Speech by Ian Plenderleith, Member of the Monetary Policy Committee

Speech delivered at the Stafford Chamber of Commerce and Industry.
Published on 14 June 2000

In a speech today in the Midlands to the Stafford Chamber of Commerce and Industry, Ian Plenderleith, an Executive Director of the Bank of England and a member of the Monetary Policy Committee, was optimistic about the prospects for continued growth in the UK economy:

"There are now some signs that the pace of activity may be moderating to a more sustainable level. Growth overall in the year to the first quarter was running at around 3% a year, still somewhat above long-run trend. Inflation is currently running somewhat below our target of 2.5%. But cost pressures are still evident, particularly in the labour market, and may be reinforced if the exchange rate continues to ease, as it has in the past month. We need to remain vigilant, but, provided we take no risks with the progress we have made in recent years in maintaining low inflation, the prospect is for continuing growth overall on a basis that can be sustained into the medium term."

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