Although we don't expect the MPC to cut rates this month, it is likely that we will see a cut to 4.25 per cent by the end of the year which will put more money into people's pockets and please UK businesses.

Consumers are likely to expect incentives such as low-interest financing for years to come.

The red ink was a one-month record in February, and the records are likely to continue to be broken this year. The spending side of the budget ledger remains out of control, despite some effort to constrain these expenditures.

The upshot of all this is that the next move in rates is still likely to be up, but not until the data give the go ahead.

a pause in rate hikes is a more likely scenario rather than a rate cut.

We don't know the rates of (reef) growth.