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BoE's Lomax on stability and statistics

In a speech on 'Stability and statistics' given on 23 November, Rachel Lomax of the Bank of England said that the past decade has been a time of unparalleled stability for output and inflation, creating a much better climate for business. She says it is no wonder that the rise in oil prices has made people nervous.

She argues that much has changed in the past fifteen years. The present approach to setting interest rates provides much better incentives to make the right decisions. Over the past

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