It’s Brexit that cranks up inflation. Don’t just blame the Bank

Policymakers are too quick to slow the economy and risk recession when the solution is to rejoin the EU

Asked some time before the latest increase in Bank rate whether he was comfortable with such a prospect, even at the risk of precipitating a recession, Jeremy Hunt, the chancellor, replied yes".

During the 1990-92 recession, John Major, as chancellor, declared: If it isn't hurting it isn't working." But that was when the recession was well under way. And when he became prime minister, his chancellor, Norman Lamont, said: Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying." (This is often misquoted as worth paying", but accuracy matters.)