welcome. let me start with the situation welcome. let me start with the situation as we see it on the outlook situation as we see it on the outlook for the economy. the outlook for growth outlook for the economy. the outlook for growth and unemployment has improved~ for growth and unemployment has improved. six months ago we expected a shallow improved. six months ago we expected a shallow but long recession. since then energy prices have fallen substantially and economic activity is holding substantially and economic activity is holding up better than expected. so today is holding up better than expected. so today we forecast modest but not positive so today we forecast modest but not positive growth and a much smaller increase positive growth and a much smaller increase in positive growth and a much smaller increase in unemployment. we think inflation increase in unemployment. we think inflation will fall quite sharply over inflation will fall quite shar
capitat half a percent. temporary 100% capital allowances for qualifying business investment and measures aimed business investment and measures aimed at business investment and measures aimed at increasing labour market participation seem to have positive effects participation seem to have positive effects on participation seem to have positive effects on potential supply. the outlook effects on potential supply. the outlook for inflation. annual consumer price inflation is come down consumer price inflation is come down from consumer price inflation is come down from a peak of 11.1% in october last year down from a peak of 11.1% in october last year but down from a peak of 11.1% in october last year but remains very high. the latest last year but remains very high. the latest figure of 10.1% for march were latest figure of 10.1% for march were 0.8% than we expected at the time of were 0.8% than we expected at the time of the were 0.8% than we expected at the t