Tag Archives: rise

Greedflation: companies are fuelling inflation by overcharging us to build profit

French protesters have stormed the Paris stock exchange: will greedflation prompt the British to do worse?

Whenever the Conservatives tell us wage increases are driving inflation, be aware that they are lying.

Inflation isn’t being driven by wage demands but by greedy companies that are using the cost-of-living crisis to drive up prices and boost their profits.

Take a look at the degree by which food prices have risen:

Claudia Webbe puts the situation – and the reason for it – in a nutshell:

Now read this:

That is what the International Monetary Fund and the European Central Bank seem to have discovered, according to The Guardian:

The IMF and the ECB wouldn’t put it in these terms, of course, but both support the idea that companies are gouging their customers when they can. The non-technical term for what is going on is greedflation.

Companies [are] doing rather better out of the cost of living crisis than workers… The flipside of steeply rising prices but only modestly higher wages [is] that profit margins [have] “surged”.

Unite, one of the UK’s biggest unions, published a report in March that blamed systematic profiteering across the economy for fuelling the cost of living crisis. Energy companies, supermarkets, shipping companies, car dealers and food manufacturers had all cashed in on drought, war, and strong demand after the pandemic to “push prices and profits through the roof”.

The eurozone’s central bank looked at the contribution of profits to inflation over nearly a quarter of century, and found that between 1999 and 2022, profits were responsible for one-third of the inflation rate on average. In 2022 alone, profits contributed to two-thirds of the rise.

But whereas the ECB – from its president, Christine Lagarde, downwards – is fully exercised by the threat posed by greedflation, policymakers in the UK seem far more relaxed. There have been plenty of calls for wage restraint, most notably from Andrew Bailey, the governor of the Bank of England, but far fewer for price restraint… Price controls, of the sort used in the 1970s, are seen as to be avoided at all costs.

Instead, inflation is being controlled by increasing interest rates – which sucks demand from the economy and reduces pressure for wage rises by incurring job losses (meaning that, once again, too many jobseekers end up competing for too few jobs and the bosses can pay whatever they want).

But workers who have taken pay cut after pay cut for more than a decade are close to breaking point and something has to give way soon.

Will we see scenes like what has happened in France over pensions, with protesters storming bastions of capitalism like the stock exchange and trashing it? Will we see worse?

It’s a good question. The British have very long tempers and have put up with a lot – so much, in fact, that nobody knows what they might do if those tempers snap.

It seems likely that, if they do not moderate their own rhetoric and curb corporate greedflation soon, the Tories might find out.

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Never mind the Budget: you’ll be paying a lot more in April with less cash

Brace yourself for another attack on your wallet.

Even if you receive benefits that are going to be uprated in line with the lowest possible level of inflation the government thinks it can get away with, it probably won’t cover the increases in your costs.

Rises to the different level of the minimum wage certainly won’t. It’s not a living wage, despite being called that by Tories.

Let’s have a look at what’s coming:

Council tax to rise

The majority of households in England will be hit by a whopping 5% in April in fresh cost of living misery for families. Three struggling councils have been given special permission by the Government to impose higher rises – up to 10% for Thurrock and Slough, and an eye-watering 15% for Croydon.

Band D properties will pay around an extra £100 if they don’t receive any discounts.

Water bills to increase

From April, average water bills will again increase by less than inflation, meaning prices will continue their decade-long fall in real terms. Bills will rise by an average of £31 to £448 a year (equivalent to around 60p more each week)

Support for low-income households is also being increased to its highest level ever. More than 1 million households already receive help with water bills, which is being increased to 1.2 million over coming months.

