Curb Inflation Now Before We Pay Price Of Ravaged Economy

inflation will exceed five per cent early next year, warns the Bank of England’s deputy governor, Ben Broadbent, and it’s a frightening prospect for all of us.

- Tim Newark

Older generations will remember the rampant inflation of the 1970s that wrecked savings, triggered waves of strikes for higher pay and a cost of living crisis that ended the Labour Party’s reputation for economic competence for a generation.

Boris Johnson needs to get a grip of the situation before his Conservative government becomes associated with a price rise tsunami that hits hardest many of its most loyal supporters – the aspiring working classes, sensible savers and the elderly living on fixed incomes.

Many politicians and economists appear relaxed about the prospect, believing it is only temporary or that a little bit of inflation will be good for us, whittling away at our massive debts, but once in the system it is very difficult to remove, feeding on itself, creating a spiral of rising prices and wages.