Bailey of the Bank reminded me of a WW1 General Melchett: ‘It’s going to be tough, and we at HQ will be thinking of all those other ranks going over the top to fight inflation for us’. Ms Truss could add ‘Don’t worry, my tax cuts will help those of you Above Stairs whether the storm’. The problem is, the Bank of England is chief inflation-fighter, but has only one weapon, interest rates. To maintain the analogy, like trying to win a war in the trenches when all you can do is bomb civilians. The inflation-fuelling enemies now are fuel prices and Brexit, both of which require a rather more targeted response; intelligence and drones rather than carpet-bombing, perhaps.
“Donald Trump is winning. Business, beware”
There’s a perception that whatever might be the consequences for the rest of the world, Trump as President should be good for business. Surely, as a business man himself, he’d be the friend of Corporate America, and everything, money-making-wise, went pretty well last time around didn’t it?
