Grim times lie ahead for UK as inflation combines with low growth

The UK is in the throes of the kind of labour unrest not seen for decades. This is visible in the railways, London Underground and British Airways. Teachers and other public sector workers may join in. The explanation for this is clear. Unanticipated inflation delivers losses everybody wants to recoup. This triggers social conflict.

Yet if inflation is bad, so is the cure. Unless one believes it will magically disappear, the way to end…