Should consumer services start to reinvigorate as anecdotal evidence suggests, the outlook for the sector as a whole should improve substantially. The data is very much consistent with the Bank staying on hold next week.

Brown will hope that his performance (on Wednesday) will help to change the public's perception of him from stern chancellor to benevolent potential future prime minister.

Wednesday's annual Budget could be Brown's last.

A rebound today will allay fears the consumer sector is continuing to struggle. The improvement in the housing market should bolster consumer spending.

The minutes indicate a majority that feels satisfied with the current economic climate. The Bank noted inflation and inflation expectations remained anchored. Meanwhile growth had already picked up to its long-term average, and was likely to remain there in the next few quarters. Today's GDP release certainly confirmed the former point.

It's good news. We know that the economy is starting to firm up, so we may see better jobs figures in the next few months.