Recession, inflation and interest rates

Somethings got to give this is exaggerating the scenario but what if 90% of the working population in this country couldn't pay their mortgage and bills because of inflation what would happen then
 
I heard a report on the north east news this morning in addition to food banks we now have seen the introduction of warm banks.
 
Mfc79 said:
I heard a report on the north east news this morning in addition to food banks we now have seen the introduction of warm banks.
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We're going to end up trading lumps of coal or firewood for potatoes and turnips. It'll be like medieval times. Anyone got a good recipe for acorn soup ?
 
I was leaving it for someone else to pick up on it and comment, but look at the UK on the graph i added.

Second worst in Europe for effect on the poor, but look at the differential between the poor and rich. France, Germany, Denmark, Finland, Sweden, the poor and rich are affected almost the same, but here...?

It really does show the inequality and the poverty in the UK.
 
I don't think Bozza really understood the risks when he 'stood up to Putin'.

The Ukraine situation was an opportunity to divert attention and get some 'Churchill like' done to restore his reputation.

He mistakenly thought that EU countries would take the brunt due to their over reliance on Rusky gas.

He thought the UK would be insulated from that pain.

He was wrong, massively wrong and he has f. the uk yet again.

Not sure how BoE could manage inflation when its driven by a dimwit PM who sheer incompetence leads to an economic catastrophe.

Bunter & co should stop blaming Putin, and really look at themselves and consider their lack of foresight that existed before they poked the bear.

They f'd up.
 
BiggEggo said:
I don't think Bozza really understood the risks when he 'stood up to Putin'.

The Ukraine situation was an opportunity to divert attention and get some 'Churchill like' done to restore his reputation.

He mistakenly thought that EU countries would take the brunt due to their over reliance on Rusky gas.

He thought the UK would be insulated from that pain.

He was wrong, massively wrong and he has f. the uk yet again.

Not sure how BoE could manage inflation when its driven by a dimwit PM who sheer incompetence leads to an economic catastrophe.

Bunter & co should stop blaming Putin, and really look at themselves and consider their lack of foresight that existed before they poked the bear.

They f'd up.
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Bollox
 
Soutra said:
Traditionally the tools to control the economy were monetary policy and fiscal policy. Now the BoE controls monetary policy, and the government controls fiscal policy.

So currently the BoE is trying to control inflation by increasing interest rates, while the Tory leadership candidates are planning to cut taxes.

There may have been good reason to separate the BoE's responsibility from the government, but now they are cancelling each other out.
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Sunak is arguing against tax cuts for the very reason you point out. Truss is the opposite. The two candidates are proposing something completely different whilst the msm sit back and say nothing. It’s a shambles.
 
Glover_elbow said:
Somethings got to give this is exaggerating the scenario but what if 90% of the working population in this country couldn't pay their mortgage and bills because of inflation what would happen then
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Another scenario. Apparently no government has ever withstood about 3.5% of its population protesting on the streets.
 
Ziggy said:
Another scenario. Apparently no government has ever withstood about 3.5% of its population protesting on the streets.
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That’s a great statistic, I wonder who came up with that one?

There are movements afoot regarding mass non payment of power bills, I wonder if this modern form of protest will have the same effect?
 
Over 12 years of Tory neo-liberalism.

"Making work pay"
"Working hard"
"Rewarding hard-working families"
"Rolling back the `nanny state` "
"Promoting choice"
"Prioritising free market competition"

Yeah?
 
Johnny Vincents Motorbike said:
Burnley, one of the poorest areas of england with one of the highest turnouts and votes for Brexit - what did the working and non-working-working class of Burnley think was going to happen to them ?
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That's one of the great tragedies isn't it? Swathes of impoverished and working class people voted for a process that was guaranteed to make the country poorer. Did they really think it'd be the rich that would suffer from this?
 
HolgateCorner said:
That’s a great statistic, I wonder who came up with that one?

There are movements afoot regarding mass non payment of power bills, I wonder if this modern form of protest will have the same effect?
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Sorry, Holgate. Should have put this in.


Mass non payment? Maybe if there’s enough traction.
But come winter when feeding your kids and keeping them warm could prove impossible for a lot of people.
Then feet on the street could happen.
 
Johnny Vincents Motorbike said:
The banks would take your house - and it would be placed for sale with bids - you would find yourself homeless and if children are involved you may get placed in a bottom end Bed & Breakfast house - the 10% not affected would be the ones who buy the property at a knockdown price - thats how capitalism works.

the gas, water, leccy companys would cut you off and you would be hit with a debters bad mark, affecting your options to borrow money from the banks or get stuff on tick from the shops.


its what people have been voting for these past 40 years - shrink the state - remove council housing - sell off the utilities that you already owned so that shareholders can turn a year on year profit - no home/no bank account/no job, the vicious circle.

its why socialists have been telling folk, that tory govt's and unfettered out of control capitalism isnt good for the masses, its only good for the minority few who are already very well padded and comfortable to start with. - its not like the tories havnt told the people what was going to happen and what they were going to do, cos they have, repeatedly ! - just listen to sunack and truss right now, theyre telling the vast majority of people on these islands that they are going to trod them into the ground and put their lives through a grinder - ive no doubt that some will still champion and vote for them at the next GE.

Ive just heard a vicar on Radio 6 tell about the unprecedented levels of poverty he is observing in Burnley - Burnley, one of the poorest areas of england with one of the highest turnouts and votes for Brexit - what did the working and non-working-working class of Burnley think was going to happen to them ?
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Unfortunately the brexiteers tapped into people's xenophobia, that their problems were caused by the EU and Johnny foreigner in general. They never really addressed the economic issues and just screamed Project Fear (and they're still doing it).
It's widely accepted that deindustrialisation in the UK was a driver for a lot of the disaffection that played a part in the Brexit vote yet Economists for Brexit 🙄 were openly declaring that Brexit would probably be the end of (what remains of) British industry. Go figure.🤷‍♂️
 
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