The Bank of England's Suggestion to Reduce the Stress Test

In 2014, the mortgage rules were changed so that some borrowers could afford what they would be reverting onto. So we were stress testing for up to 3% rise. We're seeing as you say more than that. And now actually the affordability check was scrapped last summer. Was that short-sighted given what we're seeing now? It wasn't scrapped. Our figures are indicating that whilst lenders have reduced that stress test, it is not down to zero. Banks recognise it would be full-hardy to reduce it down to zero or much lower than about 2.75% at the moment.