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Scotsman, Ian Macleod, a professional card player and war hero turned conservative politician, is credited with coining the term stagflation.

In 1965 while speaking before the House of Commons Macleod famously observed “We now have the worst of both worlds—not just inflation on the one side or stagnation on the other, but both of them together. We have a sort of “stagflation” situation.”

Macleod died in 1970, but he would certainly recognize the implications of the chart attached below. With the GDP numbers released on Friday for the second quarter the UK economy is clearly entering the worst of both worlds.

Andrew Barber
Keith McCullough
Research Edge LLC