... and Labour Treasury says no!?
Man! Up really IS down, and down really is up.
Since when did anyone at Labour HQ seriously aim at anything other than inflation? (Whether they were competent enough to understand inflation was going to be the outcome of their policies is another question I suppose...)
Maybe they figure there's enough inflationary pressure recently injected into the system, so there's no pressing need to drop the pretence of fighting against it just yet. Perhaps their intention is when the dust finally settles, then they'll make this kind of structural adjustment "to avoid the same mistakes in future". Right now, everyone is shit scared of deflation so they are inflating with gay abandon and everyone is cheering them on anyway right?