Any views expressed are solely those of the authors and so cannot be taken to represent those of the Bank of England or the Office for National Statistics or to state Bank of England policy. This paper should therefore not be reported as representing the views of the Bank of England or members of the Monetary Policy Committee, Financial Policy Committee or Prudential Regulation Committee. The authors are grateful for the comments from colleagues at the Bank of England, the Economic Statistics Centre of Excellence, the National Institute of Economic and Social Research and the Office for National Statistics on this work. Particular thanks are due to Adrian Chesson, Perry Francis, Richard Heys, John Lowes, Elias Razak and Rebecca Riley. The estimates presented in this paper should be viewed as preliminary and may be revised in future work. Disclaimer: This work contains statistical data which is Crown Copyright; it has been made available by the Office for National Statistics (ONS) through the Secure Data Service (SDS) and has been used by permission. Neither the ONS nor SDS bear any responsibility for the analysis or interpretation of the data reported here. This work uses research datasets which may not exactly reproduce