brogdale
Coming to terms with late onset Anarchism
The neoliberal transfer of wealth from earned to unearned income before our eyes.
UK Gas and Electricity Crisis Looming
- Thread starter Backatcha Bandit
- Start date
krink
I'll do it this afternoon
Cheers for that link, at least it's one less thing for me to worry about!
smmudge
i know the smudge is true
And this cunt sack who earns over half a mil a year, telling people not to ask for pay rises in this time of hyperinflation
Bank of England calls for wage restraint to keep grip on inflation
Two top Bank of England officials stressed on Friday the need for restraint on pay rises, drawing an icy reaction from unions and government, a day after the BoE sought to head off inflation running at a 30-year high by raising interest rates again.
www.reuters.com
cybershot
Well-Known Member
No worries, when anything news related that involves money comes up, I generally go to MSE as Martin Lewis and his writers put stuff in an easy to read format and explain things very well. It can still be very text heavy at times but at least it tries to simplify what is going on for the general joe bloggs. I see they've started doing video explainers as well for those that prefer to watch.
Louis MacNeice
Autumn Journalist
Interviewed on Radio 4 this morning he was quite explicit that current inflation was down to energy and goods price increases. Also acknowledged that the BoE was unable to do anything about current inflation; remember this is a key role of the bank. So the solution, according to Bailey, is to ask working people to cut their own living standards, help the BoE meet its target and keep him in post. Perhaps he was being ironic and I just missed it?And this cunt sack who earns over half a mil a year, telling people not to ask for pay rises in this time of hyperinflation
Bank of England calls for wage restraint to keep grip on inflation
Two top Bank of England officials stressed on Friday the need for restraint on pay rises, drawing an icy reaction from unions and government, a day after the BoE sought to head off inflation running at a 30-year high by raising interest rates again.
platinumsage
HaveMyPassword123
The worry is that transitory inflation from energy, supply chain issues etc becomes embedded longer-term through the entrenchment of higher inflation expectations..
Inflationary pay rises don't help working people if they lead to higher prices.
Inflationary pay rises don't help working people if they lead to higher prices.
two sheds
Least noticed poster 2007
I would like to understand this more, do you have any figures that show exactly how much higher wages lead to higher prices?
danny la rouge
More like *fanny* la rouge!
The effect of wage push inflation is vastly overstated and it’s only highly ideological economists who make the case for it.
Inflation is a supply side phenomenon. The idea that it has to be dissipated by being absorbed by wages is an obvious manoeuvre by capital.
MickiQ
In My Defence I was left Unsupervised
He's probably right from a technical point of view but like most people in his position he doesn't much understand the priorities of the plebs.
I don't think "The BOE says I've got do my bit to fight inflation" is going to cut it with many landlords/utility companies etc when folks can't pay their rent or energy bills.
I don't think "The BOE says I've got do my bit to fight inflation" is going to cut it with many landlords/utility companies etc when folks can't pay their rent or energy bills.
Louis MacNeice
Autumn Journalist
Deflationary wage cuts (which is what is being called for) don't help working people because they reduce demand and employment. That is on capital's own terms. Maybe the needs of workers aren't the problem; maybe it's the demands of capital? Not a revolutionary idea as was witnessed by much UK post-war politics up until the mid 70s, and is still in evidence elsewhere in Europe.
Doctor Carrot
Marxist Henchman
Is it true that the French government have told edf to suck it up and have capped rises to 4%? Whereas our government are going to forcibly lend money to us that we get the privilege of paying back over 5 years so the energy companies don't have to take a hit and our bills go up 54%?
Why the fuck do we just bend over and take this shit on this god forsaken, piss stained Island?
Why the fuck do we just bend over and take this shit on this god forsaken, piss stained Island?
Puddy_Tat
naturally fluffy
have i understood this right?
this year we get a huge increase on bills, less 200 quid
next year, we get this year's huge increase, whatever increase there is next year, and pay 40 quid of this 'loan' back?
makes me wonder if an autumn election during the 'new leader bounce' is the plan?
this year we get a huge increase on bills, less 200 quid
next year, we get this year's huge increase, whatever increase there is next year, and pay 40 quid of this 'loan' back?
makes me wonder if an autumn election during the 'new leader bounce' is the plan?
existentialist
Tired and unemotional
Apparently so...
