The rather unedifying sight of Criminal Barristers taking strike action in support of a pay-claim illustrates perfectly the pace at which inflation has risen and how wages have been left behind.

It is becoming clearer every day that the UK is becoming stuck in a vicious circle of rising inflation being chased by rising wages. Once this becomes embedded in a society, it becomes difficult, almost impossible to turn around.

Every day recently, newspaper headlines have shouted about another sector of the economy taking action to try to not only catch up, but try to get ahead of raging inflation.

There is an entire generation that has never experienced prices rising at such a rate. Even those who lived through the 1970s are surprised how visible rising prices in shops are. Everyday items, bought regularly, are seeing prices increase at every visit to the supermarket.

The most significant difference which was touched upon yesterday is the fact that the labour market is tight and getting tighter. Having said that, while Brexit is not the most significant contributor to the slowing economy, it clearly is having an effect on the labour market.

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