The level of uncertainty is rising at the moment. Certainly, some of that is domestic and some of that is global. I think the biggest issue now in the immediate future is the response to the national insurance change; how companies balance the mixture of prices, wages, the level of employment, what is taken on margin, is an important judgment for us.
We always condition what we publish in terms of the projection on market rates, and so... that was effectively the view the market had. We've been looking at a number of potential paths ahead - and some of them are better than others.
Collection
[
|
...
]