France to force EDF to take €8.4bn hit with energy bill cap
Company loses fifth of market value after French government sets out plan to protect households
existentialist
Tired and unemotional
Worse, if you don't take the rebate, you will still be subject to the levy over the next 4 years.
It's so fuckin cheap and sleazy, you couldn't make it up...
smmudge
i know the smudge is true
Higher prices are already here and are not being driven by higher wages. People will use the money for living in a home, heating and lighting it, buying food, cooking the food... things they already have to do for a standard quality of life.
Transitory is looking a bit optimistic now, but workers are expected to bet their wages on it?
RainbowTown
Well-Known Member
No, you didn't miss anything at all. Your first instinct was correct. The arrogance of this man - currently earning £500, 000+ a year - is clear to see. He is just another example - like most in power in this country at the moment - of someone at the top who is totally devoid of any understanding or empathy of how the ordinary person is trying to make ends meet as best they can. People like him essentially don't care about people like us. They never have and never will.
elbows
Well-Known Member
Its entirely typical of the sort of topics that inevitably come up when inflationary feedback loops are feared by those whose roles involving trying to manage such situations. We've had decades without that stuff but now its back its no surprise that these old themes reemerge.
They are clearly rusty when it comes to talking about that shit without putting their foot right in it publicly.
They are clearly rusty when it comes to talking about that shit without putting their foot right in it publicly.
platinumsage
HaveMyPassword123
It's not deflationary wage cuts that are being argued for. It's pay rises that anticipate future inflation that should be avoided.
Anyone who thinks the BoE governor should step outside their mandate and start prioritising personal finances over macroeconomics is naive.
Artaxerxes
Look out, he's got a gnu!
How do you take the rebate?
danny la rouge
More like *fanny* la rouge!
I vote to be annexed by France, then.
not a trot
Well-Known Member
Wage restraint, as trumpeted by Heath and co.
Louis MacNeice
Autumn Journalist
They are real terms wage cuts; ie. below inflation wage rises. That is their point. I wasn't arguing that he should prioritise the needs of working people over the needs of capital, which is what your antisocial personal finance versus macroeconomics formulation is actually saying. I was pointing out his uselessness in meeting those needs.
Cheers - Louis MacNeice
teqniq
DisMembered
Sunak in full of shit shocker. Also according to the article everybody has to have the £200 and then pay it back. No choice.
www.examinerlive.co.uk
'Sickened' Martin Lewis viewers 'call for riots' over forced £200 debt
ITV's Martin Lewis viewers have slammed Rishi Sunak on the Martin Lewis Money Show tonight
existentialist
Tired and unemotional
I am so surprised that we haven't had some serious civil disturbance at various points over the last 10 years. I suspect that the longer it takes to happen, the huger it will be...and maybe it will be something like this that pushes people beyond their fear of reprisals and gets them out on the streets.Sunak in full of shit shocker. Also according to the article everybody has to have the £200 and then pay it back. No choice.
'Sickened' Martin Lewis viewers 'call for riots' over forced £200 debt
ITV's Martin Lewis viewers have slammed Rishi Sunak on the Martin Lewis Money Show tonight
MickiQ
In My Defence I was left Unsupervised
This is the massive flaw in Sunak's Logic, that energy prices will come down next year when they are at least as likely to go up. So what then we pay back £40 but get given another £200 so in 2024 we pay back £80 and so on ad nauseum.
I'm lucky enough to not need that money so why is he giving it me and sticking me with a pointless debt whether it's interest free or not? A better idea would be to target it or even better just stick an extra £5 per week on benefits but that isn't idealogically acceptable of course.
I'm lucky enough to not need that money so why is he giving it me and sticking me with a pointless debt whether it's interest free or not? A better idea would be to target it or even better just stick an extra £5 per week on benefits but that isn't idealogically acceptable of course.
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MickiQ
In My Defence I was left Unsupervised
Even better and therefore an even less likely option
wemakeyousoundb
hopefully not gimboid
He "technically" gave it back to the "deserving poor" (ie those who work for a poverty wage)
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