Dr. Kieran McQuinn:

That will certainly have an effect but, realistically, how likely are we to go back to the very high interest rates we had in the early 1990s or even in the 1980s? I do not think so. Even after this period of inflation, we are still probably going to witness a relatively low interest rate environment. That is one of the key reasons why house prices have risen so sharply not just here but elsewhere. That presents difficulties if, for instance, we want to promote home ownership in society. That is not something we can readily address here and now but it is certainly something that needs to be looked at.