Monetary policy in the UK

<p>I was delighted to be asked to give the IFS Annual Lecture for 1994, not least because of my own connections with the Institute. These began with my participation in the meetings of IFS, and continued as a member of the Meade Committee in the 1970s. The work of that Committee - led by James Meade and Donald Ironside - proved to be one of the formative experiences of my professional career and led to my collaboration with John Kay on our book, The British Tax System. The Meade Committee Report represented a turning-point in the history of IFS, and since then it has gone from strength to strength under the successive leadership of Dick Taverne, John Kay, Bill Robinson and, now, Andrew Dilnot. I would like to take this opportunity to welcome the recent initiative to set up a Tax Law Review Committee. I know that IFS is seeking 50 sponsors to underwrite this venture, and I am happy to announce this evening that the Bank will be one of those 50. </p>