1. @EconomistHULK’s advice
Make Osborne explicitly tell you that he wants to make people worse off in order to bring down inflation. Hopefully he won’t have the guts.
Given all of that, shouldn’t we rethink how we measure GDP?
Get out around Britain and smell the coffee (and the labour market). There are massive regional inequalities, and you can’t make policy just for London and the south east.
The initial route is simple: talk.
Central banks have the public’s ear. If they not only argue for the existence of a bubble but carefully document the case with research as well, it will be harder for the public to laugh off the evidence.
This will require you and the chancellor to work together, not to try to shuffle responsibility on to each other.
Osborne can solve your problem by becoming a borrower and spender of last resort. And you can solve his problem by monetising some government debt.
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