{"id":90481,"date":"2026-03-01T09:45:22","date_gmt":"2026-03-01T09:45:22","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=90481"},"modified":"2026-03-01T09:45:22","modified_gmt":"2026-03-01T09:45:22","slug":"the-bank-of-england-must-not-be-stupid-it-we-get-inflation-as-a-result-of-this-war","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/03\/01\/the-bank-of-england-must-not-be-stupid-it-we-get-inflation-as-a-result-of-this-war\/","title":{"rendered":"The Bank of England must not be stupid it we get inflation as a result of this war"},"content":{"rendered":"<p>Oil prices are soaring right now.<\/p>\n<p>The Straits of Hormuz are shut.<\/p>\n<p>The Suez Canal might be.<\/p>\n<p>These actions have consequences.<\/p>\n<p>One will be inflation. Keep the conflict going, and that inflation will have a serious impact.<\/p>\n<p>So, let me just make it clear to the Bank of England:<\/p>\n<ul>\n<li>Raising interest rates in response to this situation will not increase oil supplies.<\/li>\n<li>This is an international supply shock. Nothing you can do will change that.<\/li>\n<li>Increasing rates will, however:\n<ul>\n<li>Compound the shock.<\/li>\n<li>Massively increase its impact.<\/li>\n<li>Reinforce the trend towards recession.<\/li>\n<li>Make millions' lives very much worse, wholly unnecessarily.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>So, to be polite, please don't be stupid. Don't start sending out noise about rate rises. It really will not help.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices are soaring right now. The Straits of Hormuz are shut. The Suez Canal might be. These actions have consequences. One will be inflation.<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/03\/01\/the-bank-of-england-must-not-be-stupid-it-we-get-inflation-as-a-result-of-this-war\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[204],"tags":[],"class_list":["post-90481","post","type-post","status-publish","format-standard","hentry","category-economic-justice"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/90481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=90481"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/90481\/revisions"}],"predecessor-version":[{"id":90482,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/90481\/revisions\/90482"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=90481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=90481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=90481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}