The Troubles With the Inflationary Problem

Last year we had a net migration of 600,000 which is double the amount that ever happened during Britain's membership of the EU. So there's something strange going on about what type of immigration is this and why isn't it having an effect on the labour market as well. But I think it really gets to then this tension between whether monetary policy can really deal with the inflationary problem by itself. It's clear that at a certain point raising interest rates can cause really serious financial market instability. And then having a falling currency in a country that particularly imports as much food as we do then becomes another inflationary problem. The only body that actually can reduce inflation, the bank can only do