Back to normality. The Governor of the Bank of England has signalled tonight that the era of record low interest rates is soon to end.
The Bank of England delivered its quarterly update today and the message from the governor on the economy was 'steady as she goes'.
The deputy governor of the Bank of England has made its strongest warning yet of the dangers that could be brewing in the housing market.
Britain's booming housing market represents the "biggest risk" to the economic recovery, Bank of England Governor Mark Carney has warned.
With approvals for large mortgages on the increase, Mr Carney expressed concern about the dangers of another "big debt overhang" building up.
In an interview with Sky News's Murnaghan, to be shown tomorrow, he said there was little they could do about the "deep, deep structural problems" in the housing market, with demand for homes outstripping supply.
Mr Carney surprised some analysts last week when he played down the prospects of an early rise in interest rates - despite the fears of a housing market bubble.
Interest rates are "likely to remain low for some time" but the UK has "edged closer" to a rise, Bank of England Governor Mark Carney told ITV News' Economics Editor Richard Edgar.
He added that "today is not the day" to rise interest rates and the exact timing of the first rise "will be a product of the evolution of the economy".
The Bank of England increased its growth forecast for the UK next year from 2.7% to 2.9% and left its forecast for 2014 unchanged at 3.4%.
The Bank of England is to deliver a latest forecast for the UK economy today, with any improvement could signal that interest rates may increase earlier than expected.
Experts have pencilled in a hike in the cost of borrowing from its historic low of 0.5% for the spring of next year.
Surging house prices are unlikely to have any direct effect on interest rates for the time being as the Bank of England has said it would rather use other tools at its disposal to cool a potential property bubble before having to raise rates to do so.
The chief executive of Britain's largest house builder has urged the Bank of England not to restrict lending because it would hit "young people who are trying to get onto the housing ladder".
Mark Clare, chief executive of Barratt Developments, told ITV News he was concerned that limiting mortgage availability would force young people back into rented accommodation.
His comments came after interest rates were today kept at 0.5% despite growing calls for the Bank of England to act after housing prices jumped 9% in the last year.
The Bank of England kept interest rates on hold at 0.5% today.
The Bank left the scale of its quantitative easing (QE) programme to boost the money supply unchanged at £375 billion.
Conservative MP Andrew Tyrie, chair of the parliamentary commission on banking standards, has welcomed Andrew Bailey's plans to defer bankers' bonuses by up to seven years.
"There is always the risk in banking that people get rewarded for short-term, apparently good, decisions which turn out to have something rotten in them later on," he told ITV News.
"It's crucial that our regulator is really attentive to that and that's why we do need long deferral of remuneration."
Senior MP Andrew Tyrie responds to BoE warnings: "Bailey is clearly putting down a marker that he will be a tough regulator." watch ITV at 6
Conservative MP Andrew Tyrie is chairman of the Treasury Select Committee.