We regard financial stability as an important precondition for sustainable high growth and employment creation. Conversely, high rates of inflation can distort the allocation of resources and it can lead to the unequal distribution of wealth. It is against this background, then, that we place our conduct of monetary policy squarely within the objective of price stability and within the framework of inflation targeting.
The data are limited, but evidence suggests firm creation in this industry is above the average of the rest of the economy. Output has grown by more than 15 per cent since the start of 2011—a faster pace than the rest of the service sector and more than double the pace of the goods sector.