiatives and small packages of funding, initiatives and small packages of funding, what we need to do is take a more funding, what we need to do is take a more fundamental approach, really change a more fundamental approach, really change because if we want to deliver the kind change because if we want to deliver the kind of change because if we want to deliver the kind of improvements that are going the kind of improvements that are going to the kind of improvements that are going to give us resilience to climate going to give us resilience to Climate Change and restore diversity from our Climate Change and restore diversity from our precious rivers and lakes. A Government Spokesperson said that this government has done more than any other to protect and restore our Coastal Route rivers and lakes and waters with record levels of investment, monitoring and enforcement. That with our correspondent ben thompson. The Bank Of England has held Interest Rates. Lets take a lesson is explain a decision. We Interest Rates. Lets take a lesson is explain a decision. Is explain a decision. We are workin is explain a decision. We are working to is explain a decision. We are working to bring is explain a decision. We are working to bring inflation i is explain a decision. We are i working to bring inflation back toward the 2 target. Inflation is now full and just above 3 . We expected to be close to the target in the coming months. That is encouraging. We are not yet at a point where we can cut bank rates. We all consider the forthcoming data releases as part of our assessment for how long the bank rate should be maintained at its current level to be sure that insatiable for all the way back to 30 target and stay there. Inflation will fall. Let me start with the outlook. We have had relatively few uk data supplies since our previous march policy report in february. Economic growth was weaker than we expected in