Speech delivered at the Chartered Institute of Bankers Annual Prestige Lecture, Newcastle, 15th March 2000
“The most over-used word of the past decade must surely be ‘new’. Self-proclaimed ‘new and improved’ products compete for our attention in the shops, new fashion lines are launched as regularly as the seasons and new car models will now appear twice a year, at least in the UK, rather than once. Three years ago the country elected a New Labour government and the opposition sometimes refers to itself as neo-conservatives. Economist fall into similarly designated camps: we accuse each other of being either new Keynsians or neoclassicals. And just over two months ago all of us crossed that grand threshold of time into the New Millennium.”
Click here for PDF of speech at Bank of England