##england. co. uk / speeches annex chart 1 : gbp / usd exchange rate in 2016 chart 2 : trading volumes in gbp / usd on 24 june 1. 5 and 7 october 1. 45 7 oct flash event 1. 4 1. 35 1. 3 eu referendum 1. 25 1. 2 10 11 12 13 14 15 16 17 18 19 20 21 22 23 hours ( bst ) sydney intraday low tokyo 1. 15 london jan feb mar apr may jun jul aug sep oct nov dec new york 24 - jun sources : bloomberg and bank calculations 2 - 6 oct avg 07 - oct sample periods are ( bst ) : a ) 24 june 2016 00 : 00 : 02 – 21 : 59 : 16 b ) 2 october 2016 18 : 51 : 07 – 6 october 23 : 56 : 06 c ) 7 october 2016 00 : 02 : 10 – 22 : 01 : 24. note : this measure is presented without scale for confidentiality reasons. sources : thomson reuters and bank calculations. chart 3 : price impact of individual trades in gbp / usd on 24 june and 7 october chart 4 : change in gilt yields - to - maturity and ois ( a ) curve on 4 august 2016 amihud measure ( 5 min moving average ) greater price impact 00 : 00 : 00 00 : 30 : 00 01 : 00 : 00 01 : 30 : 00 hours ( bst ) 02 : 00 : 00 24 - jun 3 - 6 oct avg 07 - oct 02 : 30 : 00 03 : 00 : 00 ( a ) the amihud measure of price impact calculates the note : the bank of england does not purchase gilts with ratio between price moves and volumes traded. maturity below 3 - years. sources : bloomberg and bank calculations sources : thomson reuters and bank calculations. all speeches are available online at www. bankofengland. co. uk / speeches chart 5 : investment grade, non - financial bond chart 6 : sterling investment grade non - financial spreads bond spreads, split by eligible and ineligible securities sources : bank of america merrill lynch, bloomberg and bank calculations sources : bank of america merrill lynch, bloomberg and bank calculations chart 7 : sterling investment grade corporate bond chart 8 : investment grade bond issuance by uk issuance private, non - financial corporates ( pnfcs ) sources : dealogic and bank calculations sources : dealogic and bank calculations all speeches are available online at www. bankofengland. co. uk

rachel lomax : the mpc comes of age lecture by ms rachel lomax, deputy governor of the bank of england, at de montfort university, leicester, 28 february 2007. i am very grateful to gareth ramsay for his help in preparing this speech, and also james proudman, tony yates and other bank colleagues for their help in preparing this speech, and to a number of colleagues at the bank of england for useful comments. * * * introduction it ’ s a great pleasure to be in leicester tonight, particularly given my long association with de montfort university, as a governor. tonight i want to focus my remarks on the monetary policy committee, which is ten years old this year. this is a blink of an eye in the life of the old lady of threadneedle street as she approaches 313. but uk monetary policy frameworks have lived dangerously and died young. for them, ten years is good going. to mark the occasion the treasury committee has launched a special enquiry. an impressive weight of written evidence has already been published, including a detailed review by the bank of england. everyone agrees that the uk has experienced an unprecedented degree of economic stability over the past decade. the average rate of inflation has come down from nearly 10 % in the seventies and eighties, to 2. 5 % since 1993, and the volatility of inflation has fallen very sharply. at the same time, output growth has been higher on average and less volatile. 1 the change has been stunning. to be fair though, it predates the formation of the mpc by several years ; and other countries have experienced a similar, if not so pronounced, improvement in performance. there is considerable agreement that better monetary policy is partly responsible for this better outcome, though there is an ongoing debate about exactly how much was also due to unusually benign global economic conditions, including the impact of globalisation. whatever the outcome of that debate, we clearly cannot bank on a trouble - free future. but we can and should look hard at the way our current monetary policy framework is operating, to give it the best chance of coping, if necessary, with a harsher climate. so tonight i want to consider what was so special about the mpc ; and ten years on, ask how age and success has changed it ; and what we can do to preserve its youthful vigour. historical background the mpc has come to personify the monetary policy framework that was put in place when gordon brown made the bank of