Stagflation - what is the meaning of the term and what does it mean for the UK economy?

"Stagflation is the nightmare economic scenario of low or negative growth and high inflation that the UK saw in the seventies. Stagflation is bad news for most people. Despite seeing their cost of living rising due to high inflation, workers are unable to demand higher wages due to poor economic growth, which results in higher unemployment. Put simply, whilst your bills might be rocketing, your employer is not going to give you a decent pay rise if there's a queue of unemployed people willing and able to do your job. Stagflation is also difficult for governments to deal with. Most economic policies work on the basis of trading off unemployment against inflation, not reducing unemployment and inflation at the same time."