A recovery of growth to around trend in the first half of 2006 will not threaten interest rates in either direction.

Retailers will be disturbed to see that. Our view is that interest rates will remain steady for the rest of the year and most of 2006.

People are complacent about interest rates now. There is a risk that the emerging strength of the data will result in more intense media coverage of the risk to interest rates.

I think there are a number of factors that have led (to the growth), including the low interest rates giving people the opportunity to get into the home market.

The biggest story for us is our continued growth at 5 o'clock.

Despite low unemployment, wage growth remains contained. With job gains slowing, the risks from wage inflation appear to be receding. Interest rates will remain on hold in 2006.