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mpc: 16 A number of influences had probably restrained consumption growth over the past year ­ slower real post-tax income growth, the weaker housing market and the impact of past increases in the official interest rate. The Committee discussed the outlook for these various factors. With the whole- economy tax ratio likely to rise less steeply in the future than in the recent past, post-tax income growth was likely to recover gradually. Near-term prospects for the housing market appeared to have improved, with both activity and prices seemingly stronger. Financial asset prices were also likely to prove supportive of consumption. The impact of past rises in the official interest rate was likely to dissipate over the forecast period. And, while there had recently been increases in some credit card lending rates, there had also been a gentle easing in average mortgage rates during the past few months. So overall it seemed likely that consumption growth would continue to edge up towards its historical average.