It is not only a tax on savings but also on wages. >If inflation were allowed to run a bit higher, it could deliver a long-overdue win for young people who hav

It is not only a tax on savings but also on wages. >If inflation were allowed to run a bit higher, it could deliver a long-overdue win for young people who have had to face a combination of stagnant wages and rising housing costs. That's a bold statement. Why should the adjustment be proportionally more when there is more inflation? Isn't it more likely that pay is merely adjusted to the previous level and the time of increased inflation just reduces the net income even more?