| Jeremy sounds like Hunt 07:43 - Oct 2 with 4297 views | Cheltenham_Blue |
Has just said that cutting inflation by half to 5% means a “boost to people’s pockets”.
Completely ignoring that prices will still be rising at 5% per year. |  |
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| Jeremy sounds like Hunt on 07:52 - Oct 2 with 2906 views | GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |  |
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| Jeremy sounds like Hunt on 08:07 - Oct 2 with 2860 views | WestStanderLaLaLa |
| Jeremy sounds like Hunt on 07:52 - Oct 2 by GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |
So you think wages will continue at that level as inflation falls? |  |
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| Jeremy sounds like Hunt on 08:13 - Oct 2 with 2839 views | Herbivore |
| Jeremy sounds like Hunt on 07:52 - Oct 2 by GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |
Those rises certainly aren't across the board though and are unlikely to continue. 5% inflation currently when it has been running at or close to double figures for over a year already is not going to make people feel better off. |  |
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| Jeremy sounds like Hunt on 08:22 - Oct 2 with 2801 views | DJR |
| Jeremy sounds like Hunt on 07:52 - Oct 2 by GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |
Not in the public sector nor (it appears) for those on benefits, including presumably in-work benefits.
EDIT: surprise, surprise, an election is coming and attacks on those on benefits are starting, but don't expect Labour to be any better on this front. [Post edited 2 Oct 2023 8:27]
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| Jeremy sounds like Hunt on 08:24 - Oct 2 with 2778 views | GlasgowBlue |
| Jeremy sounds like Hunt on 08:07 - Oct 2 by WestStanderLaLaLa |
So you think wages will continue at that level as inflation falls? |
No idea. I’m addressing the here and now and the statement made this morning.
Not a defence of the government or their policies. The sooner they are gone, the better.
But with inflation falling and wag rises outperforming inflation, Hunt’s statement was factually correct. | |
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| Jeremy sounds like Hunt on 08:24 - Oct 2 with 2781 views | Dubtractor |
| Jeremy sounds like Hunt on 08:13 - Oct 2 by Herbivore |
Those rises certainly aren't across the board though and are unlikely to continue. 5% inflation currently when it has been running at or close to double figures for over a year already is not going to make people feel better off. |
5% inflation is still a disaster, it really bugs me how anyone tries to present it as a win. I look after the money in my job, and 10% followed by 5% are going to give me budget headaches for years to come, as those increases are now baked in. |  |
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| Jeremy sounds like Hunt on 08:24 - Oct 2 with 2780 views | Cheltenham_Blue |
| Jeremy sounds like Hunt on 07:52 - Oct 2 by GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |
Wages are going to rise by 7.8% again next year?
You’re sure? Because I need to plan a holiday. | |
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| Jeremy sounds like Hunt on 08:28 - Oct 2 with 2741 views | GlasgowBlue |
| Jeremy sounds like Hunt on 08:24 - Oct 2 by Cheltenham_Blue |
Wages are going to rise by 7.8% again next year?
You’re sure? Because I need to plan a holiday. |
Jeremy sounds like Hunt by GlasgowBlue 2 Oct 2023 8:24No idea. I’m addressing the here and now and the statement made this morning.
Not a defence of the government or their policies. The sooner they are gone, the better.
But with inflation falling and wag rises outperforming inflation, Hunt’s statement was factually correct.
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| Jeremy sounds like Hunt on 08:35 - Oct 2 with 2704 views | Dubtractor |
| Jeremy sounds like Hunt on 08:28 - Oct 2 by GlasgowBlue |
Jeremy sounds like Hunt by GlasgowBlue 2 Oct 2023 8:24No idea. I’m addressing the here and now and the statement made this morning.
Not a defence of the government or their policies. The sooner they are gone, the better.
But with inflation falling and wag rises outperforming inflation, Hunt’s statement was factually correct.
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Playing devils advocate to that, the 7.8% rise was in response to the 10% plus inflation that impacted prices in winter 22 and spring 23. | |
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| Jeremy sounds like Hunt on 08:36 - Oct 2 with 2701 views | Herbivore |
| Jeremy sounds like Hunt on 08:24 - Oct 2 by Dubtractor |
5% inflation is still a disaster, it really bugs me how anyone tries to present it as a win. I look after the money in my job, and 10% followed by 5% are going to give me budget headaches for years to come, as those increases are now baked in. |
Anyone working in the public sector or similar is going to feel permanently poorer. They've already had over a decade of real terms pay cuts and the rises they've had over the past year are short of the 7.8% being touted as the headline figure and well below the compound inflation we've experienced over the past 2 years. We're already at crisis point when it comes to recruiting and retAining teachers, doctors, nurses, and social workers and it won't be long before those jobs are simply no longer financially viable. Weirdly, lots of massive companies still seem to be making huge profits though so I guess we aren't all in this together after all. | |
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| Jeremy sounds like Hunt on 08:41 - Oct 2 with 2634 views | GlasgowBlue |
| Jeremy sounds like Hunt on 08:35 - Oct 2 by Dubtractor |
Playing devils advocate to that, the 7.8% rise was in response to the 10% plus inflation that impacted prices in winter 22 and spring 23. |
Yes. But we have hit the sweet spot where his statement is factually correct. It may not be correct if made next year.
