This is a point that seems to be completely missed.
This is cost push inflation, but the UK government is trying to use the usual tactics to control it - tax and interest rates.
To be fair, it's what current economic theory prescribes for inflation, either cost push or demand pull. Tax and interest rates certain work for demand pull inflation. Cost push though? Everyone gets poorer, lower standard of living (whatever that mean...), but the government can be happy it has some part of inflation under control.
Even if the UK had more energy generation, just the existence of an international energy market means public UK companies would buy and sell that energy on that market and I doubt we'd be much better off.
The UK, and all of the West to be fair, is in the middle of "weak men, hard times" part of the cycle. It's no surprise that Putin invaded Ukraine when he did.
One final thing I'd add is that it feels to me as if the Government has been influenced by the mainstream media, and even social media, far, far, too much over the last decade or so.
This is cost push inflation, but the UK government is trying to use the usual tactics to control it - tax and interest rates.
To be fair, it's what current economic theory prescribes for inflation, either cost push or demand pull. Tax and interest rates certain work for demand pull inflation. Cost push though? Everyone gets poorer, lower standard of living (whatever that mean...), but the government can be happy it has some part of inflation under control.
Even if the UK had more energy generation, just the existence of an international energy market means public UK companies would buy and sell that energy on that market and I doubt we'd be much better off.
The UK, and all of the West to be fair, is in the middle of "weak men, hard times" part of the cycle. It's no surprise that Putin invaded Ukraine when he did.
One final thing I'd add is that it feels to me as if the Government has been influenced by the mainstream media, and even social media, far, far, too much over the last decade or so.