“Jeremy Hunt ‘comfortable’ with recession to bring down inflation”

May 31, 2023 | Budget, Economy

‘If it isn’t hurting, it isn’t working’ said another Tory Chancellor, Norman Lamont, at the height of another recession some 30 years ago. I remember it well, it was the only time in my life that I was made redundant, in the days before being made redundant became a part of most careers. And plus ça change, Jeremy Hunt, has seemingly given up on the next election and is happy to prescribe unemployment, repossessions and probably still-shorter life expectancies for those in certain postcodes, as a cure for inflation. As you may have gathered, it’s a view to which I do not wholly subscribe. In pretty much every recession, ever, the rich get richer, or at least stay as rich and it’s the poor and famously-squeezed middle who lose their jobs and homes. And it should not ever be thus.

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‘Inflation remains unchanged’

‘Inflation remains unchanged’

As inflation remains unchanged and interest rates head up again, there’s ‘no hope on the horizon for hard-pressed households’. And why would there be, as ‘if it ain’t hurting, it ain’t working’.