Pm = Import price index for the United Kingdom (ETAS)

Pbar = output price index
Pbar = TFE/(1 +NT3) where TFE is the deflator at market price (BB).
and NT3 is the indirect tax rate, defined as: FCA/(TFE - FCA)
where FCA = expenditure taxes (ETAS) - selective employment taxes (BB) - national insurance surcharge (BB) - subsidies (ETAS)

Sources ETAS: The Office for National Statistics' Economic Trends Annual Supplement BB: The Central Statistics Office's Blue Book, United Kingdom National Accounts

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