But as a politician he has made a factually correct statement.
Nit much point in me making the same point again. Hunt is still a c***t if that helps. Although he is one of the more grown up politicians in the party. Which isn’t a particular high bar. | |
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| Jeremy sounds like Hunt on 08:45 - Oct 2 with 2618 views | DJR |
Interesting to note that August's inflation figure was lower than expected because of marked falls in airline fares and holiday accommodation costs, neither of which really benefits those towards the bottom of the income scale.
And this graph from the IFS indicates the inflation rate for such people is much higher than for those higher up the scale.
https://dmscdn.vuelio.co.uk/publicitem/b85c8b40-f72f-4271-a9eb-346d2131baa6/webv
[Post edited 2 Oct 2023 8:48]
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| Jeremy sounds like Hunt on 08:51 - Oct 2 with 2592 views | GlasgowBlue |
| Jeremy sounds like Hunt on 08:36 - Oct 2 by Herbivore |
Anyone working in the public sector or similar is going to feel permanently poorer. They've already had over a decade of real terms pay cuts and the rises they've had over the past year are short of the 7.8% being touted as the headline figure and well below the compound inflation we've experienced over the past 2 years. We're already at crisis point when it comes to recruiting and retAining teachers, doctors, nurses, and social workers and it won't be long before those jobs are simply no longer financially viable. Weirdly, lots of massive companies still seem to be making huge profits though so I guess we aren't all in this together after all. |
Not just the public sector. I have my own business. My pay is lower than it was in 2019, whilst my key staffs have increased considerably due to demand for their skills. | |
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| Jeremy sounds like Hunt on 08:51 - Oct 2 with 2592 views | Herbivore |
| Jeremy sounds like Hunt on 08:41 - Oct 2 by GlasgowBlue |
Yes. But we have hit the sweet spot where his statement is factually correct. It may not be correct if made next year.
But as a politician he has made a factually correct statement.
Nit much point in me making the same point again. Hunt is still a c***t if that helps. Although he is one of the more grown up politicians in the party. Which isn’t a particular high bar. |
I think factually correct is a stretch, especially as we don't know what wage growth will look like when inflation actually gets to 5%, it's still at 6.8% currently. The one off pay rise most will have received this year won't even make them as well off as last year, so prices continuing to rise at 5% will only make them have more in their pockets if they are fortunate enough to bag a higher than inflation pay rise again next year. | |
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| Jeremy sounds like Hunt on 08:54 - Oct 2 with 2582 views | Herbivore |
| Jeremy sounds like Hunt on 08:51 - Oct 2 by GlasgowBlue |
Not just the public sector. I have my own business. My pay is lower than it was in 2019, whilst my key staffs have increased considerably due to demand for their skills. |
But if thing improve for the economy and thus your business you will be able to remedy that issue. I cannot see anyone ever addressing the real terms pay cuts public sector workers have experienced over the last decade plus. | |
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| Jeremy sounds like Hunt on 09:03 - Oct 2 with 2559 views | DJR |
| Jeremy sounds like Hunt on 08:54 - Oct 2 by Herbivore |
But if thing improve for the economy and thus your business you will be able to remedy that issue. I cannot see anyone ever addressing the real terms pay cuts public sector workers have experienced over the last decade plus. |
Certainly it's not on Labour's agenda with only beer and sandwiches in the offing.
This from the i newspaper.
Asked whether a Labour government would consider blocking pay increases too, Ms Reeves said she understands why the pay review bodies are recommending 6% pay rises, but noted any wage settlements would have to be in line with her party’s fiscal rule – that debt must be falling as a share of national income after five years.
She told the PA news agency: “We’re very concerned about what’s happening in terms of public services.
“You’ve got lots of people in those professions leaving because of the terms and conditions and because of the workload, and the Government needs to try and support people through the cost-of-living crisis.
“I understand why public sector workers, and why the pay review body is recommending these wages.
“Of course I would, as chancellor, look at those and work with the different professions in the public sector to have a pay deal that is fair and affordable.”
