UK workers suffer biggest hit to their wages since records began

[Loiner]

13 hours ago, Scott said:

biggest drop in their spending power in more than 20 years as prices keep soaring.

Will CNN still be printing this guff when the prices go back down?
Energy costs will be curtailed when Liz is in charge.  Fuel is already being reduced, albeit slowly. 

[Chomper Higgot]

8 minutes ago, Loiner said:

Will CNN still be printing this guff when the prices go back down?
Energy costs will be curtailed when Liz is in charge.  Fuel is already being reduced, albeit slowly. 

So you don’t understand inflation.

[Loiner]

53 minutes ago, Chomper Higgot said:

So you don’t understand inflation.

Do you understand that prices  go up and prices can come down, especially when they are being compared at the top of comparatively large spikes.

 

Is the the Armageddon that George Osborne predicted and prices will soar forever as you would like us to believe?

[placeholder]

1 hour ago, Loiner said:

Will CNN still be printing this guff when the prices go back down?
Energy costs will be curtailed when Liz is in charge.  Fuel is already being reduced, albeit slowly. 

UK inflation hits 10.1 percent, highest in 40 years

U.K. consumer price inflation hit 10.1 percent in the 12 months to July, jumping from 9.4 percent in June to its highest point since February 1982, according to data released today by the Office for National Statistics (ONS).

High food prices were the main driver of the spike, rising at an annual rate of 12.7 percent in July, up from 9.8 percent in June. According to the ONS, the annual rate of inflation for food and non-alcoholic beverages was last higher in August 2008, during the global financial crisis, when it reached 13.2 percent.

https://www.politico.eu/article/uk-inflation-escalates-to-double-digits-a-new-40-year-high/

 

I checked other European European countries with fully developed economies. Only Netherlands had a higher inflation rate in July: 10.3% The UK comes in second. France's rate was 6.1%. Germany's was 7.5%.

[VocalNeal]

9 minutes ago, placeholder said:

Only Netherlands had a higher inflation rate in July: 10.3% The UK comes in second. France's rate was 6.1%. Germany's was 7.5%.

and in the US?

[placeholder]

Just now, VocalNeal said:

and in the US?

8.5%. Which was a decline. The UK's was an increase.

[peterfranks]

2 hours ago, Chomper Higgot said:

You might have noticed the price of oil and gas has gone up recently, it’s been in the news.

 

…..

Please don’t come back telling us the lockdowns caused the hikes in the price of oil and gas.

So oil is the one and only reason that there is inflation. Amazing.

 

I have a surprise for you. Oil has been declining in price for the past 2 months,

 

The reason for inflation is because demand was greater than supply, and why was there a shortage of supply?

 

Guess what, because factories were closed because of the lockdowns

 

Edited August 17, 2022 by peterfranks

[Chomper Higgot]

9 minutes ago, peterfranks said:

So oil is the one and only reason that there is inflation. Amazing.

 

I have a surprise for you. Oil has been declining in price for the past 2 months,

 

The reason for inflation is because demand was greater than supply, and why was there a shortage of supply?

 

Guess what, because factories were closed because of the lockdowns

 

The ONS begs to differ, identifying high food prices as the main contributor:

 

35 minutes ago, placeholder said:

UK inflation hits 10.1 percent, highest in 40 years

U.K. consumer price inflation hit 10.1 percent in the 12 months to July, jumping from 9.4 percent in June to its highest point since February 1982, according to data released today by the Office for National Statistics (ONS).

High food prices were the main driver of the spike, rising at an annual rate of 12.7 percent in July, up from 9.8 percent in June. According to the ONS, the annual rate of inflation for food and non-alcoholic beverages was last higher in August 2008, during the global financial crisis, when it reached 13.2 percent.

https://www.politico.eu/article/uk-inflation-escalates-to-double-digits-a-new-40-year-high/

 

I checked other European European countries with fully developed economies. Only Netherlands had a higher inflation rate in July: 10.3% The UK comes in second. France's rate was 6.1%. Germany's was 7.5%.

 

[placeholder]

4 hours ago, James105 said:

Who have proven without doubt their approach was the correct one, as we can see from the financial repercussions being felt from taking the wrong one i.e locking up healthy people who were at next to zero risk from serious illness.   Of course if your goal was to put as many people into abject poverty as possible then you would of course think that Sweden took the wrong approach.   

