The International Monetary Fund (IMF) has published information that proves inflation in the UK and other European countries is being driven by the greed of corporations that have been pushing their profits up for no good reason.
Here’s the evidence:
Rising corporate profits were the largest contributor to Europe’s inflation over the past two years as companies increased prices by more than the spiking costs of imported energy. https://t.co/iEf6Emu0Rp pic.twitter.com/HYulCZgb8p
— IMF (@IMFNews) June 26, 2023
The route to lower inflation is for companies to cut their profit margins, the IMF's deputy director @GitaGopinath said yesterday. "If inflation is to fall quickly, firms must allow their profit margins—which have shot up during the past two years—to decline and absorb some of…
— Robert Peston (@Peston) June 27, 2023
(Some might say this applies only to countries in continental Europe but the question then is, why should it not apply to the UK too?)
So the answer to inflation is not to cut wages, and is not to increase interest rates; it is to force corporations to cut their bloated profit margins and pay for a rise in labour costs (increase wages).
This is the opposite of what Rishi Sunak and his corporate stooges in government have been saying since the crisis began. It seems clear that they have been lying to you all along.
And what’s he doing about it now?
His latest plan is to renege on all his promises about following the advice of pay review bodies:
BREAKING: Prime Minister Rishi Sunak has hinted he will ignore recommendations for public sector pay rises, saying workers "need to recognise the economic context we are in"https://t.co/uOqHlfMraA
— Sky News (@SkyNews) June 26, 2023
“Workers need to recognise the economic context we are in.” Okay; well, this worker recognises that major corporations, many of which are probably donors to the Conservative Party and individual Tory MPs, have caused inflation by artificially increasing their prices. Now they’ve been caught doing it, they should cut their prices and increase wage to at least match the current inflation rate or be penalised for it.
This is what I expect my government to enforce.
(I don’t think it will happen for a single moment, but I do think that the longer Sunak refuses to do it, the more people will realise that he, his government and the corps funding them are all crooks and vampires, sucking out the lifeblood of the UK.)
Sunak is talking utter bollocks about it, of course:
2022 Steve Barclay says the right way forward for the government is to follow the independent pay review body
2023 Rishi Sunak suggests he will ignore the independent pay review body pic.twitter.com/YaHOtBJLDe
— Farrukh (@implausibleblog) June 26, 2023
People won’t accept that it’s right – or even acceptable – because we all now know it isn’t.
Here’s a doctor, responding to Sunak’s attack on the public sector workforce:
Your Conservatives put us through Austerity 1.0 and destroyed a generation. 300,000 people died due to your policy decisions.
You said our pay couldn't increase for years because we just didn't have the money.
We're now firmly in Austerity 2.0 and you're… pic.twitter.com/RPIhZvFTrJ
— Dr Andrew Meyerson (@andrewmeyerson) June 27, 2023
Would you like more proof of what’s going on?
Here’s Howard Beckett:
• HSBC banking profits doubled
• Shell energy profits doubled
• BP energy profits doubled
• BP CEO pay doubled
• Shell CEO pay doubled
And they tell you it is your 18 year low wage packet that is causing the inflation crisis.
Mugged in broad daylight.
— Howard Beckett (@BeckettUnite) June 27, 2023
Sadly, there is no pressure from the Labour Party – the UK’s official Opposition to the government – to make Sunak and his bandits do the right thing. Labour is on their side and helping to rob us all.
It becomes increasingly difficult to spot any differences between #Labour and #Conservative. #Starmer will run on the ticket of making #ToryPolicies run more efficiently #ForTheFew. https://t.co/ElM5qmyl1V
— Moeen's doosra (@pelepele1) June 27, 2023
This Writer will be writing to all those in government or able to influence it, calling for a change of policy to demand responsibility from the corporations, and I urge you to do the same.
But this time I think we’re all going to have to get out of our armchairs and onto the streets – possibly with blazing old-style torches and pitchforks – to demand action “or else”.
You know what I mean: French-style.
Or would you rather just lie back like a weakling and let these fat cats carry on robbing you?
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