A civil service correspondent takes me to task for having dealt too leniently with this phrase. He calls the phrase "a monstrosity" which he says, "the cynic regards as being typical of the civil servant, who is (in his eyes) incapable of decisive thought". Perhaps it is wise to avoid a phrase that can arouse feelings of that sort in anyone. Sherlock Holmes reacted in the same way:
"I am inclined to think —" said I.
"I should do so", remarked Holmes impatiently. (The Valley of Fear.)