The Tory reputation for economic competence was shredded in 1992 but the present PM’s woes go deeper, politically and economically
The Bank believes the current inflationary pressure is being caused by a series of supply-side shocks, including a loss of workers due to Brexit and the pandemic, bottlenecks as demand picks-up after lockdowns, the zero-Covid policy being pursued by China and – more recently – the war in Ukraine. What matters for interest-rate policy in the short term is what Threadneedle Street’s monetary policy committee thinks will happen to inflation.
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