The UK is facing two supply shocks right now.
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One is a global supply shock as the world's economy sluggishly wakes up from lockdown.
It shows itself in backed up cargo ships from China in California's seas, unable to offload their cargo; in thousands of cars left without microchips; in rising natural gas prices.
On top of that there is a UK-specific supply shock.
Inflation pressures
This comes from fewer European workers, and the imposition of non tariff barriers on trade with the rest of Europe.
Both these shocks are pushing up general prices. The global shock is the dominant factor right now, but in some sectors such as pig farming, and into the future, the UK-specific supply crunch may matter more.
The PM has sewn together several acute economic phenomena and sought to explain them in one sweeping narrative: that constrained supply of foreign workers will help raise wages for Britons.
Driver shortages that were only a month ago denied as having any relation to post-Brexit policy, are now embraced as the very point of EU exit.
Wage rises
Some annual earnings figures are up by extraordinary amounts, but that is the consequence of distortions in the statistics from lockdown and furlough.
The same distortions led to the suspension of the triple lock for pensions.
Up to a point it is good news for those with skills in hot demand.
But the wage rises are not the result of increases in productivity. They are the consequence of those two significant supply shocks.
There are fewer workers as a result of a combination of Covid and Brexit.