It will do so through one of the most open, accountable set of procedures of any central bank in the world. Secondly, the Bill implements the first stage in the modernisation and reform of supervision and regulation of the UK's financial services industry. The new Financial Services Authority launched last year will enjoy the confidence of consumers and industry alike, giving London and the UK industry as a whole a huge competitive advantage. It enshrines our commitment to increased openness and accountability, which in turn leads to the enhanced credibility in monetary policy that the world now demands. The Bill will provide the stable platform business that the country needs, and it will increase confidence in this country's commitment to low inflation in the future.
Inflation hits business, savers and pensioners alike.
It causes uncertainty. It discourages investment and in the end hits jobs. This country has paid a heavy price for a successive cycle of boom and bust. Because of that legacy, our long-term interest rates have been higher than they should have been, and higher than those in other countries. We have seen some benefits already.