Having chastised Bailey for being too sluggish in raising rates, I’m hesitant to let him fall back on bad habits too soon – especially if a looming war in the Middle East sends inflation spiraling once again.
If inflation refuses to fall, interest rates will have to be pushed high enough to push us into a recession. The Prime Minister must be honest about this – even if it comes at the expense of his five pledges.
Sunak will hope he is spared a crisis, even if the electoral politics of it could be advantageous.
It will not be as deep as the recession that followed 2008. It is expected to see 2.9 per cent knocked off national output, compared to the 6.3 per cent decline back then.
Unlike the ex-Chancellor, Truss will speed more people on their personal journeys as training, education, self-employment, and opportunity come to touch many more.
‘Peter Pans’ prefer to burn the candle at both ends. They are cicadas, not ants, but many would still love to raise a family.
It’s been suggested that choices need to be made about which businesses should close first, but this isn’t fair to the country’s publicans.