This focus on trends in labour costs was evident in the Board’s communication after the previous meeting when we stated that over coming months we would be assessing important additional evidence on both inflation and the evolution of labour costs. The evidence that we have received since then on inflation is clear. It was high. And higher than expected.
You are to be commended for the work you do, and I am sure you also derive immense personal fulfillment from your involvement with your organisation. This evening I want to talk about how individuals and small enterprises are coping with the economic crisis, as far as I can tell.