'I know it's very difficult for families.' The governor of the Bank of England, Andrew Bailey, says interest rates have been raised further as inflation is still high - but believes there are 'signs we are turning a corner'.
Previously it had said that it was ready to respond"forcefully" to higher inflation; this time, that language was removed.
The shifts in language leave the door open for some small further increases in borrowing costs but provide the firmest signal yet that UK interest rates are now at, or close to, their peak.Still, while the outlook for the UK economy is better than in the Bank's previous forecasts, it is nonetheless far weaker than in recent years.
Moreover, because of the fall in national income projected this year, it now expects that the size of the economy will still be at 2019 levels in 2026 - a full seven years of lost growth.
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