YOU HAVE to be in your 50s to remember living with sustained high inflation. For the past three decades we haven’t had to worry about the buying power of our salaries and savings diminishing by the week – as we did in the 1970s when inflation peaked at over 25 per cent.
But it looks as if that benign era could finally be behind us. Figures for October, published by the Office for National Statistics this week, show the Consumer Prices Index (CPI) surging to 4.2 per cent, up from 3.1 per cent in September. The CPI now stands at more than twice the target at which the Bank of England is supposed to maintain it.
Inflation affects all of us, but especially people who are trying to live on fixed incomes – who have done the right thing through their lives and saved for their retirement. Their wealth is quickly being eroded. The derisory interest rates on offer from banks and building societies do not even begin to protect savings from inflation.
But where is the Bank of England’s Monetary Policy Committee (MPC)? This month it voted to keep interest rates pegged at the record low level of 0.1 per cent. That was supposed to be an emergency rate, introduced to stimulate the economy during the Covid crisis. Yet rates haven’t budged even when inflation is soaring and the economy growing at a healthy pace.
Bu hikaye Daily Express dergisinin November 19, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Daily Express dergisinin November 19, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Employee sues after being told not to breastfeed in the office
AN accountant who alleged she was told it would be \"inappropriate\" to breastfeed her baby in the office is suing her former bosses for discrimination.
Brexit spares animals from cruel journeys
THE export of live animals for fattening and slaughter has been banned thanks to new laws made possible by Brexit, Environment Secretary Steve Barclay has said.
YOUNG LIONS HUNGRY FOR EURO SUCCESS
Southgate wants fresh faces to guard against complacency
JIMMY: I HAVE MY DOUBTS
Anderson admits mulling over decision to quit England scene
HE SET GOLD STANDARD IN THE POOL
'Pioneer' inspired future generations
Monte Carlo is right up Lando's street
MANSELL BACKS NORRIS TO TROUBLE MAX AGAIN
FRIENDLY TAKEOVER
Shepherd loses his Derby ride to Havlin
Bishop gets on his bike for gigs
JOHN Bishop has got a \"whole new perspective\" by travelling to his tour dates by motorbike.
Devastating US tornadoes leave a trail of death and destruction
A TOWN lies in ruins with several people dead after tornadoes, strong enough to buckle massive wind turbines, tore across three US states.
Vet Brin lifts MasterChef 2024 trophy
BRIN Pirathapan has been named this year's MasterChef champion after what judge John Torode called the \"best final ever\".