But it may be too late to revive the fortunes of the Conservative party in the next election
There’s light at the end of the tunnel, declared the Prime Minister, Rishi Sunak, last week.
Andrew Bailey, Governor of the Bank of England, was quick to agree. After more than a year of ever more vocal media criticism of the Bank’s handling of inflation, it was with evident relief that Mr Bailey was reasonably able to claim that things are finally moving in the right direction.
Sadly, the same cannot be said of growth. According to the Bank of England’s forecasts, for what they are worth, it is likely to remain stubbornly becalmed, with only marginal growth in GDP for the next three years.
Given that the population is continuing to grow at a fair old clip, that would point to declining output per head. The country, in other words, is getting poorer by the year.