What makes you think that Sweden took the right approach. Did it perform better economically than its neighbors, Finland and Denmark?

"Sweden’s economic performance has been more or less average, too. Its gross domestic product declined at an annualized real pace of 0.1%, better than most of Europe but worse than Denmark and Finland (and worse than the annualized 0.6% gain for the U.S., which I didn’t include in the chart because Eurostat doesn’t calculate U.S. GDP in constant Euros as it does for non-Euro-using Denmark, Norway and Sweden)."

https://www.washingtonpost.com/business/so-was-sweden-a-covid-success-or-failure/2021/10/14/fe2747f6-2cb8-11ec-b17d-985c186de338_story.html

 

 

[peterfranks]

4 minutes ago, Chomper Higgot said:

The ONS begs to differ, identifying high food prices as the main contributor:

But in your previous post you said it was oil and gas.

 

So food is now mainly produced from crude, right?

[placeholder]

5 minutes ago, peterfranks said:

But in your previous post you said it was oil and gas.

 

So food is now mainly produced from crude, right?

Energy and Food Security: Linkages through Price Volatility

"How do oil prices affect the price of food?

Energy price (oil price) has a significant impact on food prices. Agricultural food prices respond positively to any shock from oil prices. Results show, 64.17% of food price variance is explained by oil price movement. Inflation in oil price is harmful for energy security and threatening food security."

https://www.sciencedirect.com/science/article/pii/S0301421518308486

 

[peterfranks]

17 minutes ago, placeholder said:

Energy and Food Security: Linkages through Price Volatility

"How do oil prices affect the price of food?

Energy price (oil price) has a significant impact on food prices. Agricultural food prices respond positively to any shock from oil prices. Results show, 64.17% of food price variance is explained by oil price movement. Inflation in oil price is harmful for energy security and threatening food security."

https://www.sciencedirect.com/science/article/pii/S0301421518308486

 

The chart I have posted shows that oil has been declining in price since begin of June, and is actually at the lowest price in the last 6 months.

 

June was 2 months ago

[placeholder]

Just now, peterfranks said:

The chart I have posted shows that oil has been declining in price since begin of June, and is actually at the lowest price in the last 6 months.

 

June was 2 months ago

And how rapidly are price decreases in oil reflected in the cost of food? Obviously not instantaneously.

[Chomper Higgot]

23 minutes ago, peterfranks said:

But in your previous post you said it was oil and gas.

 

So food is now mainly produced from crude, right?

You are misquoting me, I gave ‘oil and gas’ by example.

 

Which I pointed out is, among other things, used in transportation, the production of fertilizers and to power farm machinery (all of which have direct impacts on the cost of food production and food distribution, which are contributors to the cost of food to consumers.

…

Have you noticed that the members who claimed the lockdowns were the cause of the inflation the Uk is suffering have not been back with any evidence to back their assertions?!

 

2 hours ago, Chomper Higgot said:

Let me drive a bus through that for you.

 

1. I have not denied the lockdowns caused inflation, I have asked those who claim they have to back up their claims with evidence.

 

2. “Inflation is rampant in each and every country in the world, unless you gonna deny that also, and the one and only thing all those countries have in common with the UK is that they had extended periods of lockdown caused by Covid.”

 

Quite clearly all these nations have many other things in common, by example (you’ll like this):

 

They all rely on oil and gas to fuel their economies, transport systems, for the production of fertilizers, and to power the machinery of industry and agriculture.

 

You might have noticed the price of oil and gas has gone up recently, it’s been in the news.

 

…..

Please don’t come back telling us the lockdowns caused the hikes in the price of oil and gas.

 

 

[Chomper Higgot]

4 minutes ago, peterfranks said:

The chart I have posted shows that oil has been declining in price since begin of June, and is actually at the lowest price in the last 6 months.

 

June was 2 months ago

But everything that was produced prior to the drop in price was subject to higher energy costs.

 

And the energy costs are still way higher than the same time last year.

[peterfranks]

3 minutes ago, Chomper Higgot said:

Have you noticed that the members who claimed the lockdowns were the cause of the inflation the Uk is suffering have not been back with any evidence to back their assertions?!

