#economicsfest #EconTwitter: "What next for central banks?" with @bankofengland's Chief Economist Huw Pill and @jagjit_chadha. First Q: where is inflation coming from and what should central banks do about it? 
Huw: "we would have acted differently with the benefit of hindsight... but I think we got the big picture right" also talking about the need for humility, and that "big things" have happened. "The big story is about gas prices".
Huw: "We've acted decisively... that action is not over".
Pick up on economic themes behind current "contraction":
- a doubling of energy prices and how much this is driving inflation (as an important input to production)
- the pandemic labour supply shock, particularly among older workers.
Huw: potential doesn't recover over forecast
- a doubling of energy prices and how much this is driving inflation (as an important input to production)
- the pandemic labour supply shock, particularly among older workers.
Huw: potential doesn't recover over forecast
@jagjit_chadha: the people in Whitehall aren't very good at spending large amounts of money around the country (outside London). Says that one of the most depressing charts you can see is UK income per capita cranking down after each crisis since the GFC
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