The government looks ill prepared for the coming stagflation storm – its ‘keep calm and carry on’ approach won’t survive a blast of reality
Britain is facing the most severe energy shock since the early 1970s, but have no fear: the government has a plan. Details of said plan are still a little sketchy, but will be unveiled in the fullness of time. No need to panic. Keep calm and carry on.
It remains to be seen whether the UK is better prepared to cope with the fallout from Donald Trump’s war with Iran than it was with the pandemic six years ago. To be honest, that wouldn’t be difficult. Yet it is not exactly comforting that ministers are sending out a “we have your back” message to the public while at the same time seeking to reassure the financial markets that any help will be limited and targeted.
Larry Elliott is a Guardian columnist
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