Eurozone inflation hits record 10.7%

Britain’s economic problems can, of course, be laid at the door of Brexit. We know this because it was asserted on a BBC podcast which went viral over the weekend – and no one would question the BBC’s objectivity. But maybe there ought just to be a scintilla of doubt in the heads of the staunchest remainers given this morning’s news that eurozone inflation has reached 10.7 per cent – even higher than Britain’s latest CPI figure of 10.1 per cent. Markets had been expecting Eurozone inflation to stay a little below the 10 per cent mark.

Far from Britain parting off from the rest of Europe and entering a death spiral, it is remarkable how Britain and the EU are converging in their respective economic crises. As for inflation, so for economic growth. The S&P’s Purchasing Managers’ Index (PMI) – a concept which is calculated and published by several organisations – for the eurozone in October stood at 47.1