David McWilliams: Central Bank covering its backside on overheating

Watchdog is evangelical in its born-again vigilance but powerless over interest rates

'It seems clear the economy is overheating on most metrics but the question is what is the Central Bank going to do about it.' Photograph: Alan Betson

'It seems clear the economy is overheating on most metrics but the question is what is the Central Bank going to do about it.' Photograph: Alan Betson

After a particularly hard night, do you wake up and vow: never again? Guilt, maybe embarrassment, dread and self-loathing kick in. You resolve solemnly that you are not going to make that mistake again.

Repentance is part of human nature. Regret, followed by an undertaking to mend your ways, change your outlook and re-create a “new you” are normal.

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