When I was taught about the ‘wage-price spiral’ at school, I asked the teacher why it wasn’t called the ‘price-wage spiral’, because at home my parents only ever talked about the need for higher wages when prices went up, and the teacher said: “Because your books about it weren’t written by the unions, but by industry.”

“Some combination of moderation in pay pressures and firms’ margins will be required for services inflation to return to more normal rates,” she said.

Let’s only talk about the wages and not the margins, right? And of course do not at all talk about big business and extremely rich people not paying taxes on the money their workers have made while not getting paid properly.