The Mail on Sunday, July 23, Professor Patrick Minford
Inflation hit a 40-year high of 9.4 per cent last week, the likes of which we haven’t seen since the darkest hours of Margaret Thatcher’s first term in office.
The recession of the early 1980s will live long in the memory, with falling output, factory closures and rising unemployment.
Today’s dire circumstances seem grimly familiar, not least to me because I was one of Mrs Thatcher’s trusted economic advisers.
When she came to power in the 1979 Election, the greatest threat to Britain’s stagnating economy was double-digit inflation.
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