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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

We face a global economic crisis. And no one knows what to do about it

United States Inflation Bank of England Covid-19 Economy Ukraine
Wide angle photo of the Bank of England and the street outside, with people crossing the road and a red bus going past
The Bank appears to be assuming that British workers will be able to negotiate 11% pay rises and start a wage-price spiral. Photograph: Guy Bell/Rex Shutterstock

Back in February, plenty of investors were betting that the buildup of Russian troops on Ukraine’s border was no more than an elaborate bluff.

The Russian and Ukrainian currencies appreciated in value as hedge funds and private equity firms, signalling their faith in some form of peace deal emerging, confidently bought roubles and the Ukrainian hryvnia.

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