Wages will increase

The National Living Wage and National Minimum wage will rise for all kinds of workers across the country. Depending on your age and work status, you will receive one of the following increases:

  • National Living Wage – Increased to £10.42 (annual increase of 9.7 per cent)

  • 21-22-year-old rate – Increased to £10.18 (annual increase of 10.9 per cent)

  • 18-20-year-old rate – Increased to £7.49 (annual increase of 9.7 per cent)

  • 16-17-year-old rate – Increased to £5.28 (annual increase of 9.7 per cent)

  • Apprentice Rate – Increased to £5.28 (annual increase of 9.7 per cent)

  • Accommodation Offset – Increased to £9.10 (annual increase of 4.6 per cent)

Broadband and mobile bills will increase

From April, broadband and mobile phone customers can expect to face monthly bill increases of at least 14% from April.

Providers link their annual price rises to January’s consumer price index (CPI) or the retail price index (RPI) which was 10.5% and 13.4%. BT, EE, Plusnet and Vodafone broadband contracts allow prices to go up by CPI plus 3.9%. At TalkTalk, it is CPI plus 3.7%, while Shell Energy can add CPI plus 3%. Sky and Virgin Media contracts allow mid-contract price increases but they do not stipulate a pricing formula in the same way as rivals.

Universal Credit, PIP and pension to increase

Inflation-linked benefits and tax credits will rise by 10.1% from April 2023, in line with the Consumer Prices Index (CPI) rate of inflation in September 2022. Jeremy Hunt said the ‘expensive commitment’ worth £11 billion means 10 million working-age families will see a much-needed increase next year and, on average, a family on universal credit will benefit next year by around £600.

The benefit cap will rise from £23,000 to £25,323 for families in Greater London and from £20,000 to £22,020 for families nationally. Lower caps for single households without children will rise from £15,410 to £16,967 in Greater London and from £13,400 to £14,753 nationally.

Benefits which will rise by 10.1% include Universal Credit, Housing Benefit, Pension Credit, Disability Allowance and Personal Independence Payment.

Source: Cost of Living: 5 big changes coming into effect in April that everyone should know about

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Energy bills WILL rise by £900 in April and the Tories don’t care

Burning your money: ironically, the next energy price hike will give the privatised providers even more of your money to burn.

It’s happening, then.

Despite Money Saving Expert Martin Lewis pleading with Rishi Sunak and Jeremy Hunt to use a fraction of the money they’ll save when wholesale energy prices fall in July on cutting bills between April and then, the Tories have turned a deaf ear and are bent on further-impoverishing us all.

Let’s remember one very important fact:

There’s a lot of disgust with Ofgem for allowing the price to rocket:

But here’s the kicker:

Energy bills have risen 10 times faster than wages, but the government – Sunak and Hunt again – are keeping wages down and still funnelling cash to these big energy firms.

And let’s not forget that the Tories created these firms by privatising national utilities, back in the 1980s.

They said at the time that privatisation would allow more investment to go into the service, providing power to the nation at a cheaper price.

And people believed it!

Those were more innocent times. And, for “innocent”, read “naive”.

Anyway, there it is.

You need to find another £900 per year for energy, starting in 32 days’ time. That’s £500 for the new increase, plus £400 to make up for the Tory grant that has helped keep your bill down until now.

How are you going to do it?

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Yet another blow to families as childcare costs skyrocket

Who could afford to be a parent under this Conservative government?

Inflation is above 10 per cent while wages are stagnating because the Tories want them to.

Energy bills are set to hit an average of £3,000 per year because the Tories won’t keep their price guarantee for another three months and won’t help with the extra costs.

Local authorities across England (I haven’t heard about the other UK countries) are set to increase Council Tax by the maximum amount allowed, and are still set to reduce services – because the Tories won’t provide enough in the central government grant.

And now child care costs are set to rise by an eye-watering £1,000 per year.

Try to ignore the Labour Party flag-waving from Imran Hussain; it’s the news story link below that matters:

The story states:

A survey of 1,156 providers by the Early Years Alliance found nine out of 10 expect to increase fees, typically in April, and by an average of 8% – higher than in previous years.

UK childcare costs are already among the most expensive in the world, with full-time fees for a child under two at nursery reaching an average £269 a week last year – or just under £14,000 annually.

