Historical financial repression
Since 1900, we have seen three prior periods of financial repression as highlighted in the chart below, particularly during and after the two world wars; although all were followed by periods of reversals, particularly after world war one when the currency also appreciated.
Bank of England Financial Repression Periods, 1900 to 2021. Data from the Bank of England
and
Office For National Statistics
The most recent period of financial repression, prior to the current period, happened during the 1970s when the currency lost a significant amount of its value. However, it is not clear if this was intentional by the Bank of England. We can be rest assured today though that the financial repression we are experiencing is absolutely deliberate with base rates being kept at close to zero.