The UK faces its biggest drop in living standards on record as the surging cost of living eats into people's wages.

The government's forecaster said that household incomes - once rising prices were taken into account - would dive by 7% in the next few years.

It also expects the number of people who are unemployed to rise by more than 500,000.

https://www.bbc.com/news/business-63659936

Disappointing, one would have thought that Brexit could protect the country from nefarious outside influences.

"Paul Johnson, director of the Institute for Fiscal Studies think tank, said: "Surging global energy prices have made the UK a poorer country." 

The biggest downturn I can see coming (for all the west) are the potential grid failures this winter. Too many fossil fuel power stations being turned off!

And the 'surging global energy prices' are as the story suggested ........ global!

 

"Energy and food bills have shot up due to the war in Ukraine and pandemic, and are squeezing household budgets."

This is an EU wide problem, not just the UK.

 

"This is likely to be a relatively shallow recession for the economy as a whole - but for households, it will mean the wipeout of gains in living standards, a return to 2014."

Some of the statements are just odd, IMHO living standards in the UK have been dropping since the year 2000, I certainly wouldn't have picked 2014 as the pinnacle of UK living standards.

 

While the rich are getting richer, the poor are getting poorer.

What the world needs is a major redistribution of wealth, not another 'austerity' programme for the poor.

Edited November 18, 20223 yr by BritManToo

1 hour ago, Scott said:

The UK faces its biggest drop in living standards on record as the surging cost of living eats into people's wages.

Hmmmmm. Did they not keep records during the depression?

1 hour ago, BritManToo said:

While the rich are getting richer, the poor are getting poorer.

What the world needs is a major redistribution of wealth, not another 'austerity' programme for the poor.

While I agree, I think a snowball in hell has a better chance of not melting than a real redistribution of wealth.

After all, who makes the rules?

No ‘sunlit uplands’ then?!

 

Just Austerity #2.

 

 

 

16 minutes ago, thaibeachlovers said:

Hmmmmm. Did they not keep records during the depression?

Hmmmm. Do you think statistical records are a natural phenomenon? For such statistics to be compiled, there has to be a government agency to do it. I can't find any evidence so far back for the existence of such  records via sources that draw from government agencies. Maybe you have an idea where to find them?

Troll video post removd

Meanwhile the new leader of the country is feeling the masses financial pain by proxy. I mean he can't actually feel their pain for them but he can pay one of his domestics to talk him through the pain of poverty.

5 hours ago, thaibeachlovers said:

While I agree, I think a snowball in hell has a better chance of not melting than a real redistribution of wealth.

After all, who makes the rules?

What the peasants need to understand is to buy assets.

 

And I don't mean just buy a home.

 

The reason the regular people can't get ahead is cos they just sit with cash in the bank their whole life's and never invest.

 

Nothing to do with "rules"

 

8 hours ago, BritManToo said:

What the world needs is a major redistribution of wealth, not another 'austerity' programme for the poor.

Complete claptrap. Most - if not ALL - of the poor people I know in the UK are poor for a reason - wasted their money. I worked 25 years, bought my house and retired to Thailand at 50, you seriously saying I should give some of my money to some lazy, drunk, weed smoking bums ?  

8 hours ago, Boomer6969 said:

Disappointing, one would have thought that Brexit could protect the country from nefarious outside influences.

Not just disappointing but inexplicable as the UK has been run by the party of economic competence for the past 12 years.

Just keeps getting bleaker in sunak’s U.K.  

 

https://www.theguardian.com/society/2022/nov/18/bigger-council-tax-rises-will-not-prevent-more-cuts-to-services-councils-say?CMP=Share_iOSApp_Other

Hmmm . . . this could be so serious that some folks will have to start cutting back on the home deliveries of takeaway food; reduce the number of new tattoos; make their designer tracksuits and trainers last longer than the next colour on the market; forget about the daily green or brown or white; and not upgrade to the latest iPhone 27 (or whatever).

 

I believe it is called ''cutting your cloth according to your means''.

1 hour ago, 2009 said:

What the peasants need to understand is to buy assets.

 

And I don't mean just buy a home.

