Bank of England

The Bank of England only has one thing it can do independently of Government and that is to change the base rate. They are also mandated to raise interest rates to fight inflation. So people criticising the BoE are criticising the wrong people, it's the Government they should be having a go at.

 

"The Bank of England only has one thing it can do independently of Government and that is to change the base rate"

Not arguing that multiple Govt policies and ideologies over years have brought us to this point BUT.....But, regarding interest rate hikes as a sloution? See leythtyke (post #30) and Mido (post #32) both making the same point which, incidentally, I agree with. IT needs some out of the box thinking from Govts, banks and economists with high inflation, supply shortages, deep recession, low wages all combining to create the perfect storm. I won't hold my breath!

 

I don't think people realise just how much fking money some people have.

The top 1% of people in the UK have more wealth than 69% of the population.

A progressive annual wealth tax of just 1% on 1% of the population would raise between £70bn and £130bn a year.

At the top end that would more or less fund the entire NHS each year.

 

The difficulty is screwing the money out of them especially if those trying to do the screwing are included in the 1%. The will has to be there and history show that the more people have a) the more they want and b) the more the sense of 'self entitlement' kicks in. Very few behave like Bill Gates and a handful of others who appreciate what they have and use it to benefit others.

 

It can be done by massive public pressure, but as you say, we've reached the point where those in charge of the economy have no interest in doing this because they are just an extension of corporate money that continually divides and rules the populace.

 

Unfortunately this is true... 'Blade Runner' was a cautionary tale, more than the story line of Androids " more human than humans" but a tale of environmental degradation, dehumanisation, personal estrangement which is gradually becoming reality.

Capitalism needs checks an balances to save us from ourselves. Unfortunately right wing (Conservatives in UK and Republicans in America) as well as Nationalists in places like France and Italy, seem hell bent on removing the already weak protection against excess that exists. The Putins Stalins and Hitlers of this World are relatively short lived but the ultra-rich controlling things behind the scenes prevail.

 

Will do mate. Ta.

 

There is a narrative that workers increase in wages is, or will cause inflation to increase, but the truth is that prices are increasing due to price gouging.

https://www.theguardian.com/busines...-are-driving-up-prices-in-britain-its-profits

 

I was unaware that the Governor of the Bank of England was claiming it was cost push inflation driven by pay rises . That is a complete load of bull*hit. Whilst it could be argued future inflation could be kept high by large wage increase demands being met e.g. 19% for NHS (even though they are justified) there is no way they can be the cause of the current inflation rate given for the past several years wages have not kept pace with inflation.
Either Bailey is totally incompetent, all my understanding of basic economics that I was taught was total nonsense, or he is towing the Govt/Establishment line and deflecting blame onto the general public.
I know which of those I veer towards. Worrying indeed.

 

There are no words, other than corporate greed & a desire to make the health service fail, so it can be privatised. Return to pre war serfdom. The wheels though seem to be falling off the Tory bandwagon. I sincerely hope that the Daily Mail readers can wake up. I'm woke & proud.

The opposite of being awake, i.e. "woke" is to be asleep. Pretty much sums it up for me TBH.

Good win today BTW against tough opposition. I wanted Cole gone, but I was wrong on that. He just needed some love basically from a good manager.