Older generations will remember the rampant inflation of the 1970s that wrecked savings, triggered waves of strikes for higher pay and a cost of living crisis that ended the Labour Party’s reputation for economic competence for a generation.
Boris Johnson needs to get a grip of the situation before his Conservative government becomes associated with a price rise tsunami that hits hardest many of its most loyal supporters – the aspiring working classes, sensible savers and the elderly living on fixed incomes.
Many politicians and economists appear relaxed about the prospect, believing it is only temporary or that a little bit of inflation will be good for us, whittling away at our massive debts, but once in the system it is very difficult to remove, feeding on itself, creating a spiral of rising prices and wages.
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