50s on the back of a strong USD. IInflation Could Be Here Sooner Than Market Expects 58.0 56.0 54.0 52.0 50.0 48.0 46.0 44.0 42.0 40.0 , Emplyt PMI, 9m lead —GBP AWE reg pay, priv Jan-01 Mar-03 May-05 Jul-07 Sep-09 Nov-11 San' Saba f Afars Itpreway. 1W I FDI Upside Risk To GBP Next Year so

onies Ares* UP lInflation Could Be Here Sooner Than Market Expects 58.0 56.01 54.0 52.0 1 50.0 1 48.0 46.0 -I 44.0 42.0 40.0 4 - Jan-01 Emplyt PMI, 9m lead -GBP AWE rag pay, priv Mar-03 May-05 Jul-07 Sap-09 Nov-11 Son Orsesi Atins Mont IMF 6 • 0 ,FDI Upside Risk To GBP Next Year so 50