Fownhope’s Heart of Oak Society traces its roots to the age of friendly societies, when communities provided their own safety net. Its anniversary celebrations reveal a tradition still very much alive, says MARK SEDDON
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Why Bank of England interest rate rises should be opposed
Higher interest rates, at a time when more and more people are being forced to borrow to pay for essentials, would be disastrous and risk a damaging recession, warns JAMES MEADWAY
The Bank of England
ANGUS REID explains the significance of Cuba’s egalitarian in letter and spirit Family Code and the pertinent lessons it holds for democracies anywhere in the world
Special report by PEOPLE’S WORLD
NICK WRIGHT considers how the isolation of Israel and a new film on the controversial Italian communist leader are creating new reference points for Italy’s left
CARLOS MARTINEZ says Cuba’s achievements in the face of a criminal blockade are startling, but the island’s future if the United States succeeds in crushing it looks bleak
AMNON BROWNFIELD STEIN reports that far-right MPs who mobbed the event organised by Hadash may have helped raise awareness of the brutality of the Israeli right
THE Bank of England is expected to raise its interest rate to the highest level since 2009 tomorrow.
Its monetary policy committee (MPC), which sets the bank’s interest rate, will do this in the belief that it is necessary to bring inflation back down to more manageable levels.
They will be wrong to do so. The most likely outcome from rising interest rates is that any impact on inflation will be minimal, but by making borrowing more expensive the risk of a recession will be much increased. It is based on a serious misunderstanding of the kind of inflation we face today.
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