Inflation is down and is now only 50% above the target that the Bank of England is supposed to hit.
But you will all be delighted to hear that the drop in inflation is all down to the hard work of the government and not the Bank.
Apparently the increase in inflation was nothing to do with the government, Brexit had no influence at all on prices but the war in Ukraine was totally to blame.
And then having tasked the Bank of England with bringing inflation down, which it did by increasing interest rates, the government now claims it was all its doing.
Apparently they stood firm and ……. well, they stood firm, very firm indeed. Probably with their chests and chins thrust forward and the Union Jack wrapped around their shoulders; that kind of patriotic firmness that won an empire and the Battle of Britain.
Actually do I remember them standing firm against inflation on the White Cliffs of Dover, with Vera Lynn playing on the wind up gramophone? Good old fashioned firmness against nasty foreign inflation, probably arriving in small boats.
Now having faced down inflation in a resolute and stern fashion, shunning it and all its works, we owe them a debt of gratitude. Obviously repayable in the form of votes, millions of votes.
But wait there is more, now the government has reduced inflation the Bank of England can reduce interest rates, surely with an accompanying press release, thanking the PM personally for leading the fight and well….. standing firm.
A form of reward, if you will, from the independent Bank of England, for the real work horses of the economy, the people who did their job for them, the ones who deserve all the credit.
The Tory party, god bless you one and all.
Wait, do you hear that? Is it Andrew Bailey leading the staff of the Bank of England in a rousing rendition? “Five more years, five more years……..”
Credit where credit is due, it is only fair. My only question is; are five more years reward enough?
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media
To be fair Jonty, the government has done its fair share in reducing inflation by holding back the economy due to Brexit and other incompetences, and massively increasing the tax take.
God bless Gordon Brown for giving the BoE independence (which Liz Truss wanted to remove, of course, and which one suspects the current Tory PM would like to do)