British business men will not be able to compete unless we have a level of inflation that is competitive with that of Germany, the United States and Japan. Inflation matters much more for competitiveness than interest rates alone and, as is often pointed out, a 1 per cent. reduction in interest rates is of less significance to business than a 1 per cent. reduction in labour costs. There are many things within the control of businesses, but the key must he to get inflation down.