Current plans predicated on stable growth seem foolish when we know that shocks such as global heating aren’t going away
Temperatures in Britain hit 40C. Runways melt at major airports. The London fire brigade reports its busiest single day since the second world war as fires rage around the city. The Met Office warns of temperatures so high they “could lead to serious illness or loss of life”.
Meanwhile, inflation grinds inexorably upwards. Russia’s invasion of Ukraine is part of it, but other pressures were already apparent. Staples such as coffee saw price rises as a result of extreme weather disrupting harvests. Even silicon chips have been affected, with droughts in Taiwan putting the hugely water-intensive production of semiconductors at risk.
James Meadway is director of the Progressive Economy Forum
