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The inflow amounted to pounds 1.8bn in June compared with pounds 878m in May.Sales of PEPs and unit trusts also roared ahead, although the main high street banks reported that retail deposits in June rose by slightly less than the recent monthly average of pounds 2.1bn.A survey conducted for the British Retail Consortium suggested that eventually about a third of the bonanza shares, expected to add up to pounds 35bn by the end of 1997, would be sold.Mr Walton estimates that if half of this amount were spent, and the rest saved, the direct boost to consumer spending would be pounds 5.5bn.There could be an additional indirect effect from reductions in other forms of savings as a result of holding the new shares.According to the BRC survey, people are most likely to spend windfall money on holidays (33 per cent), new kitchens, bathrooms and home improvements (20 per cent), household goods such as carpets and furniture (17 per cent) and cars (11 per cent).In addition, more than one in eight said that they would use windfall receipts to pay off other debts.The second quarter of the year brought a sharp increase in the proportion of borrowers up to date with their payments on credit agreements, according to Equifax, the credit scoring agency.. “This suggests there is plenty of scope for retail sales to receive a further substantial boost during the second half of the year,” he writes.Anecdotal evidence suggests that spending on items such as foreign holidays and cars – neither included in the official retail sales figures – has soared since June.Another expert warned yesterday that interest rates should rise to 8 per cent to avoid an inflationary boom, despite the punitive impact that would have on exporters.Chris Wright, economics director of Barclays Bank, said: “On balance, the best chance of avoiding a more volatile growth and inflation cycle still seems to be to raise rates further.”So far this year the flotations on the stock market of Alliance & Leicester, Halifax, Woolwich and Norwich Union have given millions of people free shares worth pounds 22bn in total. More than a fifth were sold immediately.It is impossible to be certain where this pounds 4.5bn has gone. But, comparing retail sales in the first half of this year to the level that would have been expected given rising incomes and falling unemployment, Mr Walton estimates that the extra boost has amounted to pounds 800m.With retail sales accounting for only 40 per cent of consumer spending, this implies a pounds 2bn boost to the total from the share windfalls so far.The rest will have been put into other forms of saving. It meets on Wednesday and Thursday.
New calculations by David Walton at Goldman Sachs suggest that the consumer windfalls could have added up to pounds 2bn to spending during the first half of this year. Ms Simpson says: “I hope I am going to be pleasantly surprised.”Pirc wants City institutions to be required to publish their voting policies and for them to have a duty to vote.It also wants pension fund trustees and individual fund members to have the right to ask institutions how they voted on particular issues.

It is keen for small and medium-sized business to be included in all the proposals so that a “level playing field” exists.The consultancy is particularly concerned about reports that the Hampel Committee will relax the regulatory burden on smaller companies.Ms Simpson said: “The issue of corporate governance is more important for smaller companies. If they are growing rapidly they will benefit from the experience of non-executive directors.”Pirc is concerned that some medium-sized public companies do not have any non-executives.In its submission to the Hampel Committee it argued that, with smaller quoted companies: “Investors are faced with relative illiquidity, a paucity of analyst and media attention and perhaps founder shareholders and directors which weights the Government’s balance in favour of the internal players.”Some corporate governance specialists have argued that if the requirements on smaller companies are eased, then their market valuations could suffer as investors would perceive them to be a higher risk.The Hampel Committee was set up last year as the successor body to the Cadbury Committee on corporate governance, which reported in 1992 and the Greenbury Committee, which was prompted by rows of executive pay, whose report was published in 1995.. The consumer spending spree, fuelled by free shares from building societies converting into banks, could keep up the pressure for the Bank of England to raise interest rates well into the second half of this year, according to economists. But if it doesn’t, then it would be an abdication of responsibility if the Government did not come forward,” she said.The Government has already pledged to set up another committee of experts to consider corporate governance. But it is thought to favour self-regulation over new legislation.Corporate governance specialists are concerned that the Hampel Committee seems ready to draw a line under the more specific proposals of the Cadbury and Greenbury committees and adopt a more general, flexible approach.Some even expect a watering-down of some of the Cadbury principles and an easing of the burden on smaller and medium-sized companies.Sir Ronnie Hampel, the ICI chairman who heads the committee, has already said he has no desire to produce “an earth-shattering report”. At one point I snap and, breaking my own rule, write to a journalist who incenses me Mistake – as my colleagues in the press office had warned. Muggeridge said it all: “The first duty of the press is to sell newspapers.”June: The schedule is examined, revised, tweaked .. and reaches version 40.

I become increasingly irritated by sniping in the press about “delay” at Radio 4. My colleagues and I work till the small hours.I am at a conference in Cambridge when a national newspaper claims that Today is to be extended to Sunday in my new schedule. The headline is,” Do You Really Want This Seven Days a Week?” The accompanying photograph of John and Jim makes them took demented. My wife has shouldered all the preparations, but the plan is clear The family will fly to Scotland on 23 July. My work is to go before the Governors on 24 July.Despite universal support within the BBC, I now sense impatience This restiveness is articulated in the press. My heartbeat returns to its usual rate, but that is not necessarily good We try ideas for three days.

At the eighth attempt to shape data and advice into the schedule there are signs of success – but still a long way to go.May: We are heading for the first test; the Radio Directorate strategy conference, where all five BBC radio networks will unveil plans Matthew Bannister postpones to allow R4 to complete work We are now at the 20th version of the schedule The wedding is looming. Getting into the lift, I notice two members of Wet, Wet, Wet. As we arrive in the crowded foyer, I happen to notice that every single person is a press photographer I close my eyes Please Not a “Radio 4 team binge in hotel” story Rising panic. It is the biggest such project ever launched in network radio. I also take the team to confer with the Voice of the Listener and Viewer committee.

I begin the work of shaping the data into a schedule for the future.My team assembles in a central London hotel to work solidly for three days. The question is, should we distribute any research? Received wisdom is that any such material will go straight to the press I ignore that thought. It is always better to begin in hope and trust.April: Producers have responded enthusiastically and we now have a sizeable volume of thought on the schedule, the inherent problems and the likely solutions Audience research is under way. Now that it is mentioned, I begin to feel twinges in my chest. But there is real tension in the new team as they adjust to me and their new jobs.