This is the first such occasion I have attended, and I note that the price of my invitation is that I have to give the after-dinner speech. Given the time of day, you will be pleased to hear that I will confine myself to a few simple observations, rather than delivering an economic treatise.
Some people may be expecting a commentary on the current outlook for monetary policy, but I am afraid they will be disappointed. Last week we made a decision on monetary policy at our July Board Meeting, and it received a lot of press coverage.