at front and centre — while recognising that their tool to do so — raising interest rates — has created stress in the financial system. so far the uk economy and banking sector has been resilient — the bank says — but its governor andrew bailey has warned there will be consequences of higher interest rates on borrowers. the report says that average mortgage payments for around a million borrowers are forecast to go up by £500 a month in the next three years. joining me now is independent banking analyst — frances coppola. thank you for being with us today. this full is under the category of a statement of the obvious, doesn't it? i wonder if there was anything new that you saw in the report today? new that you saw in the report toda ? ., . , , , today? not really. they were testing what we expected _ today? not really. they were testing what we expected them _ today? not really. they were testing what we expected them to _ today? not really. they were testing what we expected them to test, - today? not really. they were testing i what we expected them to test, which was the effect of higher inflation, higher interest rates and higher unemployment because that is