Last week many were left scratching their head when the Bank of England announced they were not going to raise interest rates even though inflation is forecasted at 5% next year. Leading up to the announcement there were plenty of signals coming from various policymakers that we would see a rise from the current lowest-ever base rate of 0.1 percent to 0.25 percent, however, we still saw no change. Nick and Jo look at the surprising announcement in more detail and look back to a time in the 1970s when the U.S. economy was truly threatened by inflation and Paul Volcker, former Chair of the Federal Reserve, had to take extraordinary measures to defeat it.