^{(page 6 note 1)} The less the growth in money wages, the less the exchange rate depreciation we would forecast (on the basis of preserved competitiveness), so that the growth of import prices in domestic currency would also be reduced in line.

^{(page 6 note 2)} Care should be taken that current ‘consumer prices policy’ does not introduce serious relative price distortions, and, perhaps even more importantly, that it does not lead to suspicion of ‘index-fiddling’ in the case of a basic statistic widely used as a guide to general price trends.

^{(page 6 note 3)} We will be attempting to cover these and other medium-term aspects in some detail and with greater precision in the February Review.

^{(page 7 note 1)} The directives to banks to restrain lending to persons seem out of place at the present moment when we are looking for a recovery in personal spending, even though they are probably having little quantitative impact.