Inflation is, thankfully, down from its 40-year high. But why did it rise so high in the first place? Did the Bank of England make errors? If so, what were they – and what lessons can be learnt? Simple questions, and ones that matter to us all. An inquiry by the House of Lords Economic Affairs Committee sought to answer these questions, putting the events of the last few years in the context of the Bank’s 25 years of independence.
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Jeremy Hunt, the Chancellor, doesn’t like to admit it, but today’s way above target inflation has for him proved a blessing in disguise, riding to his rescue in last week’s Autumn Statement by giving the Government scope both to cut National Insurance contributions and make big tax breaks for investment spending permanent.