Surely I did, and another thing I noticed that you still haven't countered them with any evidence.

 

Over and out.

[Chomper Higgot]

Just now, peterfranks said:

Surely I did, and another thing I noticed that you still haven't countered them with any evidence.

 

Over and out.

Clearly, having googled the meaning of ‘debating’ you have no idea how it actually works.

 

You have produced zero evidence that the lockdown has caused inflation.

Unsubstantiated claims to back an unsubstantiated claim is not evidence.

[peterfranks]

And now for something completely different. You see the word Covid, aka lockdowns, in the title?

 

 

https://www.bloomberg.com/news/articles/2022-02-16/oil-prices-near-100-as-global-economy-struggles-to-balance-post-covid-crash#xj4y7vzkg

Oil’s Spectacular Covid Crash Set the World Up for $100 Crude

 

The energy industry cut back during the pandemic, paving the way for a runaway rally that has huge implications for the global economy.

[Chomper Higgot]

11 minutes ago, peterfranks said:

And now for something completely different. You see the word Covid, aka lockdowns, in the title?

 

 

https://www.bloomberg.com/news/articles/2022-02-16/oil-prices-near-100-as-global-economy-struggles-to-balance-post-covid-crash#xj4y7vzkg

Oil’s Spectacular Covid Crash Set the World Up for $100 Crude

 

The energy industry cut back during the pandemic, paving the way for a runaway rally that has huge implications for the global economy.

COVID is not lockdowns, price manipulations are nothing new.

 

Don’t embarrass yourself with this nonsense.

[peterfranks]

1 minute ago, Chomper Higgot said:

COVID is not lockdowns, price manipulations are nothing new.

 

Don’t embarrass yourself with this nonsense.

OK, there were no lockdowns for 2 years BECAUSE of Covid.

 

Welcome to my ignore list mate, can't be bothered with your "knowledge" any longer.

 

[Chomper Higgot]

4 minutes ago, peterfranks said:

OK, there were no lockdowns for 2 years BECAUSE of Covid.

 

Welcome to my ignore list mate, can't be bothered with your "knowledge" any longer.

 

There were indeed lockdowns.

 

However those claiming the lockdowns are the cause of inflation have failed to come back with evidence to back their assertion, and it seems you are have dodged the gaping hole in the assertion too.

 

 

[peterfranks]

4 minutes ago, Chomper Higgot said:

There were indeed lockdowns.

 

However those claiming the lockdowns are the cause of inflation have failed to come back with evidence to back their assertion, and it seems you are have dodged the gaping hole in the assertion too.

 

 

I enabled this post, only to counter your last claim.

 

I have now provided you with an article from a credible source, that explains how the lockdowns paved the way for the high oil prices, which are the cause of inflation according to yourself.

 

What else do you want?

[Chomper Higgot]

5 minutes ago, peterfranks said:

I enabled this post, only to counter your last claim.

 

I have now provided you with an article from a credible source, that explains how the lockdowns paved the way for the high oil prices, which are the cause of inflation according to yourself.

 

What else do you want?

Welcome back.

 

The article you posted does not link lockdowns to inflation.

 

Though I do note that you have accepted that the price of oil is a root cause of the inflation the UK is suffering.

 

Perhaps a war has something to go with that?!

[Thunglom]

On 8/17/2022 at 4:03 AM, pegman said:

It's caused by Brexit and the West's sanctions on Russia  that  are more punitive on the countries applying them than their target. The solution of the Tories and  their tabloid supporters is to hammer the unions and their members.

Just about everything predicted in "project fear" has happened.

Boris and co were elected on a single issue (Brexit) and have proved incapable of actually governing. They just spend their time trying to cover up the biggest political cockup in UK history.

 

sad things that Brexit is only just beginning to bite now the clouds of Covid are settling.

Edited August 18, 2022 by Thunglom

[Thunglom]

Never has one government created so many problems in such a short period time....

 

Collapse of the water system

Prices of gas/energy out of control

NHS - in crisis -

No Dentists

Queues at A&E

Trained and skilled workers sent back to EU

Inflation over 10% - inflation is caused by businesses and banking - the wages haven't gone up yet.

Foodbanks serving people who actually have jobs because of low wages

PM having a sulk

WAR IN EUROPE.