An 8% rise would take that to more than £15,000.

Who can afford that?

The concern is that by this stage many parents – particularly mothers – have felt forced to drop out of work or cut their hours.

Three and four-year-olds in England attending a nursery or childminder are eligible for either 15 or 30 free hours a week depending on whether their parents work, so their costs are a lot lower.

Most nurseries and childminders surveyed – 87% – said the money they get from the government does not cover their costs to provide the “free” hours – leaving them out of pocket.

More than half of providers (51%) said they had operated at a loss last year. A handful said they were looking at fee increases of as much as 25%.

An option to extend free hours to all two-year-olds is understood to have been ruled out.

The problem for the Tories is that there aren’t enough people in the workforce as it is; if people have to quit their jobs to look after their children, the economic result could be disastrous.

Only today (February 16), this site commented on an alleged plan to persuade GPs not to sign sick notes for people with long-term illnesses in order to force them to stay at work.

But this will not help as people who are sick either won’t be able to carry out the amount of work required, or won’t be able to work at all.

Before Brexit, the UK could always bring in a migrant workforce from Europe – but the silly Tories ended that with their Brexit. They only have themselves to blame.

And This Writer’s instinct says they’re only going to make matters worse.

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Why is the government telling an INDEPENDENT organisation what pay nurses should get?

Steve Barclay: sadly, none of the equipment behind him was able to jump-start his brain.

Remember before Christmas, when Tory spokespeople were all over the media telling us nurses couldn’t have the pay rise they were demanding because the “independent” pay review body had set the amount?

What do you make of this, then:

The Health Secretary has instructed the NHS pay review body to recommend a pay rise of around 2% for the 2023-2024 financial year.

So Steve Barclay has told the “independent” pay review body it can only recommend a tiny pay rise for nurses. That doesn’t seem independent to This Writer!

A recent letter from the secretary of state for health and social care Steve Barclay, to the NHS Pay Review Body (NHSPRB) suggests “it is particularly important that [the NHSPRB] have regard to the government’s inflation target when forming recommendations”.

Pay awards – most particularly when the government is doing the paying – don’t cause inflation.

Mr Barclay also warns “the NHS budget has already been set until 2024 to 2025”.

So any pay negotiation – of any kind, including that supposedly offered by the Pay Review Body – must be fake, then?

Obviously, two per cent is nowhere near enough when inflation is much higher; it’s a real-terms pay cut for nurses who are already £10,000 per year worse-off, in real terms, than they were in 2008.

The result will be more nurses leaving the NHS and a further decline in the service – which Barclay will claim is because public medicine can’t work as well as private, profiteering healthcare.

People will die because of this decision – and Barclay should be held responsible.

Barclay himself seems entirely unsuited to running any kind of organisation, let alone the largest one in the United Kingdom.

After a recent visit to a hospital, he tweeted how he marvelled at a fantastic innovation in healthcare that frees up many beds.

This innovation is called a chair. It has been used in the NHS for very nearly 75 years.

Here’s A Different Bias‘s account of this weirdness:

Steve Barclay is an idiot.

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Why does the leader of the ‘party of the workers’ want to deny workers a living wage?

Keir Starmer: The leader of the ‘party of the workers’ doesn’t want workers to be paid a living wage.

This should be self-explanatory:

The simple fact is that any pay rise is achievable – even one that matches a shockingly-high rise in inflation such as we saw in 2022.

Governments set spending priorities – which could include provision for inflation-matching pay rises – and create the money to make them possible.

They also set taxation priorities – tax validates the UK’s currency (the Pound), limits inflation, and rebalances income inequalities (if the government of the day is so minded).

This means firms such as those that are currently profiting massively from higher prices for their products could be taxed so that their profits (after tax) would be appropriate for what they do, and the rest could prevent inflation related to the higher wages people would need in order to afford the increased cost of living these firms had created.

