Businesses and employees are only responding to monetary conditions set by the Bank of England, where the real responsibility lies.
If the party really wants to honour its past, then it must face up to problems of the present.
Nobody doubts he faces tough choices. But Bailey should focus on monetary stability, not political posturing.
The fundamental problem is that costs are going up faster than we are getting more productive.
If the Bank of England doesn’t catch up, four per cent or five per cent inflation for a couple of years could cause real problems.
Covid-19 is likely to have lasting effects on our preferences, where and how we want to work, and where we are able to travel.
Our exit from the EU should allow fresh thinking and a new regulatory approach – to allow the UK to reach its full economic potential.
Brexit doesn’t just allow the City to make its regulatory regime more competitive; it obliges it to do so.
One would suspect that the Government’s primary objective will be to stabilise and bed down the new relationship with Brussels.
The Chancellor is set to build a relief road to get round the present pile-up of Government, banks and business.
It will take a vast New Deal of actual spending to lift Europe out of Coronavirus slump and head off a deflationary depression.