Good morning. Three minutes after 10 is the time. Keith sometimes says in my ear before the light comes on.

He says bright and breezy. And I sort of think, I'm looking at mortgages. I'm looking at interest rates.

I'm looking at the exchange rate that you get on the pound versus the dollar. And even at one Bureau de Change in London yesterday, the Euro.

You'd get less than a euro in exchange for a pound. But Bureau Deschanges, of course, work according to slightly different rules from the market

in general.

But the number of households due to refix their mortgages runs at about 300,000 per quarter,

so about 100,000 per month.

And it's set to peak at about 375,000 at exactly the time that the banks

now seem to be predicting interest rates will hit 6%. I think today we'll do it like this, all right?

We'll do it like we were just mates sitting around a table, having a chat about what's going on.

But we'll do it in an un-British way, in the sense that we will disclose a little bit of detail about actual finances.

So I am currently paying X thousand pounds, and if interest rates happen, I will be paying 10,000. But do you see what I mean? I, and again, I don't know

whether this is something that's going to concern you at all. I'm on a fixed rate until 2026 and it's low.

So for once in my life, I have actually, well, largely due to the ministrations of the magnificent

Mrs. O'Brien, I am actually insulated from most of this for the foreseeable future, but looking at the numbers

of people who won't be, it's proper scary. And I don't think that there is enough awareness yet,

perhaps, of what may well be on the horizon. The likelihood of hundreds of thousands of homes and business

owners being more or less completely destroyed. Because if the base rate goes up to 6%, a mortgage

rate of about 8% will mean you're paying 2 grand a month. You're paying 24,000 pounds a year

on a 300 grand loan. And that's just the interest. That's before you're

knocking off any capital at all. So, yeah, I know, bright and breezy. So I, I just want to talk,

I want us to talk today, all of us to talk today, about the horizon. So I'll start with

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