Inflation to hit 15%

[onthefencesitter]

www.independent.co.uk/news/business/inflation-bank-england-cost-living-b2137311.html

www.theguardian.com/business/2022/aug/03/uk-inflation-could-reach-15-by-start-of-2023-experts-say

What do you all think?

I'm lucky that I can just about cover food increases, but I worry about people who can't as I live in a somewhat deprived area.

I also worry about the precarious medicine supply chains. I'm of the opinion that the UK needs to produce more of its own medicine.

What practical things are people doing now to protect themselves?

I'm guessing the key thing is to save and not spend money?

World beating! Go us! fastest and highest inflation roll out in the world! Thanks Boris.

I’m not sure how much the average/below average person can actually protect themselves @christmas2022. This is going to require security with stamina that a lot of households simply don’t have, have never had and realistically never had the opportunity to build.

I’m more worried we have more chance of becoming like a third world country.

@QuebecBagnet me too.

have you ever seen those comparison pictures from places like Syria and Afghanistan comparing life in the 70’s to now. It can happen so quickly.

The UK is set for the slowest growth of the G7 countries next year, the International Monetary Fund has warned.

www.bbc.co.uk/news/business-62299490

That doesn’t work when its value gets inflated away. Investing in stocks of non perishables at today’s prices makes more sense.

Yeah, most people have some slack but cutting out the monthly takeaway is unlikely to do much in the face of basic costs going up by hundreds a month. So many ordinary people simply don't have it.

In terms of slack, there was another thread with our a link to see where you stand income, savings & property wise. I was surprised by the amount of savings, I thought ours were significant but apparently not.

We are along the bottom of that ONS chart that was up this week.

No factories or trained staff.

We are at full employment and those unemployed wont be able to work in Pharma.

Anyway, former Govt minister (David Galk i think?) was on the radio yesterday and he said the reality is people will have to wear an extra fleece to keep warm.... perhaps but i bet he wont be.

Is anyone stocking up on non perishable?

yes we need to be panic buying

Yes. Not panic buying 🙄 but throwing an extra can and packet or two in the trolley with each shop. Things that always get used like tomatoes, tuna, etc. Cleaning products and toiletries too.

tbf everyone who stocks up says that but the preppers claim that if you are reacting to news which is making you buy more than you're apparently a panic buyer. 🤷🏻‍♀️

So what else in reality can we do as average people to protect ourselves apart from buying slippers and an extra fleece?

Saving and no spending? I'm not talking about stocks and shares, but putting money by where possible rather than getting that take away etc

brush up your cv. the only thing that will help against inflation is a pay rise and of course not everyone can get that, but people tend to get a pay rise when they switch jobs. Its a risk yes but not doing anything is also a risk.

@christmas2022 get a better paid job is the best protection if you don't have savings to fall back on.

obviously not possible for all but it's still the best thing one can do.

You may as well have said we all have the same 24 hours in a day and just work harder.

What are you struggling to comprehend @christmas2022? I stated a fact not an opinion...

Well yes, but that’s the situation we’re facing and why it’s so concerning.

There’s not much you can actually do about price rises other than make some fairly drastic lifestyle changes and cut your cloth. It’s unlikely that most can store enough non-perishables to last the crisis or purchase and install energy systems that would cushion the blow somewhat.

basically the best you can do now is adjust your expectations and brace yourself.

brush up your cv. the only thing that will help against inflation is a pay rise and of course not everyone can get that, but people tend to get a pay rise when they switch jobs. Its a risk yes but not doing anything is also a risk.

Changing jobs at the beginning of a recession is not a good move, many businesses are going to go bust and you'll probably have a better idea of your current companies ability to withstand a recession than a new one. Plus the possibility of last in first out.

The company I work for spends approx £200k per annum on electricity, they've been quoted £750k for the next year. Not a lot of companies can weather that kind of increase.

The UK is set for the slowest growth of the G7 economies next year. The IMF is predicting UK growth will fall to just 0.5% in 2023.

There is no employment protection in the first two years of a new job. It is not really a sensible move as the economy is grinding to a halt and heading for a recession.