Central bankers will often refer to core inflation, which strips out volatile factors such as oil prices, as a better guide on how to act. In response, central banks have sought to stimulate economic activity and spending by keeping interest rates low.
They have also used a series of measures to make sure their policies are effective on the high street; in the UK these included credit subsidies to banks to keep mortgage rates low, and quantitative easing, which has encouraged banks to lend more funds for businesses to invest.
However, the stimulative properties of QE have waned in recent years and GDP is currently running at an annual rate between 1. If employment were the only measure of economic success, then the Bank of England would have started raising interest rates in The jobs market was expanding at a fast pace and pushing back to historical highs. Inflation was low and GDP was growing fast.
However their colleagues, including the governor, refused to budge, arguing that wages remained low. Since then the employment rate has hit a succession of historical highs as women and older people have flooded back to the workplace. Corporate Britain says it is desperate for skilled staff, especially now that continental European workers are more reluctant to travel to the UK. That suggests the labour market is going to tighten further. Employment is strong and unemployment is low, but wage growth remains weak.
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The Phillips curve tells us that when employment is strong, wages go up. And the logic of this is unimpeachable. Chris Williamson, chief business economist at the data provider IHS Markit, says Bank officials will focus on underlying private sector earnings, which are rising by 2. Their recent study found that once underemployment was taken into account, the unemployment rate jumped from 4. Underemployment is important because it adds up the extra hours staff say they want to work. Speech following his election to the presidency, Cape Town.
Speech at his inauguration as president. When a man has done what he considers to be his duty to his people and his country, he can rest in peace. I believe I have made that effort and that is, therefore, why I will sleep for the eternity. Interview for the documentary Mandela. Long Walk to Freedom. I'd leave that entirely to South Africans.
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I would just like a simple stone on which is written 'Mandela'. On my last day I want to know that those who remain behind will say: If 27 years in prison have done anything to us, it was to use the silence of solitude to make us understand how precious words are and how real speech is in its impact on the way people live and die.
It is what difference we have made to the lives of others that will determine the significance of the life we lead.
And I love that. Letter to cricketer Makhaya Ntini.
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I wanted to be known as Mandela, a man with weaknesses, some of which are fundamental, and a man who is committed, but never the less, sometimes he fails to live up to expectations. On dreaming big "One day I will be the first black president of South Africa. Presidential address to ANC conference, adapted from a statement by former Indian prime minister Jawaharlal Nehru On resistance "The struggle is my life.
Mitigation speech after being convicted of inciting a strike and leaving the country illegally On equality "During my lifetime I have dedicated myself to this struggle of the African people. Rivonia trial On adversity "Difficulties break some men but make others. Letter to Winnie Mandela On authority "I have never regarded any man as my superior, either in my life outside or inside prison. Letter written to commissioner of prisons while on Robben Island On apartheid "Between the anvil of united mass action and the hammer of the armed struggle we shall crush apartheid and white minority racist rule.
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Reply to an offer to release him if he renounced violence On being a man of the people "I cannot and will not give any undertaking at a time when I, and you, the people, are not free. Message from prison, read by his daughter to a rally in Soweto On sacrifice "I am not less life-loving than you are. The brick walls are there for a reason. The brick walls are not there to keep us out.
The brick walls are there to give us a chance to show how badly we want something.
The key to life is accepting challenges. Only those who dare to fail greatly can ever achieve greatly. Being challenged in life is inevitable, being defeated is optional. Instead, I run towards it because the only way to escape fear is to trample it beneath your foot. The gem cannot be polished without friction, nor man perfected without trials. When we least expect it, life sets us a challenge to test our courage and willingness to change; at such a moment, there is no point in pretending that nothing has happened or in saying that we are not yet ready.
The challenge will not wait. Life does not look back.