We all know the problem. At 8.7% in May, consumer price inflation is still way too high. It has fallen from 11.1% last October. But it is still more than four times the Bank of England's 2.0% inflation target.
Moreover, it is higher than inflation in all other Western European countries and is more than twice the 4% rate in the US. This is one league table you don't want to top.
The cause is the imbalance between demand and supply, particularly with regards to workers. It's not that businesses are demanding unprecedented numbers of workers. The number of people with a job now is the same as before the pandemic. Instead, the number of people available to work has declined. This is mostly because more people are saying they are too sick to work.
Denne historien er fra June 23, 2023-utgaven av Evening Standard.
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Denne historien er fra June 23, 2023-utgaven av Evening Standard.
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Why are England wasting time waiting for Tuchel?
Winning the World Cup is the aim, so the new boss should start now
He's been shot, and punched by Mike Tyson, but British boxing's great survivor is back on top and aiming to rule the world
This is where the magic happens,\" reads a big neon sign scrawled across the entrance to the offices of arguably the most powerful man in British boxing today.
How Sketch went from 'obscene' to era-defining
After arocky start, the glamorous and infamous restaurant is now an institution
Money is worth less than time'
He's quit Fendi, but what will Kim Jones do next?
London's Roman Amphitheatre
Guildhall Yard, EC2V
Liberals didn't notice they'd lost relevance in the all-consuming digital sphere
There are many reasons why Donald Trump might have won the election last week.
Do we have to die?
One neuroscientist thinks the answer is no
How to have a magical Christmas in Edinburgh
From cosy cobblestone streets to abundant Yuletide goings-on, few cities rival the Scottish capital in creating Christmas whimsy.
London's best festive restaurants
The social season is upon us once more. These are the city’s most coveted Christmas venues, which need to be booked soon so as to not miss out on the tinsel and tipples.
Rag'n'Bone Man
I struggle with being recognised... I'll never really feel comfortable with it'
