PM Questions - Inflation

[Win2Win]

They just had a 'chat' over inflation, with Gordon :icon_tong saying that Tory inflation ran at 15%.........

Does anyone know the Tory formula for working it out back then, and if using it today what would it be?

[tophatter]

I know there was double digit inflation for a while and the norm was between 5-8% but im not sure about 15%. Of course interest rates ran in double digits too on ocassion.

I think Mervyn King got it right, we have had it a bit easy over the past decade. If this is as bad as it gets in an economic downturn we will be doing well. When it happened in the late 80's / early 90's the economy just could not handle it. I aint seen the exchange with Brown but would imagine that is what he is getting at.