Not long ago, around the end of the year, the United Kingdom looked well established. The government, reluctant to overcome the Covid-19 crisis, boasted of the strength of the recovery, which was to be the strongest in the G7. This happened last year, partly reflecting the UK’s biggest drop in 2020. Then, reality struck. The great inflation shock that had already been created before the Russian invasion of Ukraine and which has been exacerbated by it,