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Uk Inflation Rate Rises To 3.1%
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If you want rising inflation, together with rising interest rates, then voting Tory is the order of the day it seems.
If you want rising inflation, together with rising interest rates, then voting Tory is the order of the day it seems.
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Emmie....I am not anti-Government, just anti-Tory, which isn't the same thing !
OG...."The most recent data shows that average weekly wages are growing at just 2.2%".....so, inflation is higher than wage rises.
Its about time people stopped blaming Labour for all our present ills. We have been ruled by the Tories since 2010.
Whatever might happen Labour, this is what is actually happening under the Tories....high inflation and high interest rates.
OG...."The most recent data shows that average weekly wages are growing at just 2.2%".....so, inflation is higher than wage rises.
Its about time people stopped blaming Labour for all our present ills. We have been ruled by the Tories since 2010.
Whatever might happen Labour, this is what is actually happening under the Tories....high inflation and high interest rates.
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“NJ, isn't that similar to the housing thingy?”
Very much so. Except that with the housing thingy the lender has collateral in the shape of a house. With the government borrowing thingy the lenders only have pieces of paper.
“Think generation X will cause a wave of change.”
Yes. If they can be bothered to get out of bed and off Twitface or whatever else it is they bury themselves in.
“Its about time people stopped blaming Labour for all our present ills. We have been ruled by the Tories since 2010.”
If only the same could be applied to all those who blame Margaret Thatcher for all their misfortunes. She has been out of office for 26 years.
The reason that inflation is beginning to rise is that the country as a whole is not earning sufficient funds to maintain its lifestyle. Huge government borrowing has had to be undertaken to finance the governments’ (note the plural) profligacy. The result of excessive government borrowing is always inflation. Nothing comes for nothing (The Schoolboys’ Book of Economics, Chapter 1, Page 1).
Very much so. Except that with the housing thingy the lender has collateral in the shape of a house. With the government borrowing thingy the lenders only have pieces of paper.
“Think generation X will cause a wave of change.”
Yes. If they can be bothered to get out of bed and off Twitface or whatever else it is they bury themselves in.
“Its about time people stopped blaming Labour for all our present ills. We have been ruled by the Tories since 2010.”
If only the same could be applied to all those who blame Margaret Thatcher for all their misfortunes. She has been out of office for 26 years.
The reason that inflation is beginning to rise is that the country as a whole is not earning sufficient funds to maintain its lifestyle. Huge government borrowing has had to be undertaken to finance the governments’ (note the plural) profligacy. The result of excessive government borrowing is always inflation. Nothing comes for nothing (The Schoolboys’ Book of Economics, Chapter 1, Page 1).
"She has been out of office for 26 years"
Maybe so but the attitude she fostered in the community (particularity the bit where looking after number one and blow the rest of society was good (apparently there's no such thing as society anyway)) is taking a long time to die out. It didn't help that Blair pretty much endorsed her views anyway.
Maybe so but the attitude she fostered in the community (particularity the bit where looking after number one and blow the rest of society was good (apparently there's no such thing as society anyway)) is taking a long time to die out. It didn't help that Blair pretty much endorsed her views anyway.
!I don't recall being warned that rising inflation and rising was going to happen, in the run-up to the EU Referendum in June 2016 ?"
There was no need to have done so, Mikey. Inflation was always bound to rise whether we voted to Remain or Leave or even if we had no referendum at all. This current increase is absolutely nothing to do with Brexit. The only feature that could possibly be attributed to it is the exchange rate reduction. But that would have happened anyway because the pound was over valued (mainly because government borrowing was far too high). The exchange rate correction was prompted by Brexit and it may not have occurred quite so soon, but it would have happened by now in any event.
Anybody who has studied economics at 'O' Level (and even those that have not) will know that inflation always occurs when government borrowing is high. You cannot have the first without the second (though there may be a "lag" between the two). Once "Quantitative Easing" (aka printing worthless money for the government to spend) became fashionable inflation was inevitable. The only surprise is that it was suppressed for so long. The politicians' skill lies in spending money they haven't got for long enough before the excrement hits the air conditioning (and so maximise the "lag"). By then they have made their name, disappear into the sunset and leave the next lot to clear up the mess (and take the blame).
