00:00Well, these are difficult times. We've obviously got a very steep increase in energy prices this year.
00:06That directly affects households. I'm very conscious of that.
00:10I'm also very conscious that things like energy, because they're sort of, you know, the essentials of life,
00:14have a bigger effect on those who've got lower incomes because, you know, they have to consume it.
00:20I mean, that's a fact of life. So I'm very conscious of that.
00:25Now, at the moment, we are not seeing that increase in energy prices pass through rapidly into other price increases.
00:34That's obviously good news, but it's still early days.
00:37Unfortunately, we've seen quite a big increase in energy prices.
00:40That puts more pressure into the pipeline, if you like, and that's what we have to respond to,
00:44and that's why we've raised interest rates today.
00:46Now, in the last 48 hours, we've seen energy, particularly the oil price,
00:51more than gas price actually come off its peak.
00:55I think that reflects hopes that maybe we'll see some progress in the Middle East towards a peace process.
01:01I think that is absolutely the most important thing that can happen.
01:06That is the thing that really, it won't solve all the issues, but it's the single most important thing.
