The Governor makes the following points:
- 'The key role of profitability - for jobs now and for investment in the future... Wealth is not generated without profit... In other leading countries this has been more fully recognised.'
- 'Wage settlements need to be significantly lower than in the present round. We need this, moreover, not as a last final effort after which we can let up... Larger wage increases eroded by faster inflation may seem to be a more comfortable alternative. But they plainly do nothing for real wages and real prosperity.'
- The greater concentration of procurement decisions in this country has tended to help the strong supplier. 'But it may sometimes pay the buyer to help his weaker supplier... Another approach is to attract overseas suppliers to establish in this country. '
British industry in a competitive world - Speech by the Governor