We Can't Trust The Inflation Numbers.
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- Опубліковано 17 жов 2023
- The latest data is out from the ONS so lets take a look at what it is telling us.
Here is the Sky calculator: news.sky.com/story/spending-c...
Here is the ONS data: www.ons.gov.uk/economy/inflat...
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One major factor was left out is that we are seeing global inflation. I saw it in the news that most countries are all competing for parts , products food etc. Even nations that managed their rates better are seeing major issues. The glut of money was an issue sure, but the surging demand from nation that re-opened from covid lockdowns played a larger role. Add to this pandemic-related staffing issues and the intentional global oil supply problems and its a nightmare. I known the intention was to explain inflation but that doesn't do justice to the current inflation on a global scale.
People are working so hard and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other no savings.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire..
Well agreed, you know it was way easier to navigate the financial market up till 2020, ever since it’s been dip over dip, I had to source for a certified financial advisor John Desmond Heppolette, to revamp my entire investment portfolio in order to hedge against inflation. It’s been over three years following his guidance expertise, I’ve grown a $370k stock portfolio to almost $2.5million thus far.
I curiously made a research of his full names after reading what you shared, I came across his web-page online. My portfolio suffered a big hit, holding it further won’t be any good. I’ve heard of people netting hundreds of thousands this red season I’m really glad to see this…
I've been making more than seven figures passively investing with John Desmond Heppolette, who showed me the right community to join and grow mv finances and I don't have to do much work. It doesn't matter if the market is crashing, I will always make great returns.
People are affected by inflation far more quickly than they are by a stock or property market crisis because it directly impacts their standard of living. The current level of negative market sentiment is not surprising. To survive in this economy, we urgently need your assistance. The ETF/Equity market continues to fluctuate. My portfolio of $370K is laid bare in ruins
Indices frequently go from a bear market to a bull market when the news is at its worst and investor confidence is at its lowest. This demonstrates how quickly the direction of the market may alter.
You need a Financial consultant to avoid being taken advantage of. They offer personalised advice to individuals based on their risk tolerance and investment capital. They do have a great reputation and some do have a strong track record to go along. I've made well over six figures since I started working with one.
@@ThomasChai05 That's impressive! I could really use the expertise of your advisors.
"Camille Alicia Garcia" maintains an online presence. Just make a simple search for her name online.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
Companys put prices up 20% and only give pay rises of 6%
What annoy me is that the government call on people to not demand pay wages but they aren't calling on companies and landlords to stop raising prices nearly as loudly.
People have to pass on costs. Mortgages go up, the person renting has to pay.
Government causes inflation with the central banks. They criminals and will use the corporate, legacy media to demonise people to shift the blame. People like landlords.
The government are corrupt. THEY create inflation by counterfeiting currency. Rising prices are a SYMPTOM of their currency counterfeiting.
"Inflation is always and everywhere a MONETARY phenomenon" - Milton Friedman
And I don’t recall them turning down their pay rise this year.
People demand higher wages,that feeds into higher costs and higher bills.
@@Trebor74wage growth has lagged behind inflation for decades, while corporate profit margins have increased by far above inflation percentages. The wage growth happening now is long overdue. The issue is businesses have got used to obscene profits and consistently pass the extra cost of labour onto consumers. Landlords onto renters. Pensioners onto the young (when it comes to the pension benefit burden versus national taxation on income).
The issue is robbing Peter to pay Paul. And by Peter I mean the working class, by Paul I mean the elite. We need serious taxation reform in this country to shift more of the burden onto corporate and billlionaire tax evaders and away from workers who actually spend a far higher percentage of their income back in the economy. And we need conflicts of interest removed from politics. Make lobbying illegal like any other blackmail or bribery related financial crime, which is what it basically is. Ban MPs from maintaining investment in conflict of interest industries, such as the energy, fuel, housing, mail, transport & water industries that used to be public owned & were sold out from under us. At the very least end the billions in annual subsidies. They’re either private enterprise, for profit, businesses or they’re public funded to keep prices down. We have by far the highest rates on public transport in Europe, and one of the smallest land masses to maintain, and we still pay a fortune to subsidise these companies to price gouge us.
Taxes go up & up, and for what? Can anyone here honestly justify why their council tax has gone up every year, while local services have been gutted, practically to non existence.
