7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Chart 7: whole economy regular pay growth  Chart 8: measures of domestically generated inflation Per cent  5  Three-month on three-month annualised  4  4  Three months on a year earlier  3  3 2  2 1  1 0  0 Unit labour cost growth  -1  GDP deflator  -2 10  11  12  13  14  15  16  17  -1  -2  Core services CPI  18 2013  2014  2015  2016  -3 2018  2017  Notes: dotted lines show 1997-2007 average for each measure. There is no clean measure of domestically generated inflation, the chart shows a subset of the range of measures that the MPC considers as a guide to domestically generated inflation. We have of course seen false dawns before. Last November, with those very much in mind, I voted against a rate rise. For me, structural uncertainties about the economy warranted a stodgy approach. In the face of these types of uncertainty I was prepared to trade off moving more slowly in order to let evidence accumulate, with a little more resistance in our reaction function, rather than moving more in line with the forecast. I will await our August forecast of course for the latest assessment of the evolution of domestic inflation pressures and of the first quarter of the year.
Tharman Shanmugaratnam: Taking charge of your financial wellbeing Opening address by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the MoneySENSE 10th Anniversary Roadshow, Singapore, 19 October 2013. *  *  *  Good afternoon Members of the Financial Education Steering Committee, and everyone who has come to Toa Payoh hub for one reason or another. Please enjoy the shows and exhibitions which we have planned, that are all aimed at helping Singaporeans to manage their money better. 2. We all know that managing money is important, regardless of your income level. You may be low, middle or high income, but managing your money is very important for your quality of life. Research supports this, but we all know from our own family members, friends, and colleagues at work – that it is not just how much money we make but how we manage, spend or share our money that determines how satisfied we are. Financial Literacy Survey 3. MoneySENSE commissioned a Financial Literacy Survey earlier this year, which shows that Singaporeans are generally quite careful with their finances.1 80% of Singaporeans save some money each month and 86% of people do not like taking on debt. Many people take on loans because of housing, but they don’t like to borrow more than they can comfortably service with their income. 4. But there are some people who over-spend and over-borrow, which we find in every society, and Singapore as well.