Bank of England officials today were said to be sure that Britain was unlikely to go into recession any time soon not while there are words like stagflation about.
Stagflation the phenomenon were an economy stagnates but there are teeny hints of inflation. Such as everything you look at going up in price, except the price of your house. Recession is something totally different to this and requires inflation. It would also involve an economy going backwards, housing prices collapsing, and banks going bust, an example would be the United States, who have not yet managed to come up with a word like stagflation to cover themselves.
There is little or no chance of unemployment rising in the UK either because we also have a word called worklessness to keep us safe from unemployment figures going through the roof. Staflation may well cause worklessnes but there will be no recession.
This would require inflation and rising umemployment. something we plainly do not have at present and are unlikely to have if the bank are able to get the public to accept these new buzz words. Success would be good news for many, as they are thought by many repossesed homeless Americans to suck
Stagflation in Europe is unlikely to see migrant workers returning home but in the USA, Mexicans have been spotted trying break through the fortified border to return home to a better life