Michael McLoughlin and Alan Whitehouse on recent attempts at control from the chancellor and the Bank of England governor
Here we go again. The Bank of England raising the base interest rate, the magical solution to inflation that they learned long ago, irrespective of the causes of that inflation (Record UK pay growth adds to pressure for interest rate rise, 11 July) and the workers, trying to survive, get the blame.
It is obvious that there are three major causes of our present inflation. First, Liz Truss’s disastrous imposition of her own magical solution, as she had been taught by the Institute of Economic Affairs, “trickle down and the market will fix everything”. This led to the world financiers losing confidence in Britain. Now, we are told, we can only regain that confidence by the government ensuring that the majority find it very difficult to afford to feed their families.
