Inflated talk

"Writing in the Sun, Besley - known as one of the more hawkish members of the MPC, which sets interest rates - also warned workers against chasing higher wages to help prop up their living costs, which are rising as a result of spiralling fuel and food prices.
"Everyone wants to protect their living standard," he wrote. "But if everyone does it, prices will just go up again as businesses try to cover their higher costs. Then we'll all be back to square one, but with inflation still high. This spiral has to be nipped in the bud and that means having interest rates at a suitable level until the threat of higher inflation has passed."

Is there anyone out there who actually believes this sort of thing anypore? Wages have been forced down in real terms for years. There is never going to be a time when They say "OK, everyone time for a wage rise."

It's a zero sum game - and guess who's getting the zero. Surely, though, not for much longer?