charlie huggins as wealth club. thank you for joining us this morning.have heard from several retailers and our colleague, arabile, was breaking down the message from the retailers. what is the main message and what does it say in the health of the uk supermarket? >> i think at the moment, it is hard to escape the confusion that the uk consumer is still spending if you look back to the start of last year. there were a lot of worries with the economy and the health of the uk consumer. i don't think anyone reading results from tesco and sainsbury and marks & spencer. is that still to come? people will refinance mortgages this year. interest rates have come a long way. is there a lack of the interest rates on the economy and will we start to see a slowd down of th uk consumer in 2024? that is the question. we have seen from m&s, the cost pressures have not gone away. the living wage has come a long way. that is a headwind for retailers. they need to maintain good efforts to contend with the cost headwinds. >> i'm glad you brought up the outlook for 2024. th