Professor John McHale:

We do not have a specific endorsable range with which we enter into the process. We have that for shorter-term forecasts, even though we do not publish the detail. We can use past forecast errors to generate those ranges. It is more judgmental as we go out to the medium term. We realise that those bands of uncertainty increase as one goes further out in time and it become wider. That is why even though we felt it looked optimistic and ahead of the most likely outcome for 2017 and 2018, it still falls within the range of reasonable estimates given the uncertainty around growth estimates at that horizon.