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Young people could be long-term big winners from bad news about the short-term outlook for Britain’s economy and beleaguered government. Why do I say this? Because I was young, once, that’s why.
To be specific, today’s chaos in bond markets and the pathetic spectacle of our new chancellor rushing out his plans for them before he had time to tell parliament reminds me of similar events 30 years ago. That’s when collapsing bond prices forced Britain to leave the Exchange Rate Mechanism (ERM), a forerunner of the euro, in 1992.
Most “economic experts” regarded this as a very bad thing at the time. But that was when your humble correspondent, who was approaching his mid-thirties and found himself with a few quid to set aside,
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