Sam Fleming

So yeah, we had some fairly pedestrian growth figures this week.

The Eurozone growth rate was only 0.1% in the first quarter, so somewhat slower than we saw in terms of early growth indications from the UK from early in 2026.

And we also had US growth figures, an annualized growth rate of 2%.

So also relatively below expectations.

So we're not seeing particularly stellar growth figures.

I think it's probably a little bit early to see the full impact of the energy crisis in terms of headline GDP growth.

But I think you can expect an ongoing drag on growth and consumer spending because of higher energy costs and the extent to which that

acts as a drag on people's willingness and ability to spend a drag on their disposable incomes.

That will start to hurt growth later in the year.

I think it's just one of those things that it's impossible to avoid.

Thanks, Mark.