In a speech to the Cardiff Business Club on 4 October 1993, the Deputy Governor cautioned against declaring victory over inflation. Monetary easing might give a temporary fillip to the economy but would, in the long term, feed through to inflation which in turn would be damaging to the real economy. He warned against allowing this sequence to be repeated; amongst other things, future growth and jobs depended on keeping a constant guard against inflation.
Inflation - Speech by the Deputy Governor to the Cardiff Business Club