The government remains too frightened to take on inflation
Andy Mayer quoted in City AM
Christopher Snowdon writes in The Telegraph
“The Conservative Party has since been boasting on Twitter about its plan for ‘tackling inflation’ but details of this plan are yet to be forthcoming. It seems to involve spending an extra £11 billion on health and education, increasing the minimum wage by a record amount and hiking up pensions and benefits by 10.1 per cent.
“Whatever the merits of these policies, they are emphatically not disinflationary, and the extra spending will not be covered by tax rises. The OBR expects pandemic-levels of public borrowing to continue: £177 billion this financial year (up from £133 billion last year) and £140 billion in 2023/24.”
You can read Christopher’s full article here.