The Bank of England has increased bank rate for the first time in a decade, raising it by a quarter of a percentage point to a half a percent. What we're doing is easing our foot off the accelerator. This is a modest adjustment in interest rates. It will have an impact on borrowers over time.
It will have a more immediate positive impact on savers in terms of deposit rates. It leaves monetary policy in a position where it still is highly supportive of jobs and activity. And you can expect it to have, in fact it is the policy that is providing the boost to the economy relative to headwinds from other policies including fiscal policy and the uncertainty associated with Brexit.