Not many people complained, in 1993, that we were not tightening policy sufficiently quickly.
Late in 1995, we thought we could see inflationary pressures abating in 1996, and so advised the Government that there seemed no reason from a monetary policy perspective to abandon the tax reductions proposed for mid-1996; in retrospect, we were rather too optimistic, and inflationary pressures continued throughout that year, with the tax cuts and, later, additional government spending adding to those pressures.