The weather has cooled off in the past few days after treating Britons to almost two weeks of early summer, which had the nation's pub landlords pulling pints galore for the sweating masses after the wettest April in more than a century doused brewers' profits. And the brewers wonder why beer consumption is flat to falling in Britain.
Stagflation describes a stagnant economy bedevilled by inflation.
The Bank of England, which controls interest rates, has the almost impossible task of satisfying the needs of a service sector that demands higher rates and a manufacturing sector that demands lower ones. Any further data showing more inflation pressures will certainly trigger a rate rise, with the central bank not willing to let inflation get out of hand, even if it means more pain for manufacturers and exporters. And if Canada made it into the top seven once, it does not now. The point is made that China and Brazil are richer than Canada in terms of gross national product. So, if China and Brazil are to be considered as members, perhaps Canada should be jettisoned to preserve the exclusivity of the club.