 

The reason the regular people can't get ahead is cos they just sit with cash in the bank their whole life's and never invest.

 

Nothing to do with "rules"

 

Peasants don't have money to invest.

None of this is “accidental”.  It’s intentional.

“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” - Franklin D. Roosevelt 
 

 

30 minutes ago, hidbehindthesofa said:

Hmmm . . . this could be so serious that some folks will have to start cutting back on the home deliveries of takeaway food; reduce the number of new tattoos; make their designer tracksuits and trainers last longer than the next colour on the market; forget about the daily green or brown or white; and not upgrade to the latest iPhone 27 (or whatever).

 

I believe it is called ''cutting your cloth according to your means''.

Ah, the old feckless poor line. Very Victorian and wrong of course.

27 minutes ago, PJ71 said:

Peasants don't have money to invest.

Indeed, rent paid to the rich keeps them poor.

7 hours ago, thaibeachlovers said:

Hmmmmm. Did they not keep records during the depression?

Here you go:

 

https://fred.stlouisfed.org/series/A939RC0A052NBEA

7 hours ago, placeholder said:

Hmmmm. Do you think statistical records are a natural phenomenon? For such statistics to be compiled, there has to be a government agency to do it. I can't find any evidence so far back for the existence of such  records via sources that draw from government agencies. Maybe you have an idea where to find them?

And for you to...FRED stands for Fed. Res. Econ. Data.

 

https://fred.stlouisfed.org/series/A939RC0A052NBEA

56 minutes ago, RichardColeman said:

Complete claptrap. Most - if not ALL - of the poor people I know in the UK are poor for a reason - wasted their money. I worked 25 years, bought my house and retired to Thailand at 50, you seriously saying I should give some of my money to some lazy, drunk, weed smoking bums ?  

Not so easy these days though , these days you would need to be earning a six figure salary to be able to afford a house

Unattributed and off topic post removed

1 hour ago, RichardColeman said:

Complete claptrap. Most - if not ALL - of the poor people I know in the UK are poor for a reason - wasted their money. I worked 25 years, bought my house and retired to Thailand at 50, you seriously saying I should give some of my money to some lazy, drunk, weed smoking bums ?  

No, I'm saying the large land owners (Crown, Aristocracy, RSPB, Nation Trust, Forestry Commission, Church, etc) should submit to redistribution, along with anyone owning more than 10M pounds in assets)

I doubt you have enough to share with anyone.

5 minutes ago, BritManToo said:

No, I'm saying the large land owners (Crown, Aristocracy, RSPB, Nation Trust, Forestry Commission, Church, etc) should submit to redistribution, along with anyone owning more than 10M pounds in assets)

I doubt you have enough to share with anyone.

Damn right, comrade.

2 hours ago, 2009 said:

What the peasants need to understand is to buy assets.

 

And I don't mean just buy a home.

 

The reason the regular people can't get ahead is cos they just sit with cash in the bank their whole life's and never invest.

 

Nothing to do with "rules"

 

Although you can lose all your money through investing the money 

1 minute ago, nigelforbes said:

Damn right, comrade.

Whoosh went the sattire.

27 minutes ago, ozimoron said:

Indeed, rent paid to the rich keeps them poor.

Anyone over 50 years old should have bought  house in the UK 30 years ago , those who chose the council house route are still paying rent whilst house buyers own their property outright 

5 minutes ago, Mac Mickmanus said:

Anyone over 50 years old should have bought  house in the UK 30 years ago , those who chose the council house route are still paying rent whilst house buyers own their property outright 

If I'd rented a council house my divorce wouldn't have cost me 600,000 pounds, and I wouldn't be homeless. If I could go back and do it again, I'd have rented.

 

Back on topic,

Does everyone else agree that 2014 was the pinnacle of UK living standards?

Or does that assertion get a free pass?

Edited November 18, 20223 yr by BritManToo

The reason the country is having problems is the bs so called virus where money was no object and mass immigration, throw out all the illegals and anyone receiving benefits make work even if it’s only picking up rubbish , treat pensioners better and kick every government worker up the <deleted>