Last week many were left scratching their head when the Bank of England announced they were not going to raise interest rates even though inflation is forecasted at 5% next year. Leading up to the announcement there were plenty of signals coming from various policymakers that we would see a rise from the current lowest-ever base rate of 0.1 percent to 0.25 percent, however, we still saw no change.
Nick and Jo look at the surprising announcement in more detail and, draw reference from another podcast that talks about a time in the 1970s when the U.S. economy was truly threatened by inflation and Paul Volcker, former Chair of the Federal Reserve, had to take extraordinary measures to defeat it.
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