Rishi: Government Providing “Right Support” to Combat Inflation

Up in front of the pool cameras just now Rishi reassured everyone that the government has “all the tools we need and the determination to reduce inflation”, as the latest figures show it’s hit a forty-year high of 9.1%:

“I want people to be reassured that we have all the tools we need and the determination to reduce inflation and bring it back down. Firstly, the Bank of England will act forcefully to combat inflation. Secondly the government will be responsible with borrowing and debt so we don’t make the situation worse and drive up people’s mortgage rates any more than they’re going to go up. and lastly we’re improving the productivity of our economy, improving the supplies of energy we have, and moving people off welfare into work.”

Asked if the country is heading for a recession, Rishi claimed he is “confident” the government is providing “the right support to the economy at this time”. To the tune of £37 billion…

mdi-timer 22 June 2022 @ 11:12 22 Jun 2022 @ 11:12 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Inflation Outpacing Wages by Biggest Margin in a Decade

The latest figures from the Office for National Statistics show real terms pay fell by 2.2% between February and April when adjusted for inflation, and even including bonuses it only rose by 0.4%. The fastest fall in ordinary pay since 2011… 

Job vacancies, meanwhile, have hit a record high of 1.3 million from March to May, with unemployment up slightly from last month at 3.8% and the employment rate at 75.6%. Still lower than the pre-pandemic high of 76.5%.

Reacting to the figures this morning, Rishi said:

“Today’s stats show our jobs market remains robust with redundancies at an all time low. Helping people into work is the best way to support families in the long term, and we are continuing to support people into new and better jobs…”

Inflation is still expected to climb higher yet…

mdi-timer 14 June 2022 @ 08:59 14 Jun 2022 @ 08:59 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Rishi Announces £15 Billion Cost of Living Bailout

As expected, Rishi has fired up the money printer once again to combat inflation. The Treasury claims it’ll cost £15 billion, with £5 billion a year supposedly coming from the newly-announced windfall taxenergy profits levy“. Here’s what to expect:

  • Windfall tax on oil and gas companies. Projected to raise £5 billion a year.
  • One-off ‘cost of living payment’ of £650 to approximately 8 million means-tested households. Two lump sum payments directly to bank accounts.
  • Households already receiving winter fuel allowance will also get a one-off payment of £300.
  • Those on disability payments will also get of £150. Many of those in receipt of this payment will also be eligible for the £650 sum, bringing their total support to £800.
  • Universal grant of £400 to all households. Doubling the £200 energy bill loan, and turning it into a full grant.

Rishi boasted when making the announcement that his plan is more generous than that propsed by Labour’s Rachel Reeves. The levy will raise £5 billion a year, and this will cost £15 billion. The difference will have to be financed by borrowing repaid by taxpayers…

mdi-timer 26 May 2022 @ 12:49 26 May 2022 @ 12:49 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
UK Inflation Hits 7%

Consumer prices increased at an annualised rate of 7% last month, up from 6.2% in February according to ONS data released this morning.

This exceeds the Bank of England’s target of 2%, and higher than the rate of “around 6%” that it forecast at its last meeting. The Bank of England is well behind the curve…

mdi-timer 13 April 2022 @ 07:21 13 Apr 2022 @ 07:21 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Inflation Hits 30 Year at 6.2%

Inflation rose to a new 30-year high of 6.2% last month, at the very top end of expectations among analysts. Broader RPI inflation was 8.2%. This is data from February data, the full impact of the Russia-Ukraine conflict on prices had not fed through. Over to Rishi at 12.30…

mdi-timer 23 March 2022 @ 07:27 23 Mar 2022 @ 07:27 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Ukraine is Major World Exporter of Foodstuffs

Ukraine was predicted to account for 12% of global wheat exports, 16% for corn, 18% for barley and 19% for rapeseed. Sustained high oil and gas prices will, ironically, benefit Russia. Potash supplies used in fertiliser are another major Ukranian (and Russian) export. The inflationary effects of this war will be felt in European supermarkets…

mdi-timer 24 February 2022 @ 11:13 24 Feb 2022 @ 11:13 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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