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"Inflation is not controlled by the government. It’s the job of the Bank Of England to try and control and is one of their primary legal requirements. Source BBC: Paul Johnson, director of the IFS, an influential economics think tank, said: "The job of cutting inflation is for the Bank of England not the government. So it was always inappropriate for the government to have a target….” "That's not their job and not something over which they have a lot of control." The government fiscal polices and actions can cause inflation to rise or fall. Polices and actions such as a poor budget creating market nervousness, or expectations that increase spending, and the obvious such as overpaying on public sector wage demands There are other factors that sit outside the BoE's span of control, fuel prices, energy prices, food prices and many other things. BoE manages inflation through its Monetary Policy Committee, as a tool to manage inflation only. | |||
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"Inflation is not controlled by the government. It’s the job of the Bank Of England to try and control and is one of their primary legal requirements. Source BBC: Paul Johnson, director of the IFS, an influential economics think tank, said: "The job of cutting inflation is for the Bank of England not the government. So it was always inappropriate for the government to have a target….” "That's not their job and not something over which they have a lot of control. The government fiscal polices and actions can cause inflation to rise or fall. Polices and actions such as a poor budget creating market nervousness, or expectations that increase spending, and the obvious such as overpaying on public sector wage demands There are other factors that sit outside the BoE's span of control, fuel prices, energy prices, food prices and many other things. BoE manages inflation through its Monetary Policy Committee, as a tool to manage inflation only." It’s still down to the BoE to get Inflation to the target the government of the day sets. It will write to the Chancellor and explain what’s happened and what they plan to do as per their Statutory Objectives. Government shouldn’t take credit when inflation falls, and shouldn’t be blamed when it rises. | |||
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"Inflation is not controlled by the government. It’s the job of the Bank Of England to try and control and is one of their primary legal requirements. Source BBC: Paul Johnson, director of the IFS, an influential economics think tank, said: "The job of cutting inflation is for the Bank of England not the government. So it was always inappropriate for the government to have a target….” "That's not their job and not something over which they have a lot of control. The government fiscal polices and actions can cause inflation to rise or fall. Polices and actions such as a poor budget creating market nervousness, or expectations that increase spending, and the obvious such as overpaying on public sector wage demands There are other factors that sit outside the BoE's span of control, fuel prices, energy prices, food prices and many other things. BoE manages inflation through its Monetary Policy Committee, as a tool to manage inflation only. It’s still down to the BoE to get Inflation to the target the government of the day sets. It will write to the Chancellor and explain what’s happened and what they plan to do as per their Statutory Objectives. Government shouldn’t take credit when inflation falls, and shouldn’t be blamed when it rises. " Yes it should be blamed when it rises if they are responsible, they own the fiscal polices and rules. The governments decisions impact inflation, just as oil prices do, which account for the latest uplift to inflation. The government will also try and control the inflation through budgetary decisions and policy, as an example not awarding over inflation rate pay rises to public sector workers. That is economy management 101, you are correct that it is the BoE who are responsible for managing inflation, you are not correct in assuming that removes all others from impacting directly inflation, such as government decisions and they are held accountable for those good or bad decisions. | |||
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"Inflation is not controlled by the government. It’s the job of the Bank Of England to try and control and is one of their primary legal requirements. Source BBC: Paul Johnson, director of the IFS, an influential economics think tank, said: "The job of cutting inflation is for the Bank of England not the government. So it was always inappropriate for the government to have a target….” "That's not their job and not something over which they have a lot of control. The government fiscal polices and actions can cause inflation to rise or fall. Polices and actions such as a poor budget creating market nervousness, or expectations that increase spending, and the obvious such as overpaying on public sector wage demands There are other factors that sit outside the BoE's span of control, fuel prices, energy prices, food prices and many other things. BoE manages inflation through its Monetary Policy Committee, as a tool to manage inflation only. It’s still down to the BoE to get Inflation to the target the government of the day sets. It will write to the Chancellor and explain what’s happened and what they plan to do as per their Statutory Objectives. Government shouldn’t take credit when inflation falls, and shouldn’t be blamed when it rises. Yes it should be blamed when it rises if they are responsible, they own the fiscal polices and rules. The governments decisions impact inflation, just as oil prices do, which account for the latest uplift to inflation. The government will also try and control the inflation through budgetary decisions and policy, as an example not awarding over inflation rate pay rises to public sector workers. That is economy management 101, you are correct that it is the BoE who are responsible for managing inflation, you are not correct in assuming that removes all others from impacting directly inflation, such as government decisions and they are held accountable for those good or bad decisions." The BoE should also deal with any impact that Government decisions have. That’s another Statutory Objective. Hence why some people are asking why nothing has been said about the BoE not dealing with the Truss budget properly. They should known what would happen but didn’t deal with it. | |||
