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mpc: 20 The Committee noted various risks surrounding these central projections. With respect to the world economy, uncertainty remained about whether the large US current account deficit would trigger a further fall in the US dollar, weakening the outlook for UK-trade-weighted world demand. But the Committee judged that the downside risk to external demand for UK output had diminished since November. With respect to the UK economy, there was an upside risk to consumption growth and house prices in the near term, with a corresponding downside risk at some later date; there was an upside risk to pay, given the slowdown in employees' real take-home income last year; and there was uncertainty about the current and prospective levels of potential supply.