My Lord Mayor, Governor, Ladies and Gentlemen - it is an honour to be with you at the Mansion House tonight. While some may be distracted by events in Windsor, we all know that Walbrook is the place to be this evening. Thank you to the City of London Corporation for hosting us so generously. It is a privilege to follow the Lord Mayor's excellent address and to give my first Mansion House speech as Chancellor. Tonight, I want to talk about long term reforms to our competitiveness, but let me start with the immediate challenge of tackling inflation.

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