You don't need an economist like me to tell you that rates are going nowhere for a long time. Inflation is stuck between two and three percent. So no need to lift rates. And with housing healthy, no need to cut rates either. The good news for retailers is that real wage growth has returned: wages up 2.6% over the year; inflation at 2.3% (or underlying at 2.4%).
Although we haven't received the Q3 WPI as yet. We will 'probably' have real wages growth once it's released next month.