Report of the IMF President to the AGM, November 2023

My previous reports to our AGM have been dominated by emotive accounts of pestilence, war and sky-highliving costs.  As I write, I am happy see that at least the UK rate of inflation is returning to more normal andmanageable levels and hope that this will be of some comfort to the economic outlook of the UK and to ourmembers.  During the past twelve months the activities of the Institute have continued in full operation andI am delighted to use this opportunity to welcome our new President David Neal of Rolls-Royce.  Dave is aglobal expert on the use paints and coatings technology for the aerospace industry and will take over thechair of the management board from me at the AGM.  Throughout my time as President, I have beensupported and guided by the members of the management board but in particular by the Immediate PastPresident Barry Gay.   The institute is still very much reliant on Barry’s involvement in the day-to-dayoperations of the IMF and in order to retain his services on the board, he has agreed to remain with us inthe role of Executive Past President. [opening paragraph]