The Daily Telegraph has cited comments by Lord Turner, chairman of the Financial Services Authority (FSA), which warn of possible stagflation. This could happen if the decline of sterling continued. I thought the drop in the pound was to help a renaissance in the economy. However, this happens rarely and food import prices should be shooting up soon. Discussing possible stagflation is definitely not in the government script. It would be a way of inflating away our debts but I think the pensioners in Spain would come back to Blighty to exact some terrible revenge on Gordon Brown et al.
Liam Halligan, former Channel Four economist correspondent, has been warning in the Sunday Telegraph, that we are not going to suffer deflation but increased inflation. He is pretty critical of the British government's policies to put it
mildly.
Back to the FSA, it does not seem to be resolving the spat between Standard Life and independent financial advisers (IFAs) over whether its pension sterling fund is a cash fund or not. Hargreaves Lansdown has asked the Scottish institution on behalf of its clients for the money to be returned. The pension sterling fund has taken a hit investing in mortgage-backed securities rather than cash as illustrated in some brochures.
www.searchifa.co.uk
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