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Outlook and Risks 1.  The UK’s recent economic performance has been strong, and considerable progress has been achieved in addressing underlying vulnerabilities.  Growth has exceeded that of the other major advanced economies, the unemployment rate has fallen substantially, employment has reached an historic high, the fiscal deficit has been reduced, and financial sector resilience has increased. 2.  Steady growth looks likely to continue over the next few years, and inflation should gradually return to target.  After a period of robust private domestic demand-driven growth, matched by steady increases in employment, the economy now looks to be running near capacity. Investment has contributed to domestic demand growth, and recent increases in productivity give cause for cautious optimism about growth in real incomes. As labor market slack is used up, the mission expects growth to slow slightly in 2016 and to average around 2¼ percent over the medium term...