inflation up to 5.3% in April and has been OTT for seven months in a row

D’oh. What part of Quantitative Easing do they not understand. According to the Guardian

This is the seventh time that the governor has had to write a “Dear Chancellor” letter since the inflation target was set in 1997, when Gordon Brown handed control of interest rate policy to the monetary policy committee. Today’s letter will be published at 10.30am.

What should it say

Dear George

We made up a load of money to bail out the banks, and rather than call it money printing we called it Quantitative Easing. It was probably the best thing to do at the time, but the next few years are payback time for living high on the hog on dosh we didn’t have.

Cheers, Merv