When will the Cost of Living Crisis end? | Behind The Headlines
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- Опубліковано 4 чер 2024
- Your food bill is soaring, rent is through the roof and energy prices are out of control. It's the cost of living crisis.
The Bank of England pushed interest rates from 4.5% to 5% in June, with the aim of damping down inflation and bringing prices back in line. But is it working, and how long will the crisis last?
The Independent's chief business commentator, James Moore, goes Behind the Headlines to tackle the cost of living crisis.
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It will never end because we always vote for it to continue.
We?
@@hobomike6935 Shorthand for "our society". We like things the way they are because individual greed always overrules collective good. Sad because it protects gangsters who rob us all.
Maybe stop sending money to Ukraine 🙄 It's the US anyway who started it. Biden literally got top Ukrainian officials removed in 2006 when they were investigating his son. Hence Biden was corrupting Ukraine since 2006 and you UK people fell for all the propaganda that its Russia's fault. Now all of you are poor and the elite have you all fooled.
I don't vote, so I'm clearly NOT responsible for the utter mess that you, and others, have created by voting for maniacs.
Imagine still thinking voting matters. 😂
Once upon a time in a land far far away, higher interest rates meant higher interest on savings
Prove it
@@tanthaman No. You do the leg work
That's true, I guess the bank scammed us out on that. I don't think higher income tax means higher tax on savings though
@@TheTruth-id1in There was never tax on cash savings. Tax on just about everything else though. Investment gains for example
4% take it or leave it.
It can only end when ordinary people stop voting against their own best interests.
What are you on about. People vote tory because one day they will be a billionaire, and at that point - they win
I shopped voting for labour
Absolutely. Sheeple too divided and dumb to realise 😂. At this stage, most are getting what they deserve. Asleep and naive. Pathetic society
Just the beginning it wont end, prices seldom come down
Why even go on anymore? Just to make more money for the rich people?
You are right. Reduced inflation basically means prices don't go up as much every year. However outside of the basics, prices going down (deflation) isn't always a good thing. It means that people have the incentive to put off buying stuff knowing it will be cheaper later, hitting the economy further.
So many are still asleep in these comments. 😂
PSA: If voting mattered, we wouldn't be allowed to do it. It's not the votes that count, it's who counts the votes.
No longer a CRISIS, now just the new normal. Carry on people.
They should just dismantle all the budgeting the royal family gets through taxes and the government should take control of their assets freeing up much more wealth for common people after implementing a price cap on essentials such as food, heating, and housing. Also they should apply to be part of the EU again
🤡
I’ve had to miss a medical appointment this afternoon as I cannot afford to travel to it. I’m ready to end it all
Keep going 💪
Maybe the appointment was not going to change anything. A lot of doctors give you the option of doing nothing. Maybe the surgeon was not the best. Maybe for the better 🤔
Don't do this and let sunak and his cronies win!!
@@Sabadiver getting hard to.
Glad I left the country when I did, I love coming back for vacation but I couldn't afford to live in Edinburgh these days
I partially agree. but in my opinion there is much different split. In my view the biggest contributing factor to the inflation where lockdowns and the furlow scheme (entire country was not producing almost anything, and yet people were being given money for nothing, as such changing the balance between money/goods&services demand and supply).
so I would rate it:
1. lockdowns and furlow contributed 50-60% (all the extra money printing and "giveaways")
2. Brexit (supply chain colapse, and added problems on check which never will be resolved) contributed ~25%
3. Energy costs (UK only imported ~4% of the gas from Russia (so overall nice excuse to increase prices :P), but because we sell everything on open market we have buy using open market prices). Gov should be saying to the corporations - fine you can sell gas / oil whatever on the open market but only after you will fulfill our internat/local market demand at the same price as per 2019. this imo contributed ~15-25% to the current inflation issues that we are seing.
All of the above destroyed the balance in the economy and as soon as media started to talk about inflation and educated some of the people that over the ~10 years everyone was getting poorer year on year, the demands for pay raises started.
Now gov have to find new blance between state owned / payed jobs & services and taxes that it is getting from everyone, and that can be tricky and probably middle class (if one still exists) will get hammered. I'm terrified to think what people on benefits or those that earn less than £30,000-ish a year will do ;/
Middle class no longer exists. There's the Hyper-Wealthy 5%, the 90% poverty-line working class, and the 5% dregs of society who don't work and just expect a handout (this category excluding people who cannot work such as children under 12, *very* old people over 80, and severely handicapped people.)
The "Upper" class was absorbed into the hyper-wealthy after 2008, and the middle-class was assassinated in the years that followed. most of them are now working-class barely making it, or have fallen all the way into the unemployed category and simply given up on life.
Biggest reason for inflation is sanctioning the freaking biggest country in the world that gave you all cheap energy and heating 🙄 It baffles me how ignorant people are as to the importance of Russia to Europe
Oh and before you say you dont import energy from Russia or whatever. Uhmm you actually do, you just buy it from somebody else but it actually comes from Russia
My gas bill quadrupled last year.
It's just that people have forgotten how to live within their means.
Not if the Government and corps have anything to do with it, but you can bet they won't be hard done by.
I don't think it will ever end the companies and corps have realised how far they can push the boundaries. I think they will slightly soften the prices due to social pressures to keep them self in power. Greedflation is the new norm. IE I saw a sale on yogurts at the local supermarket $2.15 why not $2.00 always pushing the price a little bit more….
