So, because Thatcher and her bonkers economic advisor, Alan Walters, decided that inflation was a bad thing, UK economic policy ever since has been based on this thesis.
Ask a Japanese and they will tell you that some inflation is a good thing. It’s a sign of a growing and expanding economy.
It’s not inflation that Tories object. It’s wage inflation. Yes, all you Tory voters, they don’t want you to have a wag raise.
And that’s what’s come to pass. Hardly any worker in the UK has received a significant wage rise in thirty years.
The vast resource of EU workers helped with this, of course.
Let’s segue into another economic driver. The pound has collapsed, so exports are cheap (and imports are expensive). This should help British business if they are net exporters. So they can afford to pass on savings and increased margins to their workers.
But the reality is that the economic models of the past are just broken or lies. Monetarism was a mad economic theory that devalued public utility and values individual capitalism and rapaciousness.
Thatcher sold off all the assets – the oil, the gas and the nationalised industries and left us without energy security, whilst perusing a war in the South Atlantic.
Now we have a mini me Thatcher taking over from a wannabe failed Churchillian. What did we do to deserve this ?