Letter: Wrong target
Monday 24 August 1998
Yet, while I am second to none in stressing the importance of maintaining price stability and avoiding the periodic overheating that drives the boom-bust cycle, which the Chancellor who laid down the target is seeking to abolish, would it really be a huge disaster if the target in question was not hit as accurately and consistently as it is intended to be?
After all, there is no special logic in the target figure (or, as we must now call it, "number") selected, or in the "underlying" (excluding mortgage interest payments, but not likewise administered indirect taxes) rather than "headline" (telling it as it is) inflation measure. A different figure could also be justified. And since targeting inflation is not unlike a rolling ship shooting at a moving target in fog, an altogether different target (say, money supply) might be more suitable.
After giving gay film R-rating despite no sex or violencefilm
Arts & Ents blogs
- 1 Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
- 2 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 London restaurant 34 creates champagne glass modelled on Kate Moss’ left breast
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
Lucy, film review: Scarlett Johansson will blow your mind in Luc Besson's complex thriller
Miley Cyrus concert banned on morality grounds in the Dominican Republic
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?
American film board gives gay film Love Is Strange R-rating despite no sex or violence
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile