There has been much cheering about Britain's drop in inflation from 2.1% to 2%. However, living standards are still falling, the drop in inflation has little to do with the government and low inflation is a problem when you have high debts.
Devaluation alone is not the solution to the UK's economic woes. But it is the necessary foundation needed for other policies to work.
In his new book John Mills makes a strong case for a British devaluation of sterling but we must start thinking about the socio-political foundations which shape our dysfunctional economy - you can't have a German economy sitting on the UK's political structures.
