england feels able to reduce interest rates, so this is a time to stick to a plan that is clearly working. live now to simon french. he s chief economist and head of research at panmure gordon. i wanted to kick off by asking you why expectations were off the mark? january is the hardest month of forecast. there is a big rotation in the weight of items any typical basket. the office of national statistics use. that is a challenge. also because of discounting a new year s sales, we are never sure how much retailers will pass on. and it wrong footed people because energy costs have come down a long way for households, it will come down in april, it did go up injanuary, which was expected to push it up, but what we saw was a flat reading. prices going up, but only by li% now. can people read into that interest rates are more likely to come down sooner? i rates are more likely to come down sooner? ., ~ rates are more likely to come down sooner? ., ~ ~ sooner? i don t think so