The February CBI survey reinforces our belief that consumer spending will be unable to sustain the relatively strong performance seen in the fourth quarter of 2005.

If this is confirmed, it will reinforce our suspicion that the December performance was inflated by many consumers opening their wallets to treat their families and themselves at Christmas having held back their spending over much of 2005.

We suspect economic activity over much of 2006 will be held back by sluggish consumer spending and that the Bank of England's growth forecast will prove to be too optimistic.

Clearly we are disappointed with our performance. The team did a great job once again, and third and fourth is a credible result but not what we came here for. The handicap and performance breaks given to teams need to be re-adjusted, this is clear and is acknowledged by everyone.

I don't think he's come into a game where I haven't been happy with his performance,

The MPC still has to see conclusive sustained evidence that 2006 pay settlements are remaining contained.