The Have and Have not gap is widening more than ever.
We are the most intelligent beings on the planet who could easily all live in prosperity not this stupid monetary society , raise salaries 10 fold and lower prices of all bills bring the good old days back when there where ppl who had disposable money from their income at the end of the month , I’d put minimum wage at £30 an hour in todays living ,, a grand a week is whet u need to be earning these days to get by okay anything less is unmanageable, minimum wage has gone up £2 an hour in over a decade , pay people a real living wage
“Pay people a real living wage” will never, ever happen.
They will only ever give you _just enough_ to barely survive, so you’re totally dependent on them. Any excess will be taxed so you can’t improve your quality of life or have any freedom
We have to now accept that the good times are over and hard times are coming
We need to find another planet
Elon save us please😂
James Whale is right about energy and greed flation
Amazing how one man can change the world
We need some kind of great reset. All prices of everything need to go down all at once. I know it won't happen because corporations only care about making more money but it needs to.
Had to stop my coffee enemas. Well I could go instant
I hear you. The other day, I had to by Spanish Wine & Irish Sausages. What is this country coming too…. 😮
For me it's a simple choice. Do I stay obese and live on expensive takeaway (claim it's cheaper) or do I eat less and buy cheaper food? @@mendipfox1650
I fully expect The Living Wage Foundation to bend the knee to corporations and go back on their method of calculating an actual living wage. Suckered by the inflation is down headlines.
Thr living wage is half of what it should be
Better to have a low wage than no wage.. you have to consider the viability of too high wage rises when so many small businesses are barely surviving. Big business yes - but be careful what you wish for for all jobs
@@Qlair2632 high wage goes back into spebding into the small businesses snd local communities they kno Salaries need heavy increase
There needs to be a new mandatory and permanent wealth tax
Be glad when it finely do end,Ive had the most toughest years this year,Not been any better really,Since the start of the new year,I cleared my debt's,All long gone out of the way,Had tough times,I sat here starving hungry,Living on next to nothing,I lost quite a bit of weight,Then I went to foodbanks for a little while,Now getting enough free foods at work,Also found better places to buy cheap foods,Any thing better than Jacket potatoes,Had to face work by increasing hours and doing more Jobs,Left me skint,While paying my house hold bills of,They more than incredit,Not got much to pay out each month,One thing to look forward for the new year,Let alone "spending cuts" now days
Now money for Ukraine
Don’t forget central bank printing money to cover government spending.
Never
Until wages catch up
they never will
the people in charge will do everything they possibly can to ensure you're given _just enough_ to barely squeeze by, with no savings left over, and nothing more.
This ensures you are dependent on them for survival, limits your freedom, and increases their ability to control you and make you do what they want.
@@hobomike6935Just revolt and screw with these people screwing you guys over. The UK is just so incredibly corrupt. And has the worst foreign policy with what they did to Russia. People of the UK dont seem to understand how much they rely on Russian goods to keep things affordable
when we get rid of tories, then some time after as whoever comes in next is screwed too.
Very true. Probably best we clear out the clowns who presided over this car crash first and then try to fix the damage.
Nightmare! enough said.
This is a price for Covid.
We all got money during the pandemic time.
The money was easily created but not products, services, or houses.
There is a big imbalance and the market is adjusting that til it will be in balance again. Thats it.
Someone has to pay for a party in Covid time. Eventually very devastating.
Spot on! Anyone who thinks that the furlough scheme, and endless printing of new money wouldn’t have an effect on the UK economy needs shaking.
I live in the states I saved all my stimulus money
When I saw a lady on all fours on the floor.of a bus trying to rescue a coin it.made.me.realize times are really hard.
Next will be better, that you think
You think prices are going to drop .i don't think so
it will end in 2030 when 'we own nothing'
Inflation......government printing money!
After WW3.
Mass printing money during lockdowns hasn't helped.
These cost of living crisis videos have been old for about 2 years now. BTW Did you know that things are getting more expensive?
As long as america funds Ukraine
No lol
we're dumping a lot of money into other wasteful foreign endeavors too instead of our own.
I have mixed opinions about Ukraine, but at the end of the day it's probably just another wealth/territory/power/control gambit by the government overlords.
@@ivanexell-uz4mv200billion dollars to Ukraine. That aint small. Plus sanctions on Russia actually cut you guys off from the largest supplier of cheap raw goods in Europe. Russia is the top supplier of multiple raw essential raw goods like oil, natural gas (heating), sunflower oil (for fish and chips), wood, enriched uranium, wheat, and so on.
Now I'm saying this not because oh I'm pro Russia or whatnot. I'm just realistically telling you how sanctioning the biggest country in the world was stupid.
Rice get ricer and poor get poorer
Do the noodles get noodlier?
You haven't seen nothing yet. Hyperinflation coming your way. Blame it on putin😅😅😅
It’s already here. Soon I won’t even be able to buy beans, rice, and water to eat, and will have to live at work.
@@hobomike6935 work. Wilco?
Oh, they're trying to. But the blame actually lies with NATO.
We should never have gone back on the agreement, and Putin would not have invaded.
To think, all those soldiers lost on both sides would still be with their families as well.
Quit voting for Socialism and an ever-expanding government. Go back to energy independence, closed borders, and tax breaks. Vote Republican. If you don't see the connection, deal with it. You're welcome.
Oh my God. There are a whole world out there. He isn't even talking about your countey😂
Every government in the uk, say that ne t year it will be better