Accept being poorer?

[tallcypowder]

news.sky.com/story/bank-of-england-rate-setter-urges-people-to-accept-they-are-poorer-in-fight-against-inflation-12866426

Oh ok then! Ffs!

Everyone ok with that?

Good question!

I sometimes wish we could put those people back on salary of 25k and wait for them to accept being poorer.

I would believe costs had genuinely increased for big businesses if their year on year profits had remained the same or gone down but as utility car fuel and supermarket profits have risen above the rates of inflation over the period of Covid, Brexit, Ukraine war and cost of living crisis, I can only conclude they are profiteering on the back of other crisises as their primary loyalty is always to shareholders not the customer
remember "every little helps" is aimed at the customer in advertising but in reality every litle helps the profit margin
The wee car garage in the village has always sold fuel, up until 2021 it was always about 8-10p dearer than town and 12-15p dearer than the supermarkets as the owner could not buy in bulk and get the fuel as cheap as they could; he made about 6p per litre. Now however his petrol is 2-3p cheaper than supermarkets and diesel is 5p cheaper and he is still making 6p a litre profit so supermarkets must have increased their profits by a lot> i would need to drive over 30 miles to find something even 1p a litre cheaper, the big increases in the price of milk are not at the farmers end

I saw this today and thought they really want people to believe they need to be poorer, just so those at the top can be even more greedy.

I worked out a few weeks ago that if wages had kept pace with inflation since the 1980s that NMW would now be £23per hour and an annual wage of £47k

Their job is to manage inflation and basically they have led the economy down the path of easy lending with the lowest interest rates imaginable.
Not sensible.
They now have a huge mess with people with masses of debt and the world all going to shit causing massive inflation.

They are a bunch of CF.

And this is why the junior doctors pay restoration demand isn’t “greedy” they simply want to be paid at the rate they would have been if NHS staff hadn’t been subject to austerity punishment.

but they're not doing anything illegal, the wealthy and powerful have taken great pains to make sure that the laws are written in a way which allows them to protect their wealth while the rest of us are increasingly impoverished.
Plus, those highly paid accountants work hard to exploit every loophole to it's fullest potential.
These rich people work very hard to hold onto and grow their wealth!!

And this is why the junior doctors pay restoration demand isn’t “greedy” they simply want to be paid at the rate they would have been if NHS staff hadn’t been subject to austerity punishment.

junior doctors are paid around £23 per hour

I have friends working on less pressurised jobs as semi skilled earning the same and more

Easy to say when you're earning £190k a year and living in a home worth £1.5 millions...

That is exactly what he means. Apparently he earns £190,000 per annum. It was on the 5 o'clock news! How condescending is he?

I was looking forward to my pension increase. Due on Friday but got my payslip today, the excitement. I've got £11 extra for the month, not quite sure what to spend it on, I mean it's about 30 odd pence a day so the choice is vast. I think it might cover my council tax increase, must check the figures, so that's something.

To be fair my state pension will probably be less disappointing, I hope.

We didn't have NMW in the 80s did we?

Absolutely spot on I'm afraid.

When I saw the article my first thought was what does Huw Pill earn and how much has that increased over the last couple of years. Bet he's not taken a pay cut.

I remember seeing jobs advertised for £2 per hour in the 80s

I read somewhere that when the likes of him talk about the economy, mentally replace the word economy with rich people's yacht money to get the truth.

I think I was on about £4k a year working fulltime so probably about that, although to be fair that was the very early 80s, I was on a lot more by 1989.

I wish I'd kept some payslips as I honestly can't say for sure.

Oh yes, it's very convenient if we blame normal people for the Bank of England totally and utterly failing at it's fucking job and missing its own targets by a mile.

Bet this fucker gets a bonus and would accept a Cost of Living increase if/when offered one.

Of course, when he says we need to accept being poor, he doesn't mean him.

I think I was on about £4k a year working fulltime so probably about that, although to be fair that was the very early 80s, I was on a lot more by 1989.

I was earning £130 per week in 1987 for a part time manual job. Tax was way over 25% and decreasing rapidly. So £6700 per annum part time 20 hrs per week and a 2 bed terraced house was selling for £25000 - now selling at £325k

Agreed

He gets paid £190k a year! It will take me 8 years to earn that so he can feck off!

It's true. The UK is becoming poorer and people do need to accept it.

The UK economy is built on services, not manufacturing like most other major economies, and services cannot and will not ever bring the same levels of productivity that manufacturing does.

We can kick and scream and say it's not fair as much as we like, but it's a fact that the UK is getting poorer and it needs to be accepted.

Supermarkets have a net profit margin of 2 to 3%. Yes it adds up to big numbers, but there really isn't much margin to play with, and it won't make much of a difference to prices even if they reduced it to 1%.

Well no it doesn't. A particular type of politics caused this. Why should we regress?

I find these remarks to be beneath contempt TBH . Years and years of Tory Govts have led to this.I have full support for Junior Doctors and Nurses /Teachers on strike ATM. Tone deaf remarks like this ,just makes everyone cross .Higher energy bills ,food prices rising weekly and mortgages increased .Wonder why we have had enough!