Many people have already written about how the ‘spectre of inflation’ has returned to haunt global investors. In reality, financial markets are still surprisingly relaxed about the risks, and most measures of inflation expectations have risen only slightly. This seems increasingly complacent. In part this reflects the persistently dovish messages from the world’s major central … Continue reading Inflation risks are building – but does anybody care?
In 2010, Liam Byrne left a note to his successor as Chief Secretary to the Treasury which famously read “I’m afraid there is no money”. After all, annual borrowing had just peaked at a record £158 billion, and the stock of debt was about to top £1,000 billion for the first time. Roll forward a little over a … Continue reading Is there any money left?