Remix

THE Gordon and Eddie show closed after one performance, but it rightly won rave reviews. The decision on May 6th by Gordon Brown, the chancellor of the exchequer, to accept the advice of Eddie George, the governor of the Bank of England, that short-term interest rates should be put up by one-quarter of a percentage point to 6 1/4% was the right one. It should help keep the lid on inflation, although another rise may soon be needed. Treasury officials apparently informed their new boss that underlying inflation (which excludes mortgage costs) was likely to exceed the government's target of 2 1/2% or less in two years' time had rates not risen.