Don’t let any politician tell you a pay rise that matches inflation isn’t affordable. It is. They just don’t want you to be paid appropriately for the work you do.

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Striking workers win inflation-level pay rise despite Tory claims

So much for the Conservative government’s claims that striking harms the public and doesn’t get workers what they want.

More than 2,000 London bus drivers were set to walk out on strike – but will not now do so after they won an 11 per cent pay rise from the firm employing them, Metro.

It makes nonsense of the Tory government’s rhetoric and hugely weakens its position with regard to all the other strikes that are taking place over the winter.

Here’s what Maximilien Robespierre has to say about it:

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Half of renters fear they won’t be able to pay rent next year due to increases in the cost-of-living crisis

According to another article, “Just 250 people control wealth of £710.723bn, but 16.65 million people live in poverty”.

That could be the reason for the following:

Half of tenants are worried that they won’t be able to afford their rent next year, as 58 per cent have seen it rise this year amid the cost of living crisis.

Research from specialist lender Market Financial Solutions found that 49 per cent of renters were worried they would not be able to pay their rent in 2023.

At the same time, 48 per cent of landlords said they had increased rents on their properties due to rising interest rates and higher mortgage repayments.

In fairness, 56 per cent of landlords said they would allow their tenants some degree of flexibility when it came to making payments. Shame on the other 44 per cent!

The reason for the increases is higher interest rates from the Bank of England, meaning mortgage repayments have increased as well.

Economists have, of course, criticised the Bank for hiking the rates, because the ostensible reason – cutting inflation – is nonsense.

So why do it?

Why push up the level of anxiety in the UK when it is already critically high?

Is it some sort of co-ordinated effort to bankrupt the people of the nation and overload our already-under-resourced mental health services?

Source: Half of tenants are worried they won’t be able to pay rent next year, as 58% have seen rents increase amid the cost-of-living crisis

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Interest rate rise will affect YOU. Read this to understand how

The bank of England has just imposed the biggest interest rate rise in a generation – increasing the base rate to three per cent.

There’s no reason for it. The inflation we’re facing isn’t caused by any reasons that an interest rate rise can combat – and energy prices are falling back to normal levels. The hike in interest rates will not affect the cost-of-living crisis in any way.

Instead, it will prolong the recession that the Bank of England has already said will be the worst in many years – if not the worst ever:

And this will affect you – as Martin Lewis explained on Good Morning Britain:

Buckle up, buttercup! It’s going to be a long, hard winter – because the bankers (who, by the way, have had their ability to give themselves unlimited bonuses restored by the Tories) want you to suffer.

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Kwarteng’s mini-budget will still happen – probably at end of next week

Kwasi Kwarteng: he reckons he’s going to find a way to pay for Liz Truss’s energy price cap. But then, it’s not all that long since he said “fracking is over” – and look what has happened there.

A “fiscal event” to explain how the Liz Truss Tory governent will pay for its cap on energy bills will probably take place at the end of next week, it has been claimed.

We’re looking at September 23, it seems.

Also possible is an announcement of tax cuts to boost the economy and help (rich) people with rising living costs (that won’t affect them as much as the poor who won’t have help because they don’t pay tax).

During her campaign for the Tory leadership, Truss promised to undo the rise in National Insurance that was announced under Boris Johnson.

Apparently Kwarteng has announced a change in direction for the Treasury – that the department needed to focus on growing the economy by 2.5 per cent per year.

This follows the controversial sacking of top Treasury official Sir Tom Scholar.

Let’s have a look at that…

The implication is that the sacking was politically-motivated and Truss (along with Kwarteng and the rest) is replacing the UK’s formerly impartial civil service with one that is politically partisan.

This will lead to poor, ideologically-motivated decisions being pushed through by officials who should be advising politicians on the strengths or weaknesses of such moves.

It will destabilise the UK even further, at a time when we need a steady hand in charge.

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.

https://www.crowdjustice.com/case/mike-sivier-libel-fight/

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