All those years battling against high inflation and now the worry is that prices will rise too little – or not at all. No wonder the government is worried: it will be the biggest loser.
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As if we didn’t have enough of a financial collapse, the UK is also facing that regular curse of the past – a sterling crisis.
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The government handed interest rate decisions to the Bank of England in 1997. Unfortunately the Bank handed rate decisions to the market many years before.
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Interest rates will fall and inflation will plummet. That’s official: the Bank of England quietly said it while it thought no-one was listening.
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It won’t help much but it won’t do much harm either, so if people want an interest rate cut, go on - let them have it.
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There are many sound reasons for not cutting UK interest rates, but so what; let’s just cut anyway. It won’t do much good, but if it cheers up people, why worry about theoretical economics?
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