[Politics] Show some restraint

[davywavy]

The Chancellor of the Exchequer, Alistair Darling, has asked that people show 'restraint' in their pay rises to help forestall inflation.
I dont' know about you, but this strikes me as the least-likely-to-be-followed piece of advice since "If you see a venemous snake, just stand still and it'll leave you alone" or "Never sleep with your ex".

But I may be wrong. It happens from time to time. What do you think?

[Poll #1211900]

Comments

[vulgarcriminal.livejournal.com]

If we believed that oil prices were in a temporary spike, then maintaining the 2% target would make a bit more sense. However, I think we are seeing an adjustment, which is something the UK economy has to adjust to.

I was thinking that but couldn't articulate why.

Coming out tonight?!

[rhythmaning.livejournal.com]

If one assumes that the oil price is a fair representation of the balance of supply and demand, and that prices will stay up at c. $140 a barrel, in a year the price hike in oil will drop out of the inflation calculation. According to Chris Dillow in Investors Chronicle, the increase in the oil price over the last year has accounted for inflation of 0.7% by itself. In a year, there will be a fall of 0.7% in inflation.