If you beat someone or something for long enough, submission will follow one way or another. One way might be a reluctant shrug and an “OK, you win” The other, anything from serious injury to a knock-out, terminal or otherwise. We and the economy have now had around two serious interest-rate batterings a month since last autumn and the danger is that this one could be a final blow for many. All for the greater good, I’m sure Messrs Bailey, Hunt and Sunak would argue; or, to paraphrase E. Scrooge, ‘perhaps they had better go bust, and thus reduce the surplus business and home-owning population’. As that is what will surely follow, and should, I am afraid, be on the conscience of that particular triumvirate. And as always, it will be the redundant and repossessed who will bear the brunt. Plus ça change.
“The true impact of inflation on cash savings and pensions”
Leaving your money in the bank or building society has always meant that its ‘real value’ after inflation will go down. Although rates go up to, supposedly, control inflation, any chart you look at will show that, apart from a few very short-term blips (N Lamont, I’m looking at you) they are never more than inflation.