Pressed on whether Labour would accept the pay review bodies’ advice, which could reportedly stretch to 6.5% for teachers, Ms Reeves said: “No, we haven’t even seen the recommendations of the pay review bodies, so I’m not going to preempt that.
“And I’ve also always been very clear that Labour’s fiscal rules are absolutely non-negotiable.
“But unlike the Conservatives, myself and my colleagues would sit down with workers in the NHS, in our schools and negotiate, whereas this Government refuses to do that.
“And as a result, we see the disruption in our hospitals and schools.” [Post edited 2 Oct 2023 9:04]
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| Jeremy sounds like Hunt on 09:08 - Oct 2 with 2518 views | Radlett_blue |
| Jeremy sounds like Hunt on 08:24 - Oct 2 by Dubtractor |
5% inflation is still a disaster, it really bugs me how anyone tries to present it as a win. I look after the money in my job, and 10% followed by 5% are going to give me budget headaches for years to come, as those increases are now baked in. |
EU average inflation is currently 5.9%. While I don't want another re-run of the Brexit debate, this certainly isn't a stick with which to beat the UK government (there are plenty of others). |  |
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| Jeremy sounds like Hunt on 09:12 - Oct 2 with 2505 views | Dubtractor |
| Jeremy sounds like Hunt on 09:08 - Oct 2 by Radlett_blue |
EU average inflation is currently 5.9%. While I don't want another re-run of the Brexit debate, this certainly isn't a stick with which to beat the UK government (there are plenty of others). |
Our inflation is still at 6.8% though, 5% is just the aspiration! | |
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| Jeremy sounds like Hunt on 09:14 - Oct 2 with 2490 views | WestStanderLaLaLa |
| Jeremy sounds like Hunt on 08:24 - Oct 2 by GlasgowBlue |
No idea. I’m addressing the here and now and the statement made this morning.
Not a defence of the government or their policies. The sooner they are gone, the better.
But with inflation falling and wag rises outperforming inflation, Hunt’s statement was factually correct. |
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemplo
If we’re talking about the here and now, inflation outstripping wages according to the graph in here. | |
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| Jeremy sounds like Hunt on 09:34 - Oct 2 with 2397 views | DJR |
Sunak said wrongly yesterday that halving inflation was a tax cut.
Hunt did not back Sunak up on this point this morning but appears to have made an equally incorrect statement.
This from the Guardian
Balls asked Hunt again to confirm that that [reducing inflation] was not a tax cut. Hunt did not contest that, but he said “reducing inflation compared to the level it would have been [means] that people’s household income is higher than it otherwise would have been”.
This is nonsense because halving inflation has no impact on the amount of a person's income, although it will have the effect that the person's income goes further than it would otherwise have done.
With two Chancellors (one a former one) getting this sort of thing wrong, what hopes is there for the country?
Then again, perhaps they know what they are saying is wrong, because they are playing to a public only 23% of whom think halving inflation means prices will still go up.
https://www.survation.com/public-conflate-halving-inflation-with-declining-price [Post edited 2 Oct 2023 9:42]
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| Jeremy sounds like Hunt on 09:42 - Oct 2 with 2348 views | Swansea_Blue |
| Jeremy sounds like Hunt on 08:35 - Oct 2 by Dubtractor |
Playing devils advocate to that, the 7.8% rise was in response to the 10% plus inflation that impacted prices in winter 22 and spring 23. |
Quite.
At our place, recently we had:
- a 1.5% pay award in 21-22, against an inflation rate for that period of 10% (8.5% drop in wages value).
- a 3% pay award in 22-23 award, against an inflation rate of 6.8% (3.8 % drop in wages value).
- a 5% award for 23-24, with inflation forecast to be at 5% half way through that period, so roughly equalling out.
So, while Hunt is theoretically correct at this point in time looking over the period of the last few weeks, he's also being disingenuous because people are still worse off than they were 2, 5, 10 years ago. It's like finding a coin in your garden while your house burns down. |  |
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| Jeremy sounds like Hunt on 09:50 - Oct 2 with 2311 views | Pinewoodblue |
| Jeremy sounds like Hunt on 09:08 - Oct 2 by Radlett_blue |
EU average inflation is currently 5.9%. While I don't want another re-run of the Brexit debate, this certainly isn't a stick with which to beat the UK government (there are plenty of others). |
EU flash rate( latest prediction) for September is 4.3%
https://tradingeconomics.com/euro-area/inflation-cpi |  |
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| Jeremy sounds like Hunt on 09:57 - Oct 2 with 2275 views | blueasfook |
| Jeremy sounds like Hunt on 07:52 - Oct 2 by GlasgowBlue |
Coupled with wages rising 7.8%, he’s right. |
I haven't had anything like a 7.8% pay rise this year, and I don't think many have! |  |
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