The Bank of England raises interest rates to 3%, marking the biggest rise for 33 years.
    • Satanic_Mills [comrade/them]
      ·
      2 years ago

      This is a very comprehensive answer, thank you. My only real concern is food prices as we have to import over half of what we eat, but the status quo is already failing to keep people fed so I guess it can't get much worse.

    • Mardoniush [she/her]
      ·
      2 years ago

      This is a good answer. That said...the UK doesn't have anywhere near enough agriculture to feed everyone, so "British Butter" isn't an option. Sometimes a lack of supply isn't an import-export problem but a "Physically can't produce enough" problem.

      I'm not sure we've had an industrialised country suffer runaway staple food prices since German Hyperinflation.

      EDIT: YOu actually answered this below but I have a new question. Isn't the UK dependent on inputs like agricultural feed, even if there's enough land?

        • Mardoniush [she/her]
          ·
          2 years ago

          A really good summary, thanks.

          Fwiw, the Australian Wheat Board still kind of exists. It was privatised by the Howard Government, ostensibly as a Co-Operative. But of course it was set up to fail by having the class B shares become class A ones over time, and is now owned by a major Canadian agricultural firm.