RUSHES: Bank of England Monetary Policy Report press conference

Bank of England Monetary Policy Report press conference; ENGLAND: London: City of London: INT Szu Chan (The Telegraph) asking question SOT - Governor, we've had six rate rises in a row now. In your opinion, are high street banks passing on those rate rises to savers as much as they have been to borrowers, and if not does that make your job harder? Andrew Bailey (Governor of the Bank of England) answering question SOT - So I think the evidence suggests that the pass through has been faster to borrowers than it has been to savers so far. And you'll have seen, by the way, we publish of course monetary statistics which allow you to look at that. I am conscious that when rates fell to very low levels and, I mean, obviously we're going back now, sort of, 14, 13, 14 years, there were some issues about the relationship between the official rate and saving rates which got out of line with some of the previous practices. We may see some reversal of that going on but what I would say and I think this is very important, that it is of course important that savers receive, you know, the returns that they should receive. Now, one of the reasons that we have worked and are working and will continue to work to introduce and to ensure competition in the banking system is exactly so that that, sort of, thing happens. So it is something that we watch very carefully, it's something other authorities watch very carefully because there are a lot of responsibilities there too. Dave Ramsden (Deputy Governor, Markets and Banking) answering question SOT - If I can just add, we always focus on this in the monetary policy report, we have set out in detail in box D of the report the extent of pass through. And it is clear that at the moment, as table one there shows, I mean, the pass through after the pretty unusual period we were in, as Andrew was saying, pass through onto borrowing rates has been material and in line with the relevant reference rates. Whereas pass through on...