Something isn’t adding up, when we used to be able to fund buses, trains, youth services, social housing and all the maintenance that comes with it, from local government budgets, before council tax even existed, and now these services have either gone entirely, or been privatised and sold off to profiteers. Often foreign governments. EDF, Deutschebahn etc. Conservatives have played all their cards now. There’s nothing left to sell off anymore. There will be no “help to buy” to bail out our economy this time. There’s no social housing left to sell. All that remains is the NHS. And they’re doing a good job of making that unfit for purpose so they can justify flogging it to U.S. private healthcare & insurance giants.
This country has been asset stripped almost completely. There’s one thing left to get rid of and then we’ll be a fully capitalist economy being taxed like we still live in a socialist one. It’s borderline laughable as it is, how much tax we pay to live in a country falling apart at the seams.
Basically the amount of budget that used to run our national infrastructure when it was public owned has been largely diverted to Westminster. So where is it? We’re talking tens of billions here. When you look at what went on during Covid with the billions in contracts to mates, furlough fraud, and track & trace budget all getting swept under the rug, never to be mentioned again, it’s fairly obviously been going on a lot longer than most people realise. When you consider what we used to have to allocate budgets to, nationally, compared to now after privatisation. So where’s all our money gone? 🤔
Will the last person to leave the UK please turn off the lights...
Lights probably getting cut off sometime soon.
I’m right behind you!
Tories gonna be leaving a note for the next Govt
"Sorry, there's no money left, national debt is at £1 trillion(?) and interest payments are through the roof"!!
Would be good if our population declined but it's not is it?
Where we all headed ? ..
*Inflation goes up to double digits*
Rishi: "It's all external factors"
*Inflation falls*
Rishi: "This falling in inflation is all because of us and our policies"
it's the same for most countries. PM or Presidents take credit for anything good and deflect everything bad.
Do you think he will be calling the massive increases in mortgage repayments a "tax hike" in the same way as when he called halving inflation a "tax cut"?!
How how money we borrow for furlough from mr Rishi while he was chancellor of the BoE?? it's always gonna be external reasons to point out..
He is correct in that the Tories have been syphoning money out of England and taking on loans.. The serfs will need to pay
It’s all smoke, mirrors, greed, corruption & bollocks
Truth and nothing but my friend 👌
I bought my house in 2005, when the financial crash happened the automotive industry collapsed. I managed to keep my job and from 2009 till 2018 i over paid my mortgage, always looked to get the best fixed deal. Mortgage free since late 2018, always thinking that rates wouldn't stay as low as they did. Glad i had the fear!
Sitting pretty. Fair play to you
Well done! After paying off mortgage, where did you channel your money? Invest? Spend? Save?
@rinakaur7245 Saved, started investing 2 years ago after watching Damien's channel.
Good job, not trying to rain on your parade but overpaying your mortgage during the extreme low inflation period we’ve enjoyed doesn’t make much financial sense, it’s an emotional investment. You would of been much better of locking in a low mortgage rate and investing the money in S&S. You would of got the same return on the house against low borrowing costs and grown the money you put into your house at a far greater rate would you of put it into a standard index fund. This would of been enough to pay of your house when you are forced to remortgage against unfavourable terms plus the extra you would of compounded over 14 years of much better returns, in an ISA this would be completely tax free. Could of even put spare money into a AVC or salary sacrifice and avoided paying income tax further increasing your gain.
@nunuknowstheway6710 fully agree but at that time I wasn't investment savy. Plus I can tell you when covid hit having that stability of having money in bank, mortgage paid and again not sure of having a job after the first lock down was good for family mental health. Must admit now with several podcasters I am getting more comfortable now with understanding investing. Thanks for the information though 👍🏻
Inflation is producing a slew of problems throughout the world, including food shortages, diesel and heating fuel shortages, and housing prices and financial market crash. This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
There are lot of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts. Trying to earn big in this down market without an advisor is like trying to win the Indy 500 riding a llama.
I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Bloomberg found out that demand for Financial-Advisers sky-rocketed by over 42% since and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 580k within 16-months from an initially stagnant Portf0lio worth 126k.
@@theresagarcia1218 Inflation is over 10% here, but as we know it's definitely way more than the Government would like to admit. My plan is to earn more passive income and ride this out, can your Investment-adviser assist?.
@@greenquake11931DefiniteIy!! All of this occurred in less than a year after “”BRIDGET MARY TUROW”” started coaching me. I started with a few thousands and i'm now considering retirement shortly... You can search her up if you require assistance.
@@theresagarcia1218 I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a session with her and hopefully it all goes well. Thanks.
