Who’s still buying Russia’s fossil fuels?

Striking differences

This summer’s strikes are unlikely to erupt as badly as the Great Railroad Strike of 1877 in the US, which still stands out as one of the most violent in history. It began when workers on the Baltimore and Ohio Railroad refused to accept a 10% pay cut, their second in a year. On 14 July they uncoupled locomotives and stranded 600 trains around the town of Martinsburg, West Virginia. The strike spread throughout the north-eastern states. In Cumberland, Maryland, ten people were killed when the militia were dispatched to deal with the strikers. In Pittsburgh, a riot led to 40 deaths. In Lebanon Valley, Pennsylvania, a viaduct was burned down. Federal troops restored order by the end of the month.

Base instincts

The Bank of England raised its base rate to 1.25%. What was the Bank’s base rate at previous points in history when, as now, the Retail Prices Index (RPI) was around 11%?

RPI / Bank of England Base Rate

Feb 1982 11.0%