BOE’S Huw Pill: People in UK “need to accept” they’re poorer

Quick Take

• UK inflation has remained above the 2% goal of the BOE for far too long.
• The UK has now got to worry about the possibility of stagflation.
• BOE’S Huw Pill commented that people in the UK “need to accept” they’re poorer.
• The GBP has rapidly lost value to all major currencies in the past 50 years, stretching back to the 1970s.
• For example, in 1972, one pound was the same as 2.6 U.S. dollars. It now amounts to 1.24.
• Due to high debt and borrowing levels from the BOE, they will let inflation run hot and inflate the debt away. Burn the real value of the pounds you have borrowed or invested in.