I remember the day when inflation hit ten per cent. I was standing in a back room at the headquarters of Labour’s double by-election campaign in Paisley in November 1990. With me was the shadow chancellor, John Smith, who was ruminating on how to respond to what was a pretty catastrophic economic headline for the then chancellor, John Major.
Today one of the news channels carried a headline that screamed: “Inflation soars to 3 pc”. Soars? Isn’t it amazing how quickly we take economic success for granted, as if it wasn’t hard won, as if it all happened by accident? And isn’t it depressing how hard the media will try to paint a three per cent inflation rate – which in the UK is historically incredibly low – as a reason for criticism?