Credit where credit is due.
Inflation is still double the Bank of England’s target, but lower than expected this month, although the Old Lady of Threadneedle Street need have no fears.
The government is on its side, if by “on its side you mean” taking all the credit. According to the Chancellor Jeremy Hunt says: "The plan is working, we have made huge progress in bringing inflation down".
Which is political short hand for when prices rise it is someone else’s fault and when inflation falls it is all my doing. Even though we gave away the job, and the tools to do the job to the Bank of England, decades ago.
An inflation rate of 4% rather than the expected rate of 4.2% is also apparently “an unexpected boost for Sunak”. Who knew? Did he watch the Chancellor do nothing or did he do nothing himself, or both? Hard to tell, isn’t it?
Still there is precious little other good news out there, so claiming someone else’s success as their own is all the government seems to have.
Just wait until interest rates start to fall, Rishi is probably planning a parade.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media
Rumour is of a May election. The PM is out campaigning three days a week instead of leading the country. So if inflation falls in March expect an announcement at the end of March for elections in May?