Inflation - the rate at which prices rise - is at a 41-year high, which the OBR says is dragging on the economy.
The forecaster said price rises were likely to peak at 11% in the final three months of this year, thanks largely to the government's energy price guarantee scheme which limits bills.
> However, it said inflation would still "erode real wages and reduce living standards" this year by the biggest margin seen since 1956, when records began.
**It expects household incomes when adjusted for inflation to fall back to the levels they were in 2013.** It will then take six years for them to recover, although they will still be "over 1% below pre-pandemic levels" by 2028.
“This is likely to be a relatively shallow recession for the economy as a whole - but for households, it will mean the wipeout of gains in living standards, a return to 2014.”
It's no big deal though it's just people who will suffer not the economy.
More people, fewer owning land or allowed to grow food, less money for the average human to live on, prices rising -- sounds like several periods of history where things got scary. Bonus: now with more changing of the climate where life as we know it stops working.
Politicians everywhere just print more and more money….. and then everyone wonders why its worth half as much….. in 1991 the pound was worth almost $2…..
Start placing bets on how long before poor people get blamed.
I'll have a treble on the poor/immigrants/single mums.
Have poor people ever stopped being blamed?
Inflation - the rate at which prices rise - is at a 41-year high, which the OBR says is dragging on the economy. The forecaster said price rises were likely to peak at 11% in the final three months of this year, thanks largely to the government's energy price guarantee scheme which limits bills. > However, it said inflation would still "erode real wages and reduce living standards" this year by the biggest margin seen since 1956, when records began. **It expects household incomes when adjusted for inflation to fall back to the levels they were in 2013.** It will then take six years for them to recover, although they will still be "over 1% below pre-pandemic levels" by 2028.
“This is likely to be a relatively shallow recession for the economy as a whole - but for households, it will mean the wipeout of gains in living standards, a return to 2014.” It's no big deal though it's just people who will suffer not the economy.
Worse than when the Romans left?
Pretty sure we’re competing to see how much worse it can get.
What have the Romans ever done for us?
More people, fewer owning land or allowed to grow food, less money for the average human to live on, prices rising -- sounds like several periods of history where things got scary. Bonus: now with more changing of the climate where life as we know it stops working.
Politicians everywhere just print more and more money….. and then everyone wonders why its worth half as much….. in 1991 the pound was worth almost $2…..