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mpc: 15 Evidence had been mounting that the slowdown in the pace of UK consumers' spending in 2004 Q4 had persisted in 2005 Q1. Retail sales had risen by only 0.3% in the first quarter of 2005 and private car registrations had fallen by nearly 6% (on a seasonally adjusted basis) in the three months to April. The April CBI Distributive Trades Survey had been very weak, with the retailers' balance for reported sales falling to its lowest level since July 1992, although the balances for wholesalers and the motor trade had risen a little. The Committee noted that the sharp deceleration in spending had been driven by durables and semi-durables, which had fallen by 0.3 per cent in 2004 Q4. Consumers' spending on services appeared to have held up better than spending on goods: the CBI/Grant Thornton consumer services output balance pointed to robust growth in the first quarter, and the Bank's regional Agents reported that the growth rate of spending on services had been steady. Narrow money growth had continued to slow gradually, which was broadly consistent with the decline in retail sales growth. But the annual rate of broad money growth had risen in March, reflecting the deposits of `other financial corporations', and the strength in household deposits growth suggested an upside risk to the consumption outlook. Unsecured lending had continued to expand rapidly.