Currently on average, price inflation is reported to be seven per cent. For most ordinary folk it is a lot more. It is quite likely to rise further. If yours is 10 per cent it will halve your money in seven years.

At seven per cent it is 3.5 times what the Governor of the Bank of England, Mr Andrew Bailey, is paid over £550,000 a year to keep it at. He’s paid over £11,000 a week to keep it at two per cent.

Some might think he is being overpaid. And he’s not the only one.

Bob Trueman,

Llanfair Caereinion