Inflation has experienced a rocky road over the last 50 years! Writes truemagic68
This is particularly true of financial journalists, who have a canny ability to leave no stone unturned in exposing financial problems, shortcomings, and some skulduggery with amazing investigative prowess. Many are also fine authors.
For some, perhaps it is, as this current level of inflation and the damage it has done to household finances is all that many have known. Many mortgagees will need continued help, as was required during the pandemic to prevent domestic financial turmoil and a disastrous dose of negative equity.Therefore, I thought it might be interesting to delve into the vagaries of inflation and Bank of England’s role in attempting to keep the economy ‘on the bridle’ over the past 50 years or so.
This was clearly a challenging period all the way through to the early ‘Thatcher Years’ which started in 1979, when inflation was still at an eye-watering 13.3%, which saw the official bank rate hit 17%! Then came the banking crisis of 2008/9, much of it due to soft regulation. Mervyn King had succeeded Eddie George. Rates fell very slowly from 5% to 0.5%. Lord King and his deputy Sir Paul Tucker saw the economy through a minefield of problems with distinction.
Regardless of political hue in the future, the government must deal with the housing shortage. Enough talk – just action!
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