At a dinner given by the Lord Mayor to the bankers and merchants of the City of London on 20th October 1966.
... When my distinguished predecessor, Lord Cromer, first spoke to the merchants and bankers here assembled five years ago, he could justly claim that he had been thrown in at the deep end-Bank rate up to 7% within three weeks of assuming office and a massive credit squeeze within four. I take no pride in outdoing that baptism of fire. None of us can derive any satisfaction from the fact that we have been similarly assailed now three times in little more than a decade.Extract from the Governors Mansion House speech 20 Oct 1966