Thought for the day: Putting a price on inflation


One reason why Britain has rising inflation is because we deem it unseemly to fire a Governor of the Bank of England. It is thought humiliation enough to require them to write to the Chancellor when inflation comes in above target. Unfortunately, now that such letters have become monthly occurrences, the humiliation has subsided. There is no price for failure. If there were, the deliberations of the MPC would certainly become a good deal sharper.