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"Never voted Tory in my life but the reducing inflation, prospect of interest rates cuts to boost the economy and improved economic growth that Sunak left for the incoming government, has been pissed on by Labour. Q1 recession now likely. " As long as they only call it a technical recession. | |||
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"What’s going on Inflation up two months in succession Economy down two months in succession Business confidence index down four months in succession. Labour fucking up in every direction. " The answer to most of the statements are “not really”…… the markets were expecting inflation this month to be 2.5% a slight ish increase… coming in a 2.6 actually isn’t bad.. bearing in mind that most of the major sectors, food fuel and clothing all went up In fact the once outlier to market predictions over the last 6 months was to one that took inflation down to 2% (market was expecting a rise that month but got a fall) If you want to compare inflationary figures.. at the moment the eurozone is running at 2.3%, the US is running at 2.7% | |||
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"Inflation is not controlled by the government. It’s the job of the Bank Of England to try and control and is one of their primary legal requirements. Source BBC: Paul Johnson, director of the IFS, an influential economics think tank, said: "The job of cutting inflation is for the Bank of England not the government. So it was always inappropriate for the government to have a target….” "That's not their job and not something over which they have a lot of control. The government fiscal polices and actions can cause inflation to rise or fall. Polices and actions such as a poor budget creating market nervousness, or expectations that increase spending, and the obvious such as overpaying on public sector wage demands There are other factors that sit outside the BoE's span of control, fuel prices, energy prices, food prices and many other things. BoE manages inflation through its Monetary Policy Committee, as a tool to manage inflation only. It’s still down to the BoE to get Inflation to the target the government of the day sets. It will write to the Chancellor and explain what’s happened and what they plan to do as per their Statutory Objectives. Government shouldn’t take credit when inflation falls, and shouldn’t be blamed when it rises. Yes it should be blamed when it rises if they are responsible, they own the fiscal polices and rules. The governments decisions impact inflation, just as oil prices do, which account for the latest uplift to inflation. The government will also try and control the inflation through budgetary decisions and policy, as an example not awarding over inflation rate pay rises to public sector workers. That is economy management 101, you are correct that it is the BoE who are responsible for managing inflation, you are not correct in assuming that removes all others from impacting directly inflation, such as government decisions and they are held accountable for those good or bad decisions. The BoE should also deal with any impact that Government decisions have. That’s another Statutory Objective. Hence why some people are asking why nothing has been said about the BoE not dealing with the Truss budget properly. They should known what would happen but didn’t deal with it. " You are correct the BoE has a statutory role to respond to fiscal impacts, however it cannot preempt or prevent bad government decisions. Monetary policy operates with a time lag and cannot instantly counteract market shocks like those caused by the Truss budget. "The responsibility" for that event and any other bad policy / fiscal decision sits with the government, whose policy / fiscal decision destabilised markets, not with the BoE. Also the BoE did step in on the Truss budget to stabilise the bond markets by purchasing gilts temporarily, but it was a reactive measure. It could not preempt or fix the source of the issue, which was government fiscal policy. | |||
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"What’s going on Inflation up two months in succession Economy down two months in succession Business confidence index down four months in succession. Labour fucking up in every direction. The answer to most of the statements are “not really”…… the markets were expecting inflation this month to be 2.5% a slight ish increase… coming in a 2.6 actually isn’t bad.. bearing in mind that most of the major sectors, food fuel and clothing all went up In fact the once outlier to market predictions over the last 6 months was to one that took inflation down to 2% (market was expecting a rise that month but got a fall) If you want to compare inflationary figures.. at the moment the eurozone is running at 2.3%, the US is running at 2.7%" Inflation was expected to rise due to wage increases, but oil prices were the actual driver, so like for like comparisons with other economies is reasonable. However, we are facing unique government decisions and economic challenges that could push us onto our own separate inflationary path over the coming months. Negative business and consumer confidence, train strikes disrupting supply chains and travel, and the general national mood are likely to add enough pressure. The train strikes will likely slow spending over Christmas, as reduced travel hits retail, hospitality, and leisure sectors during their critical trading period. We will also have the impact of the wage rises at some point becoming a reality. If the government could manage the message a little better, lose some gloom (immediately) we could see an upturn at the till last minute, but it could be to late. | |||
