So that’s the context to put it in. And then just final point before handing over to Charlie on this about is that, again, the deposit picture, it feels pretty robust. When we look at that, as I mentioned earlier on, the PCA performance in Q1 versus Q2, down from over GBP3 billion outflows to around GBP2.7 billion outflows, and then to Chris’ question earlier on, some healthy signs during the course of the last few weeks or so. Looking forward, we’re likely to have fewer bank base rate changes. Looking forward, much of the money that was going to move off the back of higher rates, probably has moved or is moving over the course of quarter one and particularly quarter two. We’re nudging interest, sorry, in access rates up a little bit.
Looking forward, the forward curve is likely to be a touch lower and so the competitive offers will have to reflect that. Again, looking forward, we’ve got inflation on salaries. We’ve seen them so far. We’ll continue to see them going forward. These are all reasons I think why we have confidence in the deposit base going forward, which in turn, leads us to the guidance that we have on the structural hedge today. So I’m going to pause there and hand over to Charlie.
Charlie Nunn: Yeah. The only thing I could add, William. Thanks for the question, Aman, is just kind of the investment piece, you say over the next three years, definitely it’s a structural hedge is part of it, as you say and we have a little confidence around that, as William just laid out. The two other things that I’d still mention, which are really important. First of all, as you know, we’ve committed to GBP1.5 billion of additional revenues linked to our strategic initiatives. It’s better to be lucky than good sometimes and we got going on that before Russia invaded Ukraine and we went through its trade cycle and I hope what you can see today and we’ll give you another update at the end of the year. We’ve got momentum.
The other operating income, we think, shows some green shoots of that and that’s a reason to believe that we will navigate the next three years very strongly. And then the second one is, none of us can say here and predict what the economy is going to do or what will happen to rates. But it’s just really important. We know as rates go up and down, what you need to deliver for shareholders and customers through that cycle is a balance sheet that is well leveraged, is well diversified and has a mix of assets across commercial and retail and secured and unsecured and we’ve got the best balance sheet in the U.K. So if rates were to come down, we’ll be able to continue to compete and generate capital returns based on our assets and we’ve got the structural hedge giving us a strong kind of driver underlying the business, as William just laid out.
And we’ve committed to and we’re reconfirming our strategic revenue growth initiatives. So that’s why we feel confident about the capital return that we’ve laid out over the next few years.
Aman Rakkar: Thanks very much, Charlie. Thanks very much, William, for your extensive results.
William Chalmers: Thank you, Aman.
Operator: Thank you. Our next question is from Robin Down from HSBC. Your line is unmuted. Please go ahead.
Robin Down: Hi. Good morning. I’m not going to ask about structural hedge at least. Can I ask about the other income line? Just it looks quite good in the first half. I just wondering if you could perhaps give a little bit more color on what are the moving parts and particularly color on retail side, your expectations then for right decision on the other topline?
