UK Cost of Living Increases: Who Should The New Chancellor Support…and How ?
The new occupant of No 11 has a thorny problem on his hands…it's a significant one, and not one he or his new boss can ignore.... We’re all feeling the pinch as a result of the most recent economic shock – Trump’s ill-advised Iran War, and this comes on top of a succession of shocks from Covid onwards. We all knew the economic pain the hostilities would cause; even before they started, a large slice of our population, on low wages but not entitled to benefits were really not able to make ends meet without taking out additional high-interest loans or cutting their outgoings to the bone. For some of them, yet another economic shock could well bring them to the brink of bankruptcy. The excessive electricity and gas price rises imposed by the supplier ‘cartel’ to maintain their profit margins, and sanctioned by a compliant OFGEM, have been particularly injurious. This trend was apparent well before the start of the Iran war, so cannot be blamed on higher world prices as the...