The Bank of England will "crucify" consumers unless the Treasury lets it abandon its inflation target, one of Britain's leading economic authorities has warned.I would say that Mr Spencer is right on the fact that consumer will be crucified. But let's not confuse everything Mr Spencer: It's one thing to crucify the consumer, but it's far different from crucifying the whole economy and destructing the GBP and wiping out all the savings in the country. What you actually mean Peter, is that you would rather crucify me as a citizen than the consumer in me. You are just hopeless and should get out of your golden office to see what the world actually looks like and how it works.
The Government must consider re-writing the Monetary Policy Committee's remit or leave the UK to face an unnecessarily deep and painful economic slump, according to Peter Spencer, chief economist of Ernst & Young Item Club.[...]
"The consumer will have to be crucified in order to meet the inflation target as it stands at the moment," he said.
Chief Economist of Ernst & Young Item Club going nuts
According to the Telegraph: