In the much-maligned (not by me, a child of) ’70s, we were one of the world’s most egalitarian countries, right up there with the best of the Scandeweigians. Now, to our, hopefully not eternal, shame, we have the biggest divide between rich and poor in the whole of Europe. How that happened is could be the subject of several volumes, but is actually not rocket science. It was all down to the following, glorious decade, Mrs T’s ’80s. I’d say. And, yes, I voted for her. To my eternal shame.
“Cut interest rates to prevent recession, says Institute of Economic Affairs’ SMPC”
The ‘lag’, ‘trailing leg’ or ‘long wake’ of any economic measure means that its effects are often felt long after the problem it was supposed to solve has disappeared. 2010’s ‘balancing the books within the space of one parliament’ (that went well, didn’t it?), austerity to you and me, is one example.
