On July 24th the House of Lords ruled that Mr Howard had been wrong to increase the tariff of John Pierson, a prisoner convicted before the introduction of the new guidelines.
Most important for investors, a new tariff system, which will see a gradual increase in electricity prices over the next two years, came into effect in June.
The villains of the Depression were the trade-killing, international-capital-flow-strangling Smoot-Hawley Tariff, an overly tight monetary policy and a catastrophic tax increase.