'This is the recession that the Bank of England yesterday has said it wants, in order to get prices down (for its own sake).' I may have misunderstood this, but why do you say it's for the BoE's sake? Isn't it for the sake of savers who will soon see their £100k nest egg reduced to £80k, or workers who, for the most part, will be getting lower wages in real terms?
Is it your view that inflation is going to fall back to 2% without any action by the BoE? If so, why?
Also, we are almost certainly already in a recession despite the BoE having done no QT at all until about a week ago (and even then, only a token amount). A recession has seemed nailed on ever since inflation hit double digits and retail energy prices doubled.
'This is the recession that the Bank of England yesterday has said it wants, in order to get prices down (for its own sake).' I may have misunderstood this, but why do you say it's for the BoE's sake? Isn't it for the sake of savers who will soon see their £100k nest egg reduced to £80k, or workers who, for the most part, will be getting lower wages in real terms?
Is it your view that inflation is going to fall back to 2% without any action by the BoE? If so, why?
Also, we are almost certainly already in a recession despite the BoE having done no QT at all until about a week ago (and even then, only a token amount). A recession has seemed nailed on ever since inflation hit double digits and retail energy prices doubled.