This should put our moans about inflation and interest rates in some context. Putin and Truss-enomics may have messed things up for our economy, but spare more than a thought (or ‘do cry’) for Argentina, where to combat inflation of over 100%, interest rates have gone up to 97%; which not even the very sharkiest loan shark would get away with over here. In Turkey inflation was 85% last year. Their still-President Erdogan’s policy has been to consistently cut interest rates, apparently to boost growth which he believes will bring down inflation. It’s only made things worse for the three years he’s been doing it, and perhaps it’s an indication of what being unconventional might have done for us. Topping the inflation top ten is oil-rich Venezuela, 1200%, many of whose population are now destitute, with, not particularly thankfully, Sudan (300%) and Lebanon (200%) trailing behind. We’re actually very lucky, aren’t we?
You might not have realised it, but ‘over the past four decades, wealth has soared across Britain’. And the sudden and big jump in interest rates in the past few months will have long-term effects, £2tn-worth, it’s thought.