We predicted right five years ago

We have been warning about inflation since 2008. We argued then that the policies that were being put into place would not work. And they haven’t. Like a gambling addict on a fruit machine, those in charge of policy keep on feeding money in, hoping that the jackpot will arrive. Only there is no jackpot.

What is arriving, however, is exactly what we said would arrive – accelerating inflation. Type “inflation” and “hyperinflation” into our search box and see what our predictions were. The odds are on 1970s levels of inflation, in which the £ lost 2/3rds of its value over less than a decade and yet no economy recovery came. But the prospect of a second Thatcher and a revival of monetarism at the end of it all are not an inviting prospect either, and they could have a worse ending.