William Chalmers: Thanks, Charlie. Chris, the short answer to your question is no. No behavior changes in July that of any note. I think if anything, actually, it’s probably tilting marginally in favor, i.e., customer have changes that are slightly better than we had expected from a deposit point of view. The reason I say that is because, as per my comments earlier on, we’ve seen probably better deposit performance in Q2 as a general matter. As we go into June and July, actually, we’re seeing some beneficial effects of some of the wage and salary changes that we’ve seen feeding through into our PCA balances, which is a nudge ahead of perhaps where we had previously thought. So it’s a little too early to call that. But nonetheless, I think, July, no noticeable changes with that slight kind of context around it. I’ll perhaps stop there and hand over to Charlie.
Charlie Nunn: Yeah. Just one build on that, which I will do other comments. As William said, we’ve seen increased wage inflation in the range that we are all expecting, which is kind of the 6% to 8% increases. When you look at how customers are adapting their spend, we know inflation has obviously been higher, but spending on all of our current accounts and cards has also been in that kind of 6% to 8% range. So that’s why I think partly why we saw the stability in Q2. Just on your debanking issue whole kind of when we look to exit customer relationships, it’s a good question, Chris. I think the simple answer is no, I don’t see that at this stage. I can’t talk for U.K. banks, but I can talk for is Lloyds Banking Group and we’ve always had a clear policy.
And obviously, I’ve gone back in the last few weeks and checked how our policy is being implemented that didn’t look at customers personal or political beliefs, either at the point of onboarding or when we do periodic reviews as we do with Perks [ph] or if there were a decision to exit customers. So I think in the specific issue where there’s strong political sentiment, and obviously, we’re going to have a discussion with the Economic Secretary later today and there’ll be some regulatory outsight around this. I don’t think that’s an issue. And as you say, we exit customers today for very specific reasons. One of the examples is economic primes of anti-money laundering, fraud and sanctions and there’s very specific obligations we have around that.
So for Lloyds Banking Group, uncomfortable, our policy doesn’t expose us to this risk. Obviously, what’s in the mind of the regulations of the government or what other banks are doing I can’t comment on, Chris. But thank you.
Chris Cant: That’s very helpful. Thank you.
William Chalmers: Thanks, Chris.
Operator: Thank you very much. Our next question is from Edward Firth from KBW.
Edward Firth: Good morning, everybody. Yeah. Thanks so much for the presentation this morning. My only question at least picking a point your comments about wage inflation. It’s okay you are running ahead of perhaps what we’re expecting certainly earlier in the year, I mean, we were expecting anyway and I’ve been asking that the question that if I look at recent cost falling [ph], I still looking at about a 1% cost growth versus 2024 and 2025, which feels like it would be a very impressive performance of the current inflationary environment. So I just wondered if you could just comment on what you’re thinking is about. I mean, would you agree with that where the risks are? I mean how do you think that might help us to be determine [ph]. Thanks so much.
