The picture is still rosy for the near term; you're looking at higher interest rates overseas but not in the UK. The growth cycle still seems to have legs. We're seeing fairly good earnings momentum and profits growth.
There's a little bit more caution coming into the investment outlook mostly because of fears of higher interest rates in the U.S. and Europe and now Japan.
The story from the corporate sector is still fairly positive in terms of earnings and at the moment interest rates going up is more of a fear than a reality.