Do we need to accept being poorer?

Do we need to accept being poorer?

Bank of England economist Hue Pill says we do

He says that responding by demanding higher wages and charging more for goods to protect shareholder income and profits just feed inflation

And we just need to accept being poorer

Well, he’s right about it feeding inflation but the point to note is it’s not just pay increases, it’s also companies and producers raising prices to protect profits, a viscous circle

And, as usual, it’s about inequality and the wealth gap and fairness

It’s understandable that in the face of eye watering price increases people will seek pay rises to try to maintain their standard of living

And our poorest simply can’t afford food and heating

And while the government and Righties are happy to blame inflation on wage demands, what are they doing to control company profits and rising prices?

So, are you prepared to accept being poorer and that your income, whatever it is, won’t buy you as much as it used too?

And who do you blame?

Or do you think your pension should increase to cover it and wages go up?

Or should more be done to control prices?


I tend to blame the ‘lock-down’ and it’s accumulative results. . totally unnecessary!
To some extent, yes, pensions and wages should rise to compensate.
Price controls should be widespread and an all-seeing watchdog set up with powers to enforce if necessary.



We have been going backwards for the last 10 years.

UK productivity has been falling and it is being productive which makes wealth.

Our living standards have been declining, for example try getting an NHS Dentist.

We need to change the system, incompetent manage and intransient unions just mean that things will get worse.


I don’t think it’s the unions being intransient, Swimfeeder, the unions are an easy target which ignores the intransigence of producers and companies protecting their profits

Allowing prices to rocket totally uncontrolled to protect profits and passing in costs to the consumer means that people can’t possibly maintain the standard of living they had

And for the poorest, whose standard of living wasn’t great anyway, that means going without food and heat

The unions have a responsibility to ensure their members get a fair, living wage

If we’re all going to be poorer and told to share the pain, then producers, companies and shareholders have to take their share of that pain too.

They are usually in a better position to do so, it shouldn’t just be the consumers and workers paying the price


This is mainly down to the UK workforce and its collective inertia where work is concerned. I can remember a very good quote from my Uni days “Inertia = a reluctance to do work” and that was from a very wise somewhat old lecturer, Prof Patrick Spense


I think I remember that the Wilson Government in the 60s was desperate to keep the pound sterling at about US$2.80. (I think they borrowed US$1000million from the USA to avoid defaulting on an IMF loan).

I had a look at the current exchange rate and discovered it is US$1.24

If that doesn’t mean you are poorer I don’t know what does.


I’m taking this with a rock of salt. It’s bankers talking. Inflation is driving some banks to bankrupt. He’s just begging people to stop inflation to stop the bank meltdowns, looking at self interest just like everyone else. He wants everyone else to starve so he can keep his job. I’m not moved by his argument.


The prices we pay for energy, food, and most other goods are controlled globally now by big corporations based anywhere in the world, instead of local family businesses who could produce and source locally, giving the community jobs and keeping transportation costs, and product costs down. The unions were able to give working classes better working conditions and fair wages, but now the unions have too much power and are counter productive. In their attempts to provide high wages to the workers, they have priced themselves out of a global market, hence all our shops are filled with foreign stock manufactured overseas. This country is now filled with service industries and very little industry, manufacturing, or skill.


Sad but true OldGreyFox,we have seen this coming for years.
I can`t tell you how many local shops have closed down in the Midlands,some high streets are non-existent.
And they should be turned back into homes imo.



Maree, I did not solely blame Unions, I blamed both management and unions.

Unless and until both sides accept that that things need to change our decline will continue.

I do not wanr that to happen, I want our standard of living to get back to where it was before the decline started.


You’re right about the shops, I’ve thought that for a long time

In the little towns around here, only the shops right in the middle get any trade, the others are all shut and boarded up or struggling and about to go under

With online shopping and out of town malls, it’s never going to go back to what it was

But it’s really difficult to get the councils to let you change the usage from shop to flats and accommodation, they just won’t allow it

Come on, we need more homes, we don’t need empty shops

And having more people living in the centre of towns would give the shops that are left a boost and stop town centres being ghost towns and a haven for vandals at night


Easy answer is to get rid of all politicians they are just leaches on any country. Economics alone determine the state of any wealth a country has

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Absolutely Maree,and yet charity shops pay no rent,which is fair enough to a point,but why don`t the councils halve the rent for a business, it does not make sense.



Charity Shops pay no Rent?

Where did that come from?

The vast majority of Charity Shops have private landlords, not Council.

They do pay rent.

They also pay Business Rates, which are set by Central Government, not by Local Councils.

If the Local Council decide to not collect the full Business Rate, the Government assumes that they are collecting the full Business rate, which means your Council Tax has to go up to cover the loss.


Funny how a guy on probably a six figure salary and no doubt generous perks ect, can tell us we must accept being poorer,


Exactly, it’s always the worst off who are supposed to accept being poorer

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I thought they didn’t pay rent too Swims but it seems you are right .
In my local small town there are at least four charity shops and the rent there is horrendous so I really can’t see how they could afford it.

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A country either needs to manufacture something that everybody wants, to be successful, or have natural mineral wealth…Oil, Gas, Coal, Gold, Gemstones. Allegedly, Lithium and Cobalt are quite sought after these days. The UK spends far too much on green projects and helping countries fight wars that they will never win. And did I mention money wasting ideas to knock 20 minutes off a rail journey from London to Birmingham.


Problem is foxy, we sold off all our manufacturing to overseas buyers

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