 

This is a government elected on one issue alone "Get Brexit done" - they have no idea how to actually govern

They didn't anticipate any of the consquences

Now they just cover up after cover up and blame Covid

Now the dust is settling they are running out of excuses and things they can blame.

 

e.g. -Energy price cap in UK is over £4000 by the new year - in France it's 4%

[Thunglom]

Never has one government created so many problems in such a short period time....

 

Collapse of the water system

Prices of gas/energy out of control

NHS - in crisis -

No Dentists

Queues at A&E

Trained and skilled workers sent back to EU

Inflation over 10% - inflation is caused by businesses and banking - the wages haven't gone up yet.

Foodbanks serving people who actually have jobs because of low wages

PM having a sulk

WAR IN EUROPE.

 

This is a government elected on one issue alone "Get Brexit done" - they have no idea how to actually govern

They didn't anticipate any of the consquences

Now they just cover up after cover up and blame Covid

Now the dust is settling they are running out of excuses and things they can blame.

 

e.g. -Energy price cap in UK is over £4000 by the new year - in France it's 4%

[Excel]

13 minutes ago, Thunglom said:

Never has one government created so many problems in such a short period time....

 

Collapse of the water system

Prices of gas/energy out of control

NHS - in crisis -

No Dentists

Queues at A&E

Trained and skilled workers sent back to EU

Inflation over 10% - inflation is caused by businesses and banking - the wages haven't gone up yet.

Foodbanks serving people who actually have jobs because of low wages

PM having a sulk

WAR IN EUROPE.

 

This is a government elected on one issue alone "Get Brexit done" - they have no idea how to actually govern

They didn't anticipate any of the consquences

Now they just cover up after cover up and blame Covid

Now the dust is settling they are running out of excuses and things they can blame.

 

e.g. -Energy price cap in UK is over £4000 by the new year - in France it's 4%

Pretty glum all round and things to get worse, far worse for them.

[Bluespunk]

1 hour ago, Thunglom said:

Never has one government created so many problems in such a short period time....

 

Collapse of the water system

Prices of gas/energy out of control

NHS - in crisis -

No Dentists

Queues at A&E

Trained and skilled workers sent back to EU

Inflation over 10% - inflation is caused by businesses and banking - the wages haven't gone up yet.

Foodbanks serving people who actually have jobs because of low wages

PM having a sulk

WAR IN EUROPE.

 

This is a government elected on one issue alone "Get Brexit done" - they have no idea how to actually govern

They didn't anticipate any of the consquences

Now they just cover up after cover up and blame Covid

Now the dust is settling they are running out of excuses and things they can blame.

 

e.g. -Energy price cap in UK is over £4000 by the new year - in France it's 4%

Care homes also facing severe staff shortages. 
 

https://www.theguardian.com/society/2022/aug/19/overseas-hiring-spree-planned-for-care-homes-in-england-amid-winter-fears?CMP=Share_iOSApp_Other

[Chomper Higgot]

1 hour ago, Thunglom said:

Never has one government created so many problems in such a short period time....

 

Collapse of the water system

Prices of gas/energy out of control

NHS - in crisis -

No Dentists

Queues at A&E

Trained and skilled workers sent back to EU

Inflation over 10% - inflation is caused by businesses and banking - the wages haven't gone up yet.

Foodbanks serving people who actually have jobs because of low wages

PM having a sulk

WAR IN EUROPE.

 

This is a government elected on one issue alone "Get Brexit done" - they have no idea how to actually govern

They didn't anticipate any of the consquences

Now they just cover up after cover up and blame Covid

Now the dust is settling they are running out of excuses and things they can blame.

 

e.g. -Energy price cap in UK is over £4000 by the new year - in France it's 4%

Plus:

 

Appallingly poor productivity and the economy heading into Stagflation.

[Thunglom]

39 minutes ago, Chomper Higgot said:

Plus:

 

Appallingly poor productivity and the economy heading into Stagflation.

Productivity is largely a management problem and restrictions due to Brexit have shrunk the available industry etc.

UK is below US France and Germany but above Italy, Canada and Japan......

Before Brexit, UK was on track to be te largest economy in theEU - over France and Germany, but now the UK economy is about to go into recession and ranks worst in the G7 jut above Russia. 

Edited August 19, 2022 by Thunglom