Analysis: as the Bank of England raises rates to ward off double-digit inflation the clear message is that the 1970s are back
Unemployment rising. Inflation above 10%. Energy prices soaring. Living standards squeezed. The message from theThe word stagflation was not to be found in the 100-plus pages of Threadneedle Street’s monetary policy report. Yet a period of weak growth and rapidly rising prices is precisely what the Bank says is in store for the UK. The current post-lockdown bounce will be short-lived and, in a real blast from the past, the economy will be driven into recession to bring inflation under control.
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