A little time ago Peter Martin suggested that it would be of some interest to airlines and others if someone from the CAA were to come along tonight and talk about the Civil Aviation Authority's future policy. We had to reply that this was something we could not usefully do at a time when we would be in the middle of our consultations with the industry about what that future policy should be. There the matter rested until July when I was discussing another matter with Peter Martin. I happened to say, in response to an observation of his, that I had in my mind a clear picture of where the industry had been, where it stands now and — perhaps rather less clearly — what the options were for its future development. Mr Martin seized upon this, believing that it would not only be interesting but even helpful to the industry and others if I were to share this personal vision with you. He may be right.

In any event that is how I come to be standing here before you tonight, in essence to talk about my own view of the industry as it was and as it is, together perhaps with a few glimpses of the way things might develop in future.