Jeremy Hunt yesterday claimed there was no alternative to hiking interest rates if inflation is to be brought under control.
The Chancellor’s comments echoed predecessor John Major, who infamously said in the 1990s that “if it is not hurting, it is not working”.
Mr Hunt’s economic policies are definitely hurting but there is no sign of them working.
Inflation remains stubbornly high, growth is anaemic and the cost of government borrowing is rising.
As a result of the Conservative’s mismanagement of the economy, millions of households are paying higher mortgage and rental bills.
This misery is only going to deepen if, as now seems inevitable, the Bank of England raises interest rates yet again.
Rishi Sunak and Mr Hunt cannot blame the war in Ukraine or Covid for the UK’s gloomy predicament. Inflation is far lower in the EU and the United States. We are in the economic doldrums because of 13 years of Tory failure.
What a coward
The Privileges committee will today deliver its verdict on whether Boris Johnson lied to Parliament.
With characteristic cowardice, the former Prime Minister last week quit his Commons seat so he will not be present to hear its findings. We will wait for the committee to report but all the signs are that Mr Johnson has deliberately fled the scene of the crime in order to avoid paying the penalty of a suspension.
Voters in his former Uxbridge and South Ruislip constituency will be far better served by the Labour candidate Danny Beales.
Born in the constituency, he was twice made homeless as a child and – unlike Johnson – has a genuine understanding of the challenges facing so many of his constituents.
So much to sea
After years of flying abroad, holidaymakers are rediscovering the joys of a UK seaside break. Bookings are up 50%.
It just goes to show a holiday in Britain doesn’t have to be the last resort.
