This gave government an explicit role in defining the objective of monetary policy, subject to the need to have that objective consistent with some reasonable interpretation of the statutory objective of ‘stability in the general level of prices’.
July Jul. Oct.  Jan. 20  Apr. July Jul. Oct.  4 19/Q1 2  3  4 20/Q1 2  Note: In the left-hand chart, figures for manufacturing are the "Indices of Industrial Production" and those for other sectors are the "Indices of Tertiary Industry Activity." Sources: Ministry of Economy, Trade and Industry; Cabinet Office.