"Darling.............................."

Neville Prior  16 February 2010 10:17:19

You can picture the quill hovering over the vellum. Mervyn King pondering on his Dear Alistair letter.

"Dear Alistair, or is that Darling?,

As we have agreed in the past, I write to you with news that may not be music to your ears! I gloat in no way, when I say, "I told you so", but inflation has hit 3.5%. Of course we could see it coming, you have put VAT back up, and petrol is on the march again. Don't worry though, you have made sure that inflationary pressures are temporary, and I can safely predict that my letter writing days are numbered.

Your servant.

Mervyn"

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