And thus we arrive at the most important (and inevitable) of all deflationary trends: demographic change. Retired people tend to consume less than their working age compatriots – thus putting downward pressure on demand as the population ages.
Targeted help can be provided to those in need, as was the case during the energy crisis. That’s what we should stick to – not a return to bureaucratic mechanisms.
While no-one should be complacent, the initial evidence is that current problems are specific and not systemic.
He will need to outline clearly his fiscal principles, so the market understands the commitment to fiscal discipline through reducing the ratio of debt to GDP.
Nobody doubts he faces tough choices. But Bailey should focus on monetary stability, not political posturing.
The Chancellor should not feel constrained by the OBR’s forecasts into limiting the actions he can take.
Our troubles will be compounded by Ministers’ import promotion policies, most pronounced in the Business, Energy and Agriculture departments.
If the Government wants to protect our long-term macroeconomic future, this is the correct step to take.
I thought it would be useful to pass on some phrases that have fallen into disuse, but might be needed again if the authorities don’t get their act together.
Much of Westminster seems hell bent on pursuing net zero – never mind what this means for the average household.
Government needs to reform the stucture of expert advice, and publish serious analysis of the cost of the options they face.
If, that is, interest rates carry on at rock bottom rates. But we have to take a chance on growing our way out of this crisis.
Wages are growing at their fastest rate for ten years, and employment is at a near-record high. But qualifications are necessary…
That is the mission of ARC, the Alliance for Responsible Citizenship, which is holding its inaugural meeting in London. The public want a better, more productive and dignified economy, and a politics and a public culture which honours their values.