Misery Index: Public Sector Dip Eases Pain

As the unions square up for a fight Guido’s Misery Index, the reality-based antidote to Dave’s blue-sky happiness index, is showing that people should be a little happier than they were in the last month. From the latest figures from the Office for National Statistics the decrease this month in the Public Sector Net Cash Requirement has eased the pain, slightly. The likelihood now that the Bank of England’s Monetary Policy Committee is firmly in the hands of inflation-doves is that inflation will rip. One MPC member, Adam Posen, actually voted in favour of increasing the size of the Bank of England’s asset purchase programme (QE) to add fuel to the inflation fire.

Inflation has now been above target for two years, the Bank of England itself is predicting that it will continue to miss the target until early 2013. This could end badly…

N.B. Stats bods can check Guido’s adding up here.




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Quote of the Day

John Curtice on fiscal policy:

“Attitudes to taxation and spending are basically counter-cyclical. If a government comes in and tries to reduce spending and taxation, after a while people will get worried about the state of public services. If a government increases taxation and public spending, after a while they’ll get concerned about increasing taxation…. In as much as there are lots of ideologues out there who think the state should be this proportion of GDP, they’re all wrong. Because the public’s view is counter-cyclical to the recent experience. It’s basically impossible to satisfy the public.”

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