On inflation
THE barber paused in mid-snip when the radio interrupted its nonstop pop to announce that interest rates had gone to 15%. That’s a pound on the price of the haircut, he said. By the following lunchtime the proprietor of a local restaurant was expressing great relief at the news that the 10% rate had been restored. We’re all working for the banks now; and many people are running to stand still.
That evening I was sitting at dinner with a leading member of the financial and business community, a pillar of the London Stock Exchange. He startled me by saying that what this country needed was a little inflation.
