Given at the annual dinner of the Cardiff Chamber of Commerce and Industry on 10 March 1978.
The toast you have entrusted to me to propose is industry, trade and commerce, with which I shall associate the continued success of the Cardiff Chamber of Commerce. It is a privilege to propose the toast - not least because the prosperity of industry, trade and commerce is a close concern of the Bank of England and myself. The Bank's primary responsibilities lie of course in the financial and monetary fields, but the policies we have advocated and the action we have taken in these areas have pre-eminently as their object the establishment of a sound and stable framework within which industry, trade and commerce can have the chance to prosper. The planned monetary expansion, fiscal moderation and stability for which we argue are not, as is sometimes suggested, an obstacle to growth. On the contrary they provide the indispensable basis for that steady and sustained growth on which our plans and hopes for a more prosperous society must rest.
Governors speeches given at the Cardiff Chamber of Commerce