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"What’s going on Inflation up two months in succession Economy down two months in succession Business confidence index down four months in succession. Labour fucking up in every direction. " Not good is it. They inherited falling inflation and managed to turn that into rising inflation. This in turn is expected to impact interest rates not falling as fast as first expected. Inherited one of the best growth figures in the G7 and then reduced it five fold. Still have the main impacts of the NI payments to filter in to come. Not to worry, none of this affects the working person. | |||
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"Never voted Tory in my life but the reducing inflation, prospect of interest rates cuts to boost the economy and improved economic growth that Sunak left for the incoming government, has been pissed on by Labour. Q1 recession now likely. " Sunak and Hunt somehow look like economic geniuses in comparison with Rachel from Accounts ! | |||
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"Wait till business pass on the national insurance payments to customers..." And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. " I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers. | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers." There is a third choice: workers are paid higher wages, but as a result, products and services become more expensive. When prices rise beyond what people can afford, demand falls, causing businesses to cut costs, which can lead to job losses. This pushes up costs further and creates a negative cycle where fewer people can afford essentials, and unemployment rises. Choose your poison, but it can never be all things are equal. | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers. There is a third choice: workers are paid higher wages, but as a result, products and services become more expensive. When prices rise beyond what people can afford, demand falls, causing businesses to cut costs, which can lead to job losses. This pushes up costs further and creates a negative cycle where fewer people can afford essentials, and unemployment rises. Choose your poison, but it can never be all things are equal." How did the economy run before the taxpayer used to subsidise people in work ? | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers. There is a third choice: workers are paid higher wages, but as a result, products and services become more expensive. When prices rise beyond what people can afford, demand falls, causing businesses to cut costs, which can lead to job losses. This pushes up costs further and creates a negative cycle where fewer people can afford essentials, and unemployment rises. Choose your poison, but it can never be all things are equal. How did the economy run before the taxpayer used to subsidise people in work ?" You are old enough to remember surely, and who brought them in. | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers. There is a third choice: workers are paid higher wages, but as a result, products and services become more expensive. When prices rise beyond what people can afford, demand falls, causing businesses to cut costs, which can lead to job losses. This pushes up costs further and creates a negative cycle where fewer people can afford essentials, and unemployment rises. Choose your poison, but it can never be all things are equal. How did the economy run before the taxpayer used to subsidise people in work ? You are old enough to remember surely, and who brought them in. " Yes brought in by Blair. The only way to get back to how it used to be would be to gradually ween us off it. Raising the minimum wage is a part of that process. How fast you do that is a political choice. | |||
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"Wait till business pass on the national insurance payments to customers... And the 6.7% on minimum wage. As of April 2025 every employed person will cost a company £5k a year. I suppose as a nation we have two choices. We can go back to the days when workers were paid a wage that covered the cost of living, or we can stay as we are and the taxpayer, which bizarrely includes said workers, basically subsidise the employers. There is a third choice: workers are paid higher wages, but as a result, products and services become more expensive. When prices rise beyond what people can afford, demand falls, causing businesses to cut costs, which can lead to job losses. This pushes up costs further and creates a negative cycle where fewer people can afford essentials, and unemployment rises. Choose your poison, but it can never be all things are equal. How did the economy run before the taxpayer used to subsidise people in work ? You are old enough to remember surely, and who brought them in. Yes brought in by Blair. The only way to get back to how it used to be would be to gradually ween us off it. Raising the minimum wage is a part of that process. How fast you do that is a political choice." The main problem with minimum wage is when it goes up by 6.7% it's only 75p per hour to a low paid person. But when you take a skilled worker it's much more if you get the same percentage pay rises. On the other point I will try and get a 6.7% pay rise but if I don't it feels like I'm in for a pay cut as the bottom unskilled are catching up with the skilled. Look at apprenticeship pay. Very little encentive to progress up word. | |||
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