Anneliese Dodds said this in her Mais lecture yesterday:
Longer-term, we cannot discount the possibility that trends, including demography, may exert upward pressure on inflation. But government itself can influence the impact of those trends, for example by enabling greater female participation in the labour market through improved childcare and by engaging in other more active labour market policies, thus reducing the ratio of retired to employed people.
That’s pretty scary. Labour’s anti-inflation policy is based on getting more working-age women to work and on increasing the pensionable retirement age.
That’s not an easy policy to sell on the doorstep.