There is only one cure for our runaway inflation: we need to trigger a recession

The Bank of England has failed to get a grip on spiralling prices – only drastic measures can now set the economy on the right course, writes Chris Blackhurst

We have an independent Bank of England but the governor, Andrew Bailey, must have his spine stiffened (PA Wire)

The moment is fast approaching when Andrew Bailey has to get a grip. Or if he can’t or won’t, then someone else has to take charge as Bank of England governor. 

For too long, the Bank has been lackadaisical in the fight against inflation. It was too slow to put up rates; then, when it did, the rises were too small and so had little effect. Now it needs to go further, and set them so high as to force the UK into recession. 

Nothing else will do; no half-way house, no compromise. A bit of tinkering here and there is not the solution. This is an embedded enemy, and it must be eradicated. Like Japanese knotweed, drastic measures are required. In the case of the weed, that means digging it all out and then going further still. The look of the garden does not matter – it can be restored later. Likewise, economically, this is not a time for worrying about appearances.