There was no need to have done so, Mikey. Inflation was always bound to rise whether we voted to Remain or Leave or even if we had no referendum at all. This current increase is absolutely nothing to do with Brexit. The only feature that could possibly be attributed to it is the exchange rate reduction. But that would have happened anyway because the pound was over valued (mainly because government borrowing was far too high). The exchange rate correction was prompted by Brexit and it may not have occurred quite so soon, but it would have happened by now in any event.
Anybody who has studied economics at 'O' Level (and even those that have not) will know that inflation always occurs when government borrowing is high. You cannot have the first without the second (though there may be a "lag" between the two). Once "Quantitative Easing" (aka printing worthless money for the government to spend) became fashionable inflation was inevitable. The only surprise is that it was suppressed for so long. The politicians' skill lies in spending money they haven't got for long enough before the excrement hits the air conditioning (and so maximise the "lag"). By then they have made their name, disappear into the sunset and leave the next lot to clear up the mess (and take the blame).
"...the Tories have been in power since 2010, and they must hold the responsibility for the situation we have now."
It stretches way back beyond that, Mikey.
QE began as a result of the banking crisis in 2008. I'm not blaming Labour for that crisis, nor for the strategy they adopted to deal with it. Something had to be done and they decided that was the best way to handle the problem. But the nation has been addicted to excessive public spending for decades.
Apart from a year or two either side of 1990 and again either side of 2000, the government has run a budget deficit since 1975. There is simply no will to run a balanced budget (or more precisely, no votes in doing so). To say that it is not achievable is false. The Attlee government inherited a 3% (of GDP) deficit in 1947 due to the huge debt run up in WW2. But by 1950 it was eradicated and a 6% surplus was returned. Yes it was austere, but that is what is needed if the deficit, government borrowing, and the resultant inflation are to be avoided.
This is nothing to do with party politics. The public are addicted to having the government spend around 40% of their income for them. Every time sensible measures are proposed to end this madness, howls of protests result. A recent example is that of "free" childcare. Up to a few years ago the government did not generally fund childcare. It was introduced at 15 hours per week and now stretches to 30 hours per week per child for many people. As is usual with such schemes, there are criticisms that even that is not enough (even though it benefits the recipient parents by about £5k per annum). So we've gone from a situation where the funds were not provided at all, to one where they are provided at a considerable cost, but it is deemed insufficient.
Governments have moved away from who they help (the most needy) to what they fund (for everyone). If the public wants these schemes funded (effectively claiming "free money" which the government has to borrow) then they must be prepared for the consequences and one of these is increased inflation.
It stretches way back beyond that, Mikey.
QE began as a result of the banking crisis in 2008. I'm not blaming Labour for that crisis, nor for the strategy they adopted to deal with it. Something had to be done and they decided that was the best way to handle the problem. But the nation has been addicted to excessive public spending for decades.
Apart from a year or two either side of 1990 and again either side of 2000, the government has run a budget deficit since 1975. There is simply no will to run a balanced budget (or more precisely, no votes in doing so). To say that it is not achievable is false. The Attlee government inherited a 3% (of GDP) deficit in 1947 due to the huge debt run up in WW2. But by 1950 it was eradicated and a 6% surplus was returned. Yes it was austere, but that is what is needed if the deficit, government borrowing, and the resultant inflation are to be avoided.
This is nothing to do with party politics. The public are addicted to having the government spend around 40% of their income for them. Every time sensible measures are proposed to end this madness, howls of protests result. A recent example is that of "free" childcare. Up to a few years ago the government did not generally fund childcare. It was introduced at 15 hours per week and now stretches to 30 hours per week per child for many people. As is usual with such schemes, there are criticisms that even that is not enough (even though it benefits the recipient parents by about £5k per annum). So we've gone from a situation where the funds were not provided at all, to one where they are provided at a considerable cost, but it is deemed insufficient.
Governments have moved away from who they help (the most needy) to what they fund (for everyone). If the public wants these schemes funded (effectively claiming "free money" which the government has to borrow) then they must be prepared for the consequences and one of these is increased inflation.
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Hereiam Married early 1972. House prices virtually doubled in the first half of 72 literally when we were searching for a house. Both of us worked and the mortgage per month was the same as my full time salary in a well paid job. And then later in the seventies mortgage rates went sky high. The house we bought was old and needed lots doing but at £7000 it was all we could afford. If we had bought three months earlier, it would have cost £3500. Gazumping was running rife.
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