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The announcement that inflation reached 3.3% drew this comment from Liberal Democrat Shadow Chancellor, Vince Cable:
"The Bank of England now finds itself backed into a corner with no room for manoeuvre.
"We now have a situation worryingly reminiscent of the 1970s, with unemployment and inflation both rising, and growth falling.
"The reality is that Gordon Brown’s Government has spent the last ten years pursuing economic growth built on little more than cheap credit. Now that economic times are harder and people are struggling with debt, the wheels are coming off the economy."
See also Vince Cable's comments on the economy here and here.
2 comments:
The Governement's official line on inflation is 3.3% - I wonder what the real figure is?
Fuel prices have risen dramatically, both at the pumps and the energy meters in the home, the price of food has gone up, white good and clothing have probably reduced in price due to the fact that they are manufactured in the third world.
Heard the comment today on the BBC News 24, "seven meals away from revolution" in reference to African States. Floods in USA will increase grain prices, Bread and Pasta will increase, ditto rice and potatoes.
May you live in interesting times.
G. Lewis
Bridgend Lib Dems
The 3.3% index is genuine - it's just one of many measures of inflation, and one that tends to suit the government.
Inflation indices which measured the cost of living of young families, or of OAPs, would be in double digits.
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