The new framework enabled interest rates to be cut from the 10% that they had been within the ERM to 6% by January 1993. Inflation continued to fall. In June 1993, the first month after Lamont had left the Treasury, Britain recorded its lowest monthly rate of inflation since February 1964. According to Alan Budd, the Treasury's Chief Economic Adviser during the period, the important step of central bank independence could only have been successful once monetary stability had been achieved; "In 1997 the Bank of England was not asked to succeed where politicians had failed; it was asked to maintain the rate of inflation, namely 2.5%, that it inherited." In Budd's view, the essential elements of the new framework and its success in achieving low and stable inflation were the establishment of an inflation target and the institution of monthly meetings with the governor of the Bank of England to discuss interest rates. The new framework, according to Budd, "worked extraordinarily well." "Credit must be given to those, principally Norman Lamont, who designed and implemented it."