this with ournto guest, nicholas gartside.t case in reo, if we see a brexit. -- best case scenario, if we see a brexit. nicholas: central-bank will cut rates on that. the other reason that this spread is at its widest level, really relates to the fundamentals. brexit aside, the message from the u.k. economic data is the economy is slowing. the economy in the u.k. has been slowing for 18 months. caroline: really? nicholas: absolutely you look at retail sales and what you see -- absolutely. you look at retail sales and what you see is slowing. the risk is the bank cut rate. part of that is u.k. is very linked into europe. caroline: that is counter to part of use -- counter to popular views. nicholas: it started slowing 18 months ago, way before exit concerns were discussed by markets desk before brexit concerns were discussed by markets. -- before brexit concerns were discussed by markets. the u.k. is an open economy. it is like a barometer when you think of a leading indicator for all global growth or slow down. it is bringing