“We took her outside to run a bit of energy out of her, and she was so quick on her feet that I you couldn’t even tell that she only had three legs.” But that didn’t seem to slow her down. She was “like the energy bunny and never slowed down.” As a result she got hot during the shoot and was heavily panting-and out came her tongue.
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“The close-up was harder than I thought it was going to be, the dog was so full energy,” Martin said.
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To do that, Martin knew he had to photograph her with her mouth closed. “She’s not a lap dog that sits on the sofa, but a disciplined fighting dog.” He wanted to capture her in this spirit. “The dog is basically a soldier and we treated her with the respect of a military person,” Martin said. Martin was going for a dignified look, fitting of a war dog that almost gave her life to save a squad of soldiers in Afghanistan.
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As always, however, I will decide how to cast my vote in the light of economic developments.Please be respectful of copyright. "If wage growth continues to accelerate over the next few months, especially in the absence of a pick-up in productivity, then for me it strengthens the case for a rise in Bank Rate. It is, however, at present no more than that. "Compared with the Autumn, when I was voting for an increase in Bank Rate, the fall in oil prices has certainly provided some unexpected breathing space. These risks, both to the upside and the downside, make the situation "a finely balanced tug of war" in which "pulls in both directions have intensified". Martin notes that while the effect of this on inflation may be ‘damped’ because of the make-up of the CPI basket and the response of firms’ profit margins, it is seen as the main upside risk. Pay is now growing at its fastest rate since before the crisis." "The unemployment rate has been falling rapidly, and we have also seen the employment rate reach a record high. The upside risk is provided by the recent performance of the labour market. Nevertheless Martin’s view is it continues to pose a risk, and he wonders whether a rising exchange rate might be the next of these shocks. Martin acknowledges that "the recent recovery of the oil prices makes it perhaps less of a worry" than he may have thought in January. There is also a risk of further price shocks "inflation shocks, even more than buses, rarely seem to come on their own". He added that we could reasonably anticipate that inflation expectations to pick up as oil and other commodity prices recover. The most recent data did show a fall in inflation expectations but Martin argued that "it might simply be that expectations – even of inflation in two years’ time – are overly affected by the experience of current inflation". On the downside there is a possibility that "expectations of low inflation may become entrenched" which would have consequences for both wages and prices. Nonetheless he discusses both the upside and downside risks to the current inflation target. It also has the option of making further asset purchases, a policy which Martin’s research suggests "remain a practical means of pushing inflation up towards target". The Committee has made clear that, should downside risks materialise, it could consider a further reduction to Bank Rate.
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Martin explained that he is "confident that the Monetary Policy Committee can return inflation to target" given the tools at its disposal. Instead, he believes that the effect from oil will begin to drop out in less than a year and the rate of inflation will gradually recover towards target. The implication of this is that we should not try to keep inflation very close to target all the time if we did that, we could be sure that interest rates would be extremely volatile, in a way that no one would find very helpful." "Our work suggests that a change to Bank Rate takes about two years to feed through fully to inflation. Martin said that while "it is likely that inflation will fall below zero at some point in the next six months" this is not something to which the MPC could or indeed should respond.