She had seen how soaring prices wrecked jobs, businesses, savings and living standards. With her usual clarity, she said, "The lesson is clear. Inflation devalues us all."
But that is a lesson our country will have to learn again. After decades of monetary stability, the destroyer is back. Yesterday, official figures showed inflation in April had soared to 9 per cent, the highest level for 40 years. In the face of this surge, many households are now struggling desperately to pay even for the basics like food and bus fares. Nor is there any indication that the peak has been reached, since producer costs are increasing dramatically, up nearly 19 per cent on a year ago, while the energy price cap is due to hit an incredible £2,800 in the autumn.
Eager to avoid responsibility for this worsening crisis, the guardians of our economy try to put the blame on international factors, like the legacy of Covid, the war in Ukraine, overstretched supply lines and international commodity prices. Only this week, the embattled Governor of the Bank of England Andrew Bailey told MPs he felt "helpless" as the storm intensifies.
This story is from the May 19, 2022 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 19, 2022 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
REDS FALL IN DEMOLITION DERBY
Super Toffees smash huge hole in Klopp's title dream
Partey's planning perfect ending
WIN OR BUST FOR TITLE
JACK'S LEFT TO FLY FLAG
Raducanu and Dart bow out
Ben's ready to Duck and dive for England
WELL PLACED FOR T20 OPTION
Shining light on disability champions
THE nation's most dedicated disability equality champions will be celebrated at charity Scope's second annual awards ceremony today.
D-Day hero dies aged 100
A D-Day hero who flew into Normandy towing a tank and came under machine gun fire died yesterday aged 100.
'I found a Bronze Age settlement in my garden'
Time Team fan digs up 2,500 items
Trump's immunity bid over riot on Capitol Hill
THE US Supreme Court will today hear arguments whether Donald Trump immune from prosecution for his role in the deadly January 6 riots.
Heavy bombing across Gaza in fresh onslaught
‘Night of horror’ in North as Rafah pounded in South
Broadcasters warned over politicians reading the news
OFCOM has warned broadcasters employing politicians as presenters that flouting its impartiality code could lead to sanctions.