After it emerged that the Church of England's pension fund was invested into a company raising funds for Wonga, Justin Welby was forced into confessing his embarrassment. But it may turn out to be a good thing.
The Irish government pushed through big spending cuts over the last year. The theory was that lower government borrowing would reduce fears of a debt default and keep interest rates down. The theory has been proven wrong in practice.
It's fashionable in some quarters to fret about rising prices, but today's inflation statistics show there's no need to lose any sleep on this. Interest rates will probably stay low for some time to come.