The size of the common global economic shocks from the pandemic and from Russia's invasion of Ukraine has been the overwhelming driver of high inflation and slower growth for most European countries. But in recent days, the Bank of England Governor Andrew Bailey warned inflation is set to be higher for longer here in the UK, and growth in the economy weaker too. These gloomy forecasts echoed those made by the International Monetary Fund and the Organisation for Economic Co-operation and Development, which has 38 member countries.