bank of england repo rat e chart 11 : composition of uk pnfc sector gross debt ot her debt securit ies ot her t han shares borrowing from non - uk resident mfis borrowing from uk resident mfis per cent chart 12 : corporate credit spreads basis points basis points high yield ( lhs ) bbb ( rhs ) aa ( rhs ) aaa ( rhs ) source : m errill ly nch op tion - adjusted corp orate bond sp reads chart 13 : share of world imports in world gdp 1995 = 1 1. 5 1. 2 0. 9 0. 6 0. 3 0. 0 1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 source : un ( pre - 1980 ) ; imf weo summer 2004 database ( post - 1980 ) chart 14 : import shares in consumption and business investment expenditures per cent business investment consumption table 3 : value of sales over the internet by uk non - financial sectors £bn households business - to - total business 6. 4 11. 4 12. 7 28. 2 19. 0 39. 5 source : ons chart 15 : distribution sector profits ( margins ) percentage of output at basic prices 25. 0 retail 20. 0 total distribution sector 15. 0 wholesale 10. 0 5. 0 0. 0 chart 16 : output price inflation and cpi goods price inflation percentage change on a year earlier 4. 0 3. 0 producer output prices 2. 0 1. 0 0. 0 - 1. 0 cpi goods - 2. 0 - 3. 0 chart 17 : domestically produced manufactured goods : costs and prices percentage change on a year earlier percentage changes on a year earlier 8. 0 input prices ( lhs ) 15. 0 10. 0 unit wage costs ( rhs ) 6. 0 4. 0 5. 0 2. 0 0. 0 0. 0 - 2. 0 - 5. 0 - 4. 0 - 10. 0 output prices ( rhs ) - 6. 0 - 15. 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 - 8. 0 chart 18 : private sector productivity percentage changes on a year earlier 5. 0 per hour 4. 0 per head 3. 0 2. 0 1. 0 per job 0. 0 source : lfs, workforce jobs dat a and bank chart 19 : private sector factor utilisation ( based on production functions ) elasticity of substitution = 0. 5 elasticity of substitution = 1 percentage deviation of

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