If anything, the advance release of the Statement may have been helpful in giving more time to digest the material contained in it. We have more recently sent to the Committee some new material in the form of a paper on bank fees.
I would now like to start off in my customary manner by comparing what I told you last time with what now appears to be the most likely outcome. I do this in the interests of accountability, but I also think it has the advantage of drawing out the limitations of economic forecasting and the necessity of seeing policy formulation as an iterative process.