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thing that will work, if you increase them drastically, which is very difficult politically, so what you need is a real interest rate increase, not 0.1% or 25%, but something like one or 2%, alleviated by short—term help from the government. it is the only way we might get out of that, but there are problems of supply and energy and food. isabel, we only have to look to turkey to see the damage that can be done when political motives control central bank and decisions. in this country we at least have a central bank that is, we are told, independent, it was made independent 25 years or so ago by the then incoming labour government, when gordon brown was chancellor. presumably there is an opportunity here for the governor and his colleagues to say, let us hit inflation and let others hit it hard and do so, whatever the focus is in number 10 downing street or whatever the treasury thinks? well, there is, but then you have a problem of covid recovery, if you raise interest rates, which is one way to hit inflation, you make it much harder for an already weakened economy to recover and certainly, you know, any government and indeed the opposition would not be too

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