Spring Statement Committee Select Committees

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In terms of the relative likelihood

of those 4.5 hypotheses I have

racked them and what, in my view, is

descending likelihood of truth. As

we go through this year and we get

more information sought by our next

forecast with more quarters of

observation, if productivity growth

were to remain strong, than that

starts making you think, maybe

something real has happened. - sort

your rank those hypotheses in

descending order of probability.

That's right.

I was going to ask a

question about the difference

between your forecast and that of

the Bank of England but I will take

the hypothesis and explain -- that

is explained by the descending

order. So miss measurement, that the

something the professor has given

evidence to and that is relatively,

going back two years,, that was

higher up your interest and higher

up in your thinking. You spoke,

sampling error. Could you just say

even for bit about where in the

future you think that might go.

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