 Dave Clarke is head of policy and advocacy at Positive Money. Afternoon to you, David. Hi, Eddie. So this will come as a relief, probably, to savers, right? Yeah. Well, don't hold your breath if you're a saver. Will you benefit? The real question is, because it didn't last time, and I got annoyed because the only person I know with any money is my mum. And when I go into the bank with her, it doesn't necessarily have to be passed on, does it? Absolutely not. So the interest rates went up by 0.25% last November. Many banks failed to pass on a commensurate rise. So yeah, absolutely. It's not necessarily good news for savers. Don't hold your breath to see your savings rate go up. Now, most of my listeners, I suppose, will be of an age where they'll be interested in this. But pensioners have been crying for a long time. You've got a few quid in the bank. It's rubbish, isn't it? Just cut a hole in the mattress and stick it in there almost. Yeah, so, I mean, we'll see a little benefit to savers from this move. And we will see a big cost to borrowers. UK households are now spending, on average, £900 a year more than they're earning. That means household debt is the worst it's ever beaten. We could see that pushed over 1,000 as a result of today's move. And it's really dangerous and unnecessary The Bank of England wants to pretend that things are returning to normal for the UK economy. But there's nothing normal about the situation we're in. We've seen the worst decade for wage growth since the Industrial Revolution. And as I say, household debt is the worst it's ever been. Yeah, we did a lot of this about a year or so ago. And people got bored with us. The debt was, at that time, about the same as it was in 2008 when we had the big crisis. Just crystallise for my listener, how dangerous you think the rise in household debt is. I think it's a real worry. I think that we're in danger of repeating the same mistakes that led to the 2008 crash. And I think that the Bank of England is too relaxed about this problem. The UK economy faces these big challenges of record indebtedness, stagnant productivity. And we're too reliant on the rising value of property and financial assets. I think the Bank of England raising interest rates is not going to help with any of those issues. That we need the government to step in, to work with the Bank of England so that we can invest. We can unleash the potential of the productive economy. Yeah, but that's an ideology, David. And you could have that 15 years ago, 20 years ago. And indeed, five years ago. It ain't going to happen because many of those 650 people who represent you and I in there are also landlords. I would suggest that might be part of it. And so much of our economy and success is predicated on the housing market. I think this is absolutely the problem that, yeah, the economy is just too reliant on property prices going up and up. And there's a lot of people who stand to benefit from that. But what we really need to do to get the economy back on a sustainable footing is to put money back in people's pockets. And to do that, we need to invest. We need to boost productivity and boost wages. And it's really up to the government to take the lead on doing that. At the moment, it's abdicating its responsibility. Well, it may do. And we haven't, you and I, done well not to mention the word Brexit as of yet. But you know, I know a few economists and they say, where economies have interest rates that are below three or four percent? Actually, that's also incredibly bad because it's totally unrealistic. Yeah, I think it's not ideal to have interest rates remaining low for as long as they are. What we've seen in the last 10 years is a continuation of what happened before the crash where too much bank lending has been going to the property market and that's increased demand for property and therefore pushed up prices. I think what we need to do is rebalance our economy so that we're not so reliant on rising property prices and we focus more on investment in industry, in infrastructure, in public services so that we can grow our economy in a more sustainable footing. Yeah, it'd be interesting to see how this plays out. Maybe you and I will have a conversation. Post-March 29, 2019, to see how that plays out. Thank you so much for your time. David Clarke is head of policy and advocacy at the Positive Money, giving his reaction to the Bank of England raising, edging up their interest rates from 0.5 to 0.75 of 1%. It's the BBC Radio London. It's a quarter past six. Time to find out what's happening in the roads from Cassie.