Between 1992 and 2002, the UK experienced a period of benign economic growth. Known as the Nice (non-inflationary constant expansion) decade, it feels like a very long time ago. According to the Bank of England’s latest forecast, Britain today faces the opposite: high inflation and a recession. This grim prediction is why the Tory leadership contest is so grouchy; in these circumstances, there are no good fiscal options, only least-worst ones.
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