Wood Mackenzie forecast the UK to grow 2.6% yoy in 2015. Low inflation will boost real wage growth and unemployment should continue to fall towards pre-crisis levels. External factors will also support growth. First, lower oil prices are expected to boost net trade and consumption. Second, spillovers from the ECB's QE programme could lead to lower interest rates, and boost asset prices. However, lower oil prices also have negative impacts on the UK - deterring capex in resource extraction.