LONDON: British Prime Minister Boris Johnson denied on Tuesday that the world's fifth largest economy was heading towards a 1970s-style inflationary spiral but demanded that business kick a decades-long addiction to cheap imported labour.
An air of chaos has gripped Britain in recent days as a deficit of truckers left fuel pumps dry across the land, and a spike in European wholesale natural gas prices tipped energy companies into bankruptcy. Asked if the United Kingdom could suffer a repeat of the inflationary spiral seen in the 1970s, Johnson said:"I don't think that the problem will present itself in that way and I think actually that this country's natural ability to sort out its logistics and supply chains is very strong."
Source: News Formal (newsformal.com)
He’s right. It’s going to be much much worse than that.