If the Bank of England was to be believed the only reason inflation has gone away is because they have taken action to control it. But data since 1200 (that's 800+ years ago) shows that after a bout of inflation, prices always either fall or the rate of inflation at least returns to normal. And for most of that period, no central bank did anything to control inflation. So why should we believe what the Bank of England is saying now?

ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

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