Although there will be some people that benefit from increased wages, I think ultimately we’re going to see many businesses failing over the next few years, rising costs will mean lots of businesses going under.
Fruit and other forms of farming won’t be able to make any profit at all, and farms will become wasteland, derelict. Ditto pubs, coffee shops and restaurants, more boarded up properties with no jobs for anyone, no taxes going to the government. A common story I’ve heard from many doing a U.K. holiday is seeing many places unable to serve food as the staff aren’t available.
Looking at hgv drivers, sure, big pay increases, but that has a knock on effect; now the bin lorry driver wants that too, and the local bus driver, and for them to get paid more it’s either your council tax going up, or the fares.
There is a thread just started about how you find a builder. I myself have employed builders in the past to improve the places I was living in. No way that’s possible now, so people will just make do with not doing the work. Again, stagnation, and less tax take, things not getting done. Rich people, or those with connections will be ok, your average person trying to get something done, less so.
So I think there’s going to be an awful lot of stagnation and things going backwards, or out of business completely. All the data about the economy seems to me to confirm this. It will be a disaster capitalist wet dream as they’ll be able to pick over the carcasses of businesses at bargain basement prices. No wonder Rees mogg and co are so in favour- they’re going to make a killing over the coming years. So although on the surface of things, people might say “I’m doing alright out of it”, on balance I think far more harm will be done overall to the country.