Rising petrol prices and the death of Nigel increase my sense of foreboding
I returned from a New Year expedition to the Dordogne laden with wine, walnuts and a deep sense of foreboding — not provoked by the mood of rural France, which felt unchangingly placid, but by what I’ve been reading and hearing about Britain and the rest of the world.
The fund manager Jonathan Ruffer convinced me some time ago that inflation would be the next big peril. With retail prices now rising three times faster than pay, petrol dearer by the day, and food and clothing following the upward spike of commodity markets, the monster is upon us.
David Cameron gave a first nod last week towards an issue his government has otherwise so far ducked for fear of angry wage demands on top of strife over cuts. The Bank of England also seems reluctant to admit the extent of the threat, for fear that the necessary monetary response would choke recovery.
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