Margaret Thatcher bitterly opposed inflation proofed pensions. She reckoned that they built in unreasonable expectations. So to sort out a national impasse the chairman of, as it happens, Lucas Industries, was instructed to report. After a few months he advised that there was no problem. Within limits he was quite right since he alighted upon clandestinely changing the constituents of the index.
Moving swiftly up to date, the Governor of the BoE, Andrew Bailey, reckons that inflation is not a problem. He must have figures to support this view. But I am surprised that he so asserts.
For instance, when I was at school I had white brogue buckskin leather-lined cricket boots. My father told me that Ducker’s, the shoemaker of Oxford, had an order cancelled by Jim Swanton, the DTel’s revered cricket correspondent, and therefore asked my father whether he would take them. I do not know what Lobb (Ducker’s is now dead) would charge today but I suppose a figure of the order of £2,500. As against that a pair of trainer boots, even if endorsed by St Emma, would be little more than £100 or so. (About thirty years ago I found myself sat next door to the sainted Jim at lunch and, possibly rather tactlessly, recounted the story of my boots. He denied any part in this story.)
Over the weekend my wife took a 250 mile return ticket to the West Country for £40. That is 8p a mile. The only drawback on GWR was the horde onboard.
My younger daughter Emma has just bought a perfectly tuned Steinbach piano for £170.
I think you will agree that prices can change.
Reverse social engineering: When applying to join KPMG one should invent a proletarian background. And one should again call on the work of Lonnie Donegan and render, preferably unbidden, to the KPMG HR department: “My old man’s a dustman, he wears a dustman’s hat.” One can reasonably expect to be senior partner within five years of joining. Most of this time will be devoted to going to bill-padding school.
MP Evans (MPE) reported a day ago and a read across to REA (RE.) suggests that (RE.) is indeed very cheap. But it sits there at 62p offer. It is not sensible to claim that there is no risk but it is not far off that nirvana. Cowardy custards should continue to hoover up the prefs (RE.B), now 100p.