When you produced your previous book, The great demographic reversal, you argued that demographics would result in inflationary pressures both from the demand and the supply sides. UK gilts and US Treasuries were yielding around 1% and inflation was below 2% target levels at the time. Since then, we’ve seen a surge in inflation in many developed economies, and central banks struggling to hit their targets. How much of that is down to these demographic shifts, versus supply-side shocks such as