I thank my right hon. Friend for his reply. Will he tell mortgage payers and businesses, in language that they can understand, why interest rates are not 2 per cent. lower? Is he aware that every time he reduces interest rates the banks put them up by 0·5 per cent. or 1 per cent. so that businesses are not at present benefiting from his policy on interest rates? Is he running the economy, or is it being run by the Governor of the Bank of England?