Long Run Micro Level News Today

B RITS, IT IS said, have a penchant for nostalgia. So take a trip down memory lane to the autumn of 1997, a happier time. The British economy appeared to be gathering speed. The Bank of England raised interest rates to 7.25%. But how resilient was the consumer? A drop in retail sales could be put down to Princess Diana’s funeral. The bigger puzzle was the property market. House-price inflation on the Halifax measure was in the mid-single digits. The Nationwide index had it rising into the tee...