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ITEM CG6 - ANNEX 2

EXECUTIVE – 17 FEBRUARY 2004

TREASURY MANAGEMENT STRATEGY FOR 2004/05

 

Inflation Rate and Short-term Interest Rate Forecasts

 

Price Inflation

End 2004

UK Base Rates

End 2004

ABN Amro

2.30

4.00

Citigroup Smith Barney

2.80

4.50

CSFB

2.50

4.25

Deutsche Bank

2.30

4.25

Goldman Sachs

2.70

5.00

HSBC Securities

2.40

4.00

L&G Investment Management

2.80

4.50

JP Morgan

2.70

4.75

Merrill Lynch

2.80

4.75

Morgan Stanley

2.40

4.50

UBS

2.50

4.50

Median

2.50

4.50

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