America has just enough firepower for another tax cut, wand high inflation makes it awkward for the Bank of England to reduce interest rates.

美国恰有足够火力炮轰另一项税务削减，高通胀的魔杖使得英格兰银行对削减利率心存顾虑。

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Much of today's inflation stems from temporary influences beyond its control: a surge in energy and food prices, increases in VAT, a consumption tax and the delayed effects of a weaker pound.

目前，通货膨胀失去控制很大程度上是暂时的：能源和食品价格的飞涨，增值税税和消费税的上调，以及英镑贬值造成的停滞。

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It also said that inflation would probably remain above target in 2011, largely because of a rise in value-added tax planned for the start of the year.

她同时表示，主要由于计划从年初开始会提高增值税，所以通胀在2011年可能会维持在目标点位以上。

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The group has argued that that corporate taxes, payroll taxes and so-called "bracket creep"--where taxpayers are bumped into a higher tax bracket because of inflation--are all examples of hidden taxes.

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The Hall-Sargent calculations show that almost all of this inflation tax was borne by those who held bonds with a maturity of five years or more. (That is because investors in short-term bonds could more quickly demand higher interest rates to compensate for inflation.) The trick is harder to repeat today.

ECONOMIST: Economics focus

After-tax income, net of inflation, has barely been growing over the past five years and is likely to decline this year.

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