The Inflation Disaster: How the Failings of Our Public Sector Have Contributed

However, can we expect the privileged civil service to combat the issue of inflation when many are shielded from its effects? The insistence on remote work has safeguarded individuals from the expenses associated with commuting, allowing them to accumulate lockdown savings. Moreover, their pensions are completely immune to inflation, with retired civil servants receiving even larger income increases compared to those still employed. Only the British civil service, characterized by incompetence and lack of accountability, could create such a chaotic situation. Ultimately, it is the taxpayers who bear the burden of their ineptitude, as well as their exorbitant pensions. How much longer must we suffer the consequences?

Bank of England Governor Andrew Bailey faced criticism when he advised employees against seeking pay raises, but this may be one of the wisest statements he has made during the crisis. Under his leadership, the Bank of England has displayed complacency and ineffectiveness, yet remains unaccountable. The majority of civil servants riding the gravy train face little risk of being fired for performing poorly. Meanwhile, Mr. Bailey himself holds a highly lucrative position earning nearly £600,000, with guaranteed employment until 2028, unless the Prime Minister can persuade the monarch to dismiss him.

The government is also to blame for exacerbating the instability in the housing market. Policies such as the Help to Buy scheme and the hasty implementation of the stamp duty holiday have artificially inflated house prices. As a result, homeowners who took on substantial loans during a period of low interest rates now find themselves in precarious situations, unable to afford sudden income shocks.