First, the Bank of England seriously considered increasing interest rates in May. If that happens the proverbial will be mingling with the fan faster than you can imagine: the UK is sitting on a mountain of private debt that many can barely afford.
And people are already under enormous pressure. Retail sales volumes fell by 1.2% in May as rising prices depressed consumer spending growth.
It’s not just that austerity mixed with Brexit does not work: it is now an outright disaster.
Bring on the Green New Deal: it was designed for situations like these.
Richard Murphy, professor of practice at Islington Technical College, is suggesting that we should have both fiscal stimulus and monetisation of spending to deal with rising inflation.
I’m just not sure whether they’re tears of sadness, rage or laughter at this howling idiocy.