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    Hardly surprising Barry after a period of 'quantitative easing' i.e. printing money to pump into the economy. Mugabe did the same!

    Funded by public borrowing, this has now left every man , woman and child with a debt of over £30,000!

    Next month the new VAT rate should be reflected in the figures which will be even worse.

    The fun should start shortly with the usual rounds of pay negotiations since the RPI is used as the base for most of them. Last year with RPI negative from March to October it was easy for Government to impose small or even zero wage increases. This year, with RPI edging upwards towards God knows where, I can not see the Unions being so compliant!

    It's beginning to look like a re-run of the seventies. Limited energy supplies and a booming China should lead to increasing oil prices (crude has doubled in price over the past 12 months and now stands at 77$) which combined with excessive growth of money supply has all the makings of a perfect storm of a wage-price spiral.

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