00:00I understand people are going to be really concerned seeing that interest rates have gone up.
00:04I think it adds pressure to the pressure which people have been feeling for a number of years.
00:09And as the Bank of England said in their report when they took the decision about interest rates,
00:13that is driven by inflation pressures resulting from the conflict in the Middle East, from what's happening in Iran.
00:19I mean, what the Bank of England also said is that the measures that we took at the budget
00:23will mean that inflation will be lower next year than otherwise would have been.
00:27The breathing space measures around taking VAT of electricity bills, around extending the fuel duty freeze and so on.
00:33All of that will help to give people breathing space whilst we make the changes we need to for the
00:37future
00:38to bring energy bills down for good.
