Lower than expected +0.6% m/m, +4.4% y/y and right on the rumoured number of +4.0%. Well I’ll be blowed. These rumours on Uk data have been spot on of late. Cable quickly back below 1.6300, presently at 1.6245.

ONS says fall in annual rate driven by food and non-alcoholic drinks, recreation and air transport.

That’s because no one in the UK can afford to eat, have fun and travel. See they didn’t mention alcoholic drink. What little money people have is spent on alcohol to help dull the harsh reality!!!

Elsewhere, UK February global goods trade balance -6.776 bln, better than median forecast -8.1 bln and smallest deficit since February 2010. Thank heavens for small mercies.