Looking forward, using the different indices available (either gilts and Bank of England spot or forward rates), what inflation rates would be expected? The expectation possibilities considered are “spot, forward and long gilts over 15 years”, “spot over 10 and 15” and “forward over 10 and 15 years”. It will be seen that, at times, the expectations are negative. However, what really matters is how well these estimates performed against reality.