UK Prime Minister Johnson speaking with media while on his flight to the US for meetings this week:
Johnson blamed the problems in supply chains on "the global economy coming back to life" and "it's going to take a while, as it were, for the circulation to adjust"
- Asked whether the shortages could last for months ... "It could be faster than that, it could be much faster, but there are problems as you know with shipping, with containers, with staff - there are all sorts of problems".
- supply chain issues were not specific just to the UK, but rather impacting "the entire world"
- "The gas supply issue is global, the HGV issue is in the US as well as in Europe, so we are seeing these same sorts of problems everywhere. But I think market forces will be very, very swift in sorting it, and we're going to do whatever we can to help."
Hand-wringers will be not happy, but Johnson is right.
Its a truism that the best cure for high prices are high prices.
British Airways First Class is really lagging its competitors.
