The Bank of England reckons inflation will hit four per cent – twice as much as the target level – as the UK recovers from the Covid-19 pandemic.
But do we believe the claim?
The Bank of England says the increase reflects “higher energy and goods prices, which in turn reflect rising commodity prices, transportation bottlenecks, constraints on production and strong global demand for goods”.
I can understand that demand across the world for goods that have been under-produced because of pandemic-related lockdowns will push prices up.
But energy prices – in the UK at least – are increasing at a time when the companies are recording their highest-ever profits, most of which go to bosses and shareholders. Consumers are being bled dry by greed.
• Energy bills rose £96 in April & now we’ve just been told they’re to climb £139 in October
• This in the same week big energy firms announce £billions in profits
Ripping you off to line their pockets. #TwoBritains
— Jon Trickett MP (@jon_trickett) August 6, 2021
And what about the inflationary effect of all the money Boris Johnson has been spaffing off to his Tory friends on the pretext of awarding Covid-related equipment supply contracts, for which he’s had nothing in return?
The Tories: “We simply don’t have money for a living wage for health workers.” Serco £37bn, HS2 £100bn, Brexit £200bn, Nuclear Weapons £4.46bn, New Yacht £250m, MP’s food subsidies £1.7m. Friend or supporter of the Tories and want to gorge at the Covid trough? Name your price.
— Paul Delaney (@coaimpaul) August 3, 2021
Oh – and flags. Don’t forget the fortune the Tories have paid for flags:
Quite incredible that the Government can afford to spend £163,000 on flags but can’t afford to pay NHS staff fairly.https://t.co/aZitqojcF5
— NHS Million 💙 (@NHSMillion) August 7, 2021
The point about wages is well made. Back when This Writer was a sprog, Tories used to complain that pay increases pushed up inflation. Now it is happening after a period of prolonged pay depression.
“Nurses’ pay in England to fall 7% in a decade even after government offer”
Latest NHS salary plan fails to offset past drop, as teachers and police also furious at wage freezehttps://t.co/hhQUaP5PLA
— Labour Left Grassroots (@LabGrassroots) July 29, 2021
I understand teachers’ pay has fallen at about the same rate as that of nurses.
The message is clear: any increase in inflation is due to Tory economic mismanagement. But they’ll make you suffer for it.
So if you have been able to save up some money – as many of us are said to have done while lockdowns kept us indoors, then it’s a good time to invest in solar panels for your roof. They will provide all your electricity needs and you will be able to sell some of it back to the grid.
Apart from that, keep your money in the back and enjoy the interest rate boost when it comes. Considering what the Tory government will do to you in the future, you’ll need it!
Source: Bank of England warns inflation will hit 4% this year but holds interest rates | Interest rates | The Guardian
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