UK inflation falls sharply for second month to 6.8%
BBC NewsAUG 2023
The Spin
Pro-establishment narrative
Inflation is falling, but it is still too soon to claim victory over the spiraling cost of living. The news is certainly welcome and will help the public will be further reassured of the competence of the government and the Bank of England. Though economists are waiting it out for additional good news in the following months, there are signs the current crisis is coming to an end.
Establishment-critical narrative
A decrease in inflation is more than welcome, however the current economic crisis has exposed the deeply inadequate economic strategies of the Bank of England and the Conservative government. Unless tactics change, the UK — still the worst performing economy in the G7 — will be hit by a recession in the future. Without reform, the UK will continue to be stung by failing businesses, high unemployment, and falling demand, in short, the recipe for an even larger economic crisis.