NOT long ago almost no one under 50 had any memory of the horrors of inflation.
What a grim lesson the last two years have been. The average family has paid an estimated £5,455 extra to stay afloat thanks to the effects of Covid and war.
Inflation wrecks economies. It makes eating, heating and driving much pricier, hammers savings and ultimately hikes borrowing costs too.
It sparks mayhem as unions strike for pay rises employers cannot afford.
Small wonder the sluggish and inept Bank of England, tasked solely with keeping a lid on it, is copping so much flak. But there IS some good news:
Inflation is widely predicted to fall sharply this week when new figures are released.
Admittedly only to the upper levels of the last big spike in 1990-1991. But the downward trend is welcome.
Light, then, at the end of the tunnel. And, on cue, the weather’s looking up too.
Let’s be thankful for small mercies.
FOR years the Left has claimed mass immigration makes us richer. It’s a myth.
That, at least, is the verdict of Prof Brian Bell, an expert from the independent Migration Advisory Committee.
Increasing the population does raise national GDP, he says. But it doesn’t make us individually better off — the only measure anyone cares about.
And the downside to our population explosion is obvious:
It has helped send rents and house prices into orbit. Property cannot possibly be built fast enough for 800,000 net newcomers a year, especially with our absurd planning restrictions and cynical politicians championing NIMBYs.
Meanwhile the pressure has helped push public services beyond breaking point. Our finances are just inadequate to scale those up as fast as we need.
Yesterday Shadow Chancellor Rachel Reeves admitted that immigration is too high. She said Labour would train up as many of the five million jobless Brits as possible instead of importing workers.
Quite right. To convince voters, though, she’ll first need a word with Labour chairwoman Anneliese Dodds.
She has called for MORE immigration.
THE footling EU diktat on bendy bananas could be binned today with zero damage.
It is the definitive pointless edict we should axe post-Brexit.
But Remainer civil servants are stonewalling, despite Tory ministers’ orders.
Why? We can think of two reasons.
One is they refuse to hand Brexit a symbolic victory, even one that minor.
The second is they are guarding as many EU rules as possible for the Labour Government they long for.
If they get that, they will leap into action enacting Keir Starmer’s “closer ties with the EU” . . . the prelude to rejoining.
What a truly rotten bunch.