UK workers suffer biggest hit to their wages since records began

[Bluespunk]

Yet more evidence on how this tory government has failed workers. 
 

https://www.theguardian.com/politics/2022/aug/20/boris-johnson-way-to-work-jobs-scheme-failure?CMP=Share_iOSApp_Other

[Thunglom]

On 8/19/2022 at 11:36 AM, Excel said:

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

Liz Truss is likely to be the next PM - it is hard to see how the current government will last the term with such an inept crew in charge. This might be a good thing as it may well bring forward the next general election.

[Excel]

5 minutes ago, Thunglom said:

Liz Truss is likely to be the next PM - it is hard to see how the current government will last the term with such an inept crew in charge. This might be a good thing as it may well bring forward the next general election.

One can only hope that is the case as there so many people that are going to be in difficulties. Of course those who disagree are those that are wealthy and those that don't live there anymore, in other words the utterly selfish or those detached from the real world and I have no doubt that proof of that will shortly be along as an illustration ????

[Thunglom]

9 hours ago, Excel said:

One can only hope that is the case as there so many people that are going to be in difficulties. Of course those who disagree are those that are wealthy and those that don't live there anymore, in other words the utterly selfish or those detached from the real world and I have no doubt that proof of that will shortly be along as an illustration ????

Those who live in Thailand and think it doesn't affect them will need to think again. Especially if they are relying on UK pensions/capital to finance their stay in Thailand. The values of the pound may drop for a start. They may find their incomes from UK investments are reduced and will at least have to tighten their belts a bit.

The economic woes of the UK are worse than just about everywhere else as despite having some similar causes the situation has been exacerbated by Brexit. just flying home is becoming more expensive and complicated.

The current government was elected on a single issue "get Brexit done" - they haven't really achieved that, but when it comes to other issues they simply haven't had the skills to deal with it and now are being revealed as the incompetents they really are. The changeover of PM is a fine example - leaving the country in limbo for months whilst candidates fight it out as if they are in different parties whilst the ex-PM goes off in a huff.

As the disruption of Covid recedes, the shortcomings of this government are becoming more and more exposed.

[arithai12]

On 8/17/2022 at 5:02 PM, peterfranks said:

So what would in your opinion be the reason for inflation in the UK, and every other country in the world?

The increase in price of commodities brought about by the (utterly stupid IMO) sanctions against Russia, mainly.

 

And referring to other posts from you where you show that the cost of oil has decreased recently, it doesn't work like that. In a global economy, all things are linked (a simple concept that sanctions advocates do not quite grasp), and costs are not driven only by the instantaneous price of a commodity but also by long-term procurement contracts, uncertainty, volatility.

The cost of daily food in the mouth of the average citizen and the cost of heating their home does not correlate 1:1 with the price of oil on the same day.

[Chomper Higgot]

And the hit keeps getting worse.

 

UK inflation has now reached 10.1% pa.

 

It has hit this level faster than the Bank of England was predicting, which draws into question the BoE forecast for inflation to peak at 13%.

 

 

[Scott]

Off-topic post reported and removed.

 

[peterfranks]

5 hours ago, arithai12 said:

The increase in price of commodities brought about by the (utterly stupid IMO) sanctions against Russia, mainly.

 

And referring to other posts from you where you show that the cost of oil has decreased recently, it doesn't work like that. In a global economy, all things are linked (a simple concept that sanctions advocates do not quite grasp), and costs are not driven only by the instantaneous price of a commodity but also by long-term procurement contracts, uncertainty, volatility.

The cost of daily food in the mouth of the average citizen and the cost of heating their home does not correlate 1:1 with the price of oil on the same day.

Inflation was high everywhere in the world, including the UK, in 2021 already.

 

Of course not at today's level yet. The sanctions on Russia started only to take effect since March 2022.

 

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2021

 

The Consumer Prices Index (CPI) rose by 5.4% in the 12 months to December 2021, up from 5.1% in November.

[Thunglom]

9 hours ago, peterfranks said:

Inflation was high everywhere in the world, including the UK, in 2021 already.

 

Of course not at today's level yet. The sanctions on Russia started only to take effect since March 2022.

 

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2021

 

The Consumer Prices Index (CPI) rose by 5.4% in the 12 months to December 2021, up from 5.1% in November.

The UK's inflation rate is currently higher than any other G7 country. It is the only economy among this group in which inflation has hit double digits. UK is bottom next to Russia.

 

It isn't just inflation in the UK - the damage caused by Brexit on top of world woes means that UK is now the only country going into real recession.

Most of these woes are not surprises in most countries - the UK, however is almost alone in not being prepared for this.

 

There seems to have been a complacency amongst the Brexit government and their supporter that no matter what, there would be no real change in the international and economic status of the UK - in fact this is totally misconceived already incomes, welfare and and growth are falling well behind the rest of Europe and the UK could quickly be relegated to a secondary or tertiary economic country.

