Such a modest increase [in unemployment] is unlikely to have any impact on consumer confidence or affect consumer spending.

Marks & Spencer has got its act together, ... There has been a UK retail boom in December but January has gone off to a slow start.

The figures are better than expected and although petrol prices have come down, there is an improvement in core rate of inflation.

In reality, Gordon Brown's forecasts will have to be slashed to around 1.75 percent.

The economy has been growing at a sub-par pace for five quarters now and we cannot see that situation changing over the next year or so.

Everybody's looking toward consumer confidence in the States tomorrow, followed by other data later in the week.

The main point though is that output growth has now been below trend for five quarters and we can't see that changing over the next year or so.

The debate over rates will continue to intensify over the coming months, not least as the committee has received downside surprises from output and upside surprises from inflation.

We think consumer spending will slow down and we're starting to see some evidence of that.