The Risks of Credit Suisse and Banking Stress in Europe

The big question is whether after Credit Suisse and the banking stress that we've seen in Europe, whether that will keep the S&B in a hawkish mood at its next meeting in three months time. I want to make it relevant to the ECB because there's about 50 basis points priced for ECB rate hikes for the rest of this year. As you say, the markets are only pricing in 50 basis points. We've got a lot more than that. But I think certainly the risks to our forecast have got to be on the downside relative to before CS. Let's talk a little bit about downside being reversed, which was a little bit of a bounce in the UK's mortgage approvals