 

[placeholder]

1 hour ago, Thunglom said:

The UK's inflation rate is currently higher than any other G7 country. It is the only economy among this group in which inflation has hit double digits. UK is bottom next to Russia.

 

It isn't just inflation in the UK - the damage caused by Brexit on top of world woes means that UK is now the only country going into real recession.

Most of these woes are not surprises in most countries - the UK, however is almost alone in not being prepared for this.

 

There seems to have been a complacency amongst the Brexit government and their supporter that no matter what, there would be no real change in the international and economic status of the UK - in fact this is totally misconceived already incomes, welfare and and growth are falling well behind the rest of Europe and the UK could quickly be relegated to a secondary or tertiary economic country.

 

Complacent? Really? Here he is hard at work with his unpaid advisers: 

https://www.randrlife.co.uk/boris-johnson-rests-on-vacation-here-he-enjoys-his-political-pension/

[Thunglom]

37 minutes ago, placeholder said:

Complacent? Really? Here he is hard at work with his unpaid advisers: 

https://www.randrlife.co.uk/boris-johnson-rests-on-vacation-here-he-enjoys-his-political-pension/

you do understand what "complacent" means?

I'm also not just referring to Boris, who basically is having a huff - but it couldn't be better for him as all his parliamentary colleagues will be left taking the blame.

[Seppius]

2 hours ago, Thunglom said:

The UK's inflation rate is currently higher than any other G7 country. It is the only economy among this group in which inflation has hit double digits. UK is bottom next to Russia.

 

It isn't just inflation in the UK - the damage caused by Brexit on top of world woes means that UK is now the only country going into real recession.

Most of these woes are not surprises in most countries - the UK, however is almost alone in not being prepared for this.

 

There seems to have been a complacency amongst the Brexit government and their supporter that no matter what, there would be no real change in the international and economic status of the UK - in fact this is totally misconceived already incomes, welfare and and growth are falling well behind the rest of Europe and the UK could quickly be relegated to a secondary or tertiary economic country.

 

Wow, the UK inflation is a massive 1.1% higher than the EU, don't worry I am sure they will catch up to the UK, they are usually behind the times.

 

The UK stands much better chance of surviving a recession/depression outside the EU than in it .Much as it did with getting organized for Covid vaccinations

 

https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/

 

 

 

 

 

[placeholder]

25 minutes ago, Seppius said:

Wow, the UK inflation is a massive 1.1% higher than the EU, don't worry I am sure they will catch up to the UK, they are usually behind the times.

 

The UK stands much better chance of surviving a recession/depression outside the EU than in it .Much as it did with getting organized for Covid vaccinations

 

https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/

 

 

 

 

 

But you'll not that the most of the eu countries with fully developed economies have lower inflation rates.

Can you explain to me the connection between covid vaccinations and the economic consequences of brexit.

And while you're at it can you explain to me why the vaccinate rate is lower in the UK than in most of the https://ourworldindata.org/coronavirus/country/united-kingdomother EU nations with fully developed economies?

 

[Chomper Higgot]

It’s not just the inflation rate, the UK has abysmal productivity and is heading into recession.

 

Dorry, heading into ‘sunny uplands’.

[Thunglom]

53 minutes ago, Seppius said:

Wow, the UK inflation is a massive 1.1% higher than the EU, don't worry I am sure they will catch up to the UK, they are usually behind the times.

 

The UK stands much better chance of surviving a recession/depression outside the EU than in it .Much as it did with getting organized for Covid vaccinations

 

https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/

 

 

 

 

 

Ah - a one quote wonder who doesn't even understand what he/she is quoting. Your figures contradict everything you say. but just look around a bit more - you'll find it VERY depressing for UK.

[chalawaan]

On 8/17/2022 at 9:29 PM, Kinnock said:

UK needs to find a new source of cheap, foreign labour ..... ideally people who want to actually do any work this time.

There's a thread on twitter called "A history of nobody wants to work anymore" it posts newspaper clippings dating back to Waterloo!

Tories have always been getting rich off the rest of our blood sweat and tears, bleating about the "idle poor" and having secret parties, probably was the same on D-Day too, Churchill was a pisshead of note! 

[baboon]

23 minutes ago, chalawaan said:

There's a thread on twitter called "A history of nobody wants to work anymore" it posts newspaper clippings dating back to Waterloo!

Tories have always been getting rich off the rest of our blood sweat and tears, bleating about the "idle poor" and having secret parties, probably was the same on D-Day too, Churchill was a pisshead of note! 

'We shall fight them 50 feet underground in a reinforced concrete bunker'....

[bannork]

The sunny uplands promised by the Brexiteers have turned into a dismal scramble to save every penny.