One point to the central bankers. Inflation-worriers are criticising central banks’ unwillingness to combat price rises by raising interest rates. But a lot of data – on mortgage defaults, for example – is showing the problems for British people even at record low interest rates. One such statistic is insolvency data.

The latest quarterly figures show corporate insolvencies high but falling, and individual insolvencies still on the rise (NB. these are absolute figures that do not reflect growth in the number of companies/individuals).

Individual insolvencies are worrying since interest rates are at record lows. There is also evidence that mortgage payments are being paid by credit cards. Read more