But not all of the sectoral differences that have emerged are necessarily unwelcome. Indeed, for those seeking to ensure stability in the economy as a whole, it is really just as well that consumption growth has remained robust at a time when the net trade position of the economy has worsened so markedly. And, as recent MPC minutes show, that has been our intention. So long as the world economy recovers quickly enough to pick up the slack as consumption slows, it may be that we in the UK will avoid the sharp recessions of previous cycles. Of course, this is a big 'if', and I do not want to imply that I am excessively confident that this will occur. Rapid consumption growth brings with it considerable risks, not least when it is financed by a large build up in consumer debt. But it is the MPC's central expectation that we will escape a serious slowdown at current interest rates. In the last few weeks, we have seen some tentative signs of an unwinding of some of the more severe sectoral gaps in the economy, with the slowdown in retail sales growth since the start of the year, and an encouraging pickup in a number of surveys of business confidence and investment intentions. 2  BIS Review 18/2002  Overall, it seems to me that the risks around the outlook for UK inflation are fairly evenly balanced.
Best practice in listed companies has for some time recognised the importance of rotating individual auditors. But the relationship between a major listed company and its auditor goes well beyond the role of the senior day-to-day audit partner. Before coming to the Bank of England, I had been involved with companies where the audit partner had rotated; but the senior partner of the firm, who took a close interest in the relationship, of course had not. If the profession believes that rotation is important to maintain independence, should that rotation not relate to the firm, with whom the relationship is, rather than any individual? There are of course good arguments on the other side, and it will be interesting to see where the review of these and related matters, recently announced by Patricia Hewitt, comes out. Conclusion Ladies and gentlemen, it has been a pleasure for me to come to Northern Ireland, to meet with a number of business people during the course of this visit, and to join you this evening. Can I take this opportunity to wish you, and the business communities you serve, all success for the future. 4  BIS Review 18/2002