Thank you very much, and thank you for your appearance here today. One of the things we've heard a lot of discussion about around this table since the election has been the role of quantitative easing in affecting prices in the housing market. There have been some around this table who have claimed that the quantitative easing program has been primarily responsible for the growth of prices in the housing market, or a further exceptional rate of increase, almost doubling over the last two years.
I'm very glad to have you here. I'm wondering if you would like to speak to the Bank's understanding of the role of quantitative easing in the housing market over the last two years, and the extent to which it may have contributed to increases in the price of housing overall.