UK economy – heading into the hurricane

Apocalyptic warnings about inflation and the cost of living in the UK should theoretically involve a punishing of the wicked and rewards for the faithful. Given that the last bout of high inflation in the 1970s resulted in Margaret Thatcher’s election to power, it might seem to some a misnomer.  Inflation now stands at 9% the highest since the 1970s oil crisis when a sudden supply shock sent the oil price soaring by 300%. Inflation climbed to 12.9% in 1974, 24% in 1975. By 1976 Labour