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During the 1990's, robust consumer demand intensified these incentives.
The deal signals that the bank is betting on continued robust consumer spending.
At the moment, robust consumer spending is keeping the economy growing, if extremely slowly.
Robust consumer spending was not just the result of attempts to beat the return of VAT to 17.5%, Sentance said.
"Robust consumer spending growth continues to support the economy," said Oriol Carreras, a research fellow at NIESR.
"That said, falling real incomes didn't get in the way of robust consumer spending growth over the last year.
"Robust consumer demand continued to help the UK economy grow steadily in the third quarter of 2016.
It included robust consumer protection, sound regulation of derivatives and limits on too-big-to-fail firms.
The banks — big campaign contributors — don't want robust consumer protection because complex and obscure products are lucrative.
He cited "continued economic growth and prosperity, buoyed by sound economic reforms, robust consumer confidence and political stability".
The rebound was also driven by robust consumer spending, a slowing rate of inventory depletion and a recovery in exports and factory output.
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