Average income for UK workers will be worse in 2024 than 2019, think tank predicts
This parliament is the worst on record for income growth, a think tank has concluded after research into UK living standards revealed the average income for a UK worker is projected to be 4% lower in 2024 than in 2019.
A report published today by Resolution Foundation laid out the likely backdrop of living standards for a 2024 election, and, unsurprisingly, it does not look good for the Tory Government.
Although Rishi Sunak may meet his target of halving inflation by the end of 2023, the report lays out little sign of relief from cost of living pressures into the future, predicting three-years of income stagnation for UK workers, into 2025-26.
With a looming general election, this does not bode well for the Tories, with no example of a government ever managing to retain power with such a weak median income growth since comparable records began in the 1960s.
RISHI SUNAK’S five key promises, made shortly after becoming Prime Minister in January, have turned into five failures according to figures showing ministers’ lack of progress since then.
Taking his pledges in turn, inflation remains the highest in the G7 –with RPI still at an eye-watering 10.7 per cent in June.
NHS waiting lists in England this week hit a new record high of 7.6 million.
And Britain’s debt pile was bigger than its economic output in June – the first time this has happened in more than 60 years.
Today’s 0.2 per cent growth in Q2 GDP was hailed as an unexpected win for Britain’s spluttering economy, which the Bank of England says will remain sluggish for years to come.
And dangerous refugee crossings not only set a new record for the month of June, but fresh arrivals on Thursday saw the total number of people risking their lives to cross the English Channel on small boats reach 100,000 for the first time since 2018.
Madrid (AFP) – Climate activists said Sunday they had plugged the holes on 10 golf courses across Spain to protest at the sport’s excessive water usage as Europe lives through a severe drought.
Activists from Extinction Rebellion (XR) filled in the holes under cover of darkness in Barcelona, Madrid, Valencia, the Basque Country, Navarra and the Balearic Island of Ibiza to denounce “the waste of water during one of the worst droughts Europe has ever suffered”.
“Golf has no place in a world without water,” said a statement from the group, which uses direct action to underline its warnings about the dangers to the planet.
“Just one hole of a golf course consumes more than 100,000 litres of water a day to maintain the surrounding green,” XR said, citing figures from the Spanish NGO Ecologists In Action.
Experts say parts of Spain — which is the world’s biggest exporter of olive oil and a key source of Europe’s fruit and vegetables — are the driest they’ve been in a thousand years, with the prolonged drought depleting reservoirs to half their normal capacity.
Extinction Rebellion said it was part of a series of international protests “targeting the richest 1 percent of the population” through their golf courses, private jets and high-end cars to make clear that “the rich and their leisure activities that waste essential resources are a luxury we cannot afford”.
It should be clear – if you bother to engage your brain – that the climate crisis is already affecting inflation and the cost of living crisis. Less precipitation (rain) and disrupted weather [patterns] through climate change mean less crops and increased prices in the supermarket for your fruit and veg, vegetable and olive oil, all those goods made from wheat, corn, beans, etc. The Capitalists will tell you it’s all because of the war in Ukraine. Bollocks, climate change is adversely affecting crops everywhere, Ukraine is not the only place growing crops. Climate change is affecting everyone now.
It’s also noted that the rich are specifically
Related: Climate change crisis: Golf courses on borrowed time as Earth’s weather patterns become wilder
It’s not pay rises for ordinary workers that are fuelling the rise in inflation, it is corporate profiteering.
We’ve so often heard calls for hard-pressed public sector workers to show ‘pay restraint’, so that we can combat inflation. Indeed, the Governor of the Bank of England, Andrew Bailey, previously provoked outrage when he said workers should not ask for big pay rises.
Even in recent days, Prime Minister Rishi Sunak has hinted that he is unlikely to accept the recommendations made by public sector pay bodies for pay rises for public sector workers, including teachers and health service staff, in an attempt to tackle soaring inflation.
Millions of public sector workers who are struggling to make ends meet are expected to just put up with dwindling pay packets. And yet very little is said about the eye-watering corporate profits among those at the top that are driving inflation, with the Tories and right-wing press determined to keep the focus on those at the bottom and hard-pressed families.
Let’s be clear. It’s not pay rises for ordinary workers that are fuelling the rise in inflation, it is corporate profiteering.
Food prices set to overtake energy bills as cost-of-living crisis ‘epicentre’, report warns
FOOD inflation is up almost 20 per cent on this time last year, new Office for National Statistics showed today.
The consumer prices index (CPI) inflation fell to its lowest level for more than a year last month – but at 8.7 per cent still outstripped average wage increases.
The decline from 10.1 per cent in March was largely down to energy prices stabilising after the sky-high rises from a year ago.
But it was higher than forecast by economists, who had pencilled in a drop to 8.2 per cent in April.
The figures showed food inflation is at 19.3 per cent, down only slightly on March’s 19.6 per cent and remaining close to the highest rate for more than 45 years.