This article concentrates on the small part of Haldane’s speech where he makes a strong case for tightening UK monetary policy, which probably never should have been loosened to the degree it was in the first place. However the depth of evidence that he supplies for declining union strength, self-employment, the growth of part-time employment and so forth, also pretty much undermines the traditional arguments for a target inflation rate of 2% or higher based on wage stickiness. Unfortunately he doesn’t seem to notice. If Haldane were asked about it he would probably retreat behind  the excuse that it is the Chancellor of the Exchequer and not the Bank of England who decides on the remit of the central bank, including what the target rate of inflation should be.