The fear of inflation has returned in the last year to attack the living standards of the UK,S working class. In this latest blog I will explain why the working class may face much bigger financial problems than in previous periods of inflation.
According to Trading Economics the UK rate of inflation will be about 5% in 2022. They also state that food inflation will be 4.5% for 2022. More worryingly according to the http://www.which.co.uk gas fuel bills will rise by an astonishing 54% from April in 2022. So inflation is back in the UK with a vengeance.
However there is a major downside to this rising inflation. According to Rooster UK the average wage increase for 2022 will only be 3%. Also according to the UK governments own website state retirement pensions,public sector pensions and social security benefits will only increase by an average of 3.1% from April 2022. So the average person will face a real income decrease of about 2% in 2022. This will be devastating for people on low incomes.
Also interest rates on bank saving accounts are expected to rise by only 2% in 2022. So again the real value of peoples savings will be cut by 3% in 2022. Again this will be devastating for working class savers and people on fixed incomes.
Personally I suspect that both the food shortages and the rising inflation is connected to both the covid events and the corporate elites plans to attack the standard of living of the working class. Also I feel it is part it is part of the elites World Economic Forum so called ‘great economic reset’ I have written about this ‘great reset’ in my previous blogs.
Personally I feel that the working class will suffer more than in previous periods from rising inflation, such as in the 1970,s. The reason for this is that in the 1970,s the percentage of UK workers in trade unions was about 50%. Now it is only about 22%. also now trade unions are heavily concentrated in the public sector. The percentage of workers in trade unions in the private sector is only about 10%.
So workers will find it much harder to defend their standard of living now. Due to the much lower rate of percentage of workers in trade unions now. Particularly in the private sector. Also alas there is much less social solidarity amongst people nowadays. There is a much more of an individualistic i’m all right jack attitude. Also peoples attitude are much more conformist. Hence the mass herd mentality during the covid events. In the 1970,s people were much more rebellious.
My personal life experience has told me that the working class cannot rely on political party,s to defend their living standards. The only solution is to recruit the majority of UK workers into trade unions. Also where necessary organize strikes to defend their living standards. Of course we must also build fighting leaderships of the trade unions in the UK.
Best wishes to all for the future.