Honestly this country is knackered! My advice to people in the UK get your money out this government is crippling the lower and middle classes while the rich are getting richer off your back 🤷♂️
Compounding inflation! Scary. Entertaining and informative. Great work Damien
Hello mate 👋
I got an airfryer for my birthday last week, definitely popping a lamb shoulder in there, hope it comes out better than those inflation figures
Lol
As a renter who just had to find a new home in this market, I can tell you it’s savage out there right now. We’re looking at a £300 per month jump from £1300 to £1600 and that’s with losing a bit of floor space, a lot of garden space & moving another 20-30 miles further out from London.
We moved a year ago and there were a lot more options available. It gets even more brutal when you’re looking for anything affordable for a single person. We’re a double income household both making above average incomes, but I have no idea how single people or young families are going to cope with housing inflation like this.
"another 20-30 miles further out from London."? That's not london mate, that's Crawley, or Reading, Luton, Southend, Guildford and Maidstone distance
@@SpahGaming I said ANOTHER 20 miles. Moving from Maidstone to Canterbury. At least the town is nicer
Kent rents are ridiculous for how low wages are around here. The only way to make it viable is to work for a London based company, preferably remote
Thank you for your comment - I agree renters are being shafted, kier Starmer’s Labour looks like they don’t care also, I knew Tories wouldn’t.
I’ve seen Ukrainians arrive and given large housing with welfare benefits in my area, there was no vetting on these families and I’ve learnt some of them own large properties in Nothern Ukraine, they left a safe space in Ukraine because they knew this would get them into the housing ladder in the UK…
I can’t understand how ordinary UK born workers are meant to thrive with a gaslighting UK government, especially if they don’t come from family money.
I see well off families buying the 30 year old ‘children’ flats and nepotism at workplace…
Where is the hope?
@@ROSE-mq3qdwow, being envious and resentful toward people who’s country was invaded and suffered gods know what personal tragedy, with attitudes like yours the UK deservers its current situation.
Thanks mate great update! Saw the numbers already but really helps to have the detailed analysis to understand properly 🙏
I bet the majority of people havn't haven't seen any kind of pay rise.
Damien, as a 31 year old individual who started some investing (credits: you) , this episode genuinely making me nervous and worry. Can we get another “coping up with inflation and all bad UK economy news” video next?
Thanks for the insight- all luck to you !
Brilliant analysis - just one trivial point: people buying a house on a mortgage are not home owners, they are home buyers. There's a big difference: a mortgage can beggar a household, just like rent. There is an odd fashion for this error.
Yes this is something that people seem to not think about anymore, there is a big difference between buying on a mortgage and owning your house. The latter has become exponentially more difficult the past decade
The idea that 9 people in the Bank of England can set the price of money is ludicrous.
It’s one of them ideas that people accept blindly without realising the consequences.
well it’s better than the old system of the government i.e. a single person : the chancellor; deciding.
That's Central Planning for you, or in reality, Communism.
Great insights and research bud, perfect way to summarise where we are currently.
Especially with the home cooked boneless lamb shoulder, personal fave of mine.
I just hit the like before watching the videos, they are all sound, no nonsense and a good summary of whats going on, cheers Damien
You legend Glenn! Thank you
Tesco's Granola went up from £1.70 to £2.00 to £2.10 and now to £2.50 - that's not 6.7% !
Cause its full of all that expensive sugar!
getreal7964
Nobody who is cost conscious even dares to even look at granola, its like lamb its way to expensive
Before New Labour, we used RPI as the measure of inflation, it's 9%.
It should also be noted that for a lot of people 40% of their pay rise is disappearing in tax due to the frozen tax bands. Every year (to 2028 at least) more and more people are dragged into this. There is therefore a big difference between pay rise % and the in money in your pocket.
I do mention fiscal drag which is the phenomenon you are describing. The freezing of tax bands is the single biggest tax rise in decades.. Shocking
It’s worse because people like me refuse to do overtime because of extortionate tax.
Some older people just stop work altogether like my mate with a pension. His words “I’m not working to give most of it to the government, I’ll play golf instead”.
His production and productivity is lost from the economy. One person won’t make much difference, but there will be thousands like him and they do.
If you think at 40% tax rate your essentials will likely be covered. So, everything you buy will have VAT, another 20% taken. Most goes to the government.
If you are like me, with three children, we lose some child benefit (not sure the name because I don’t see it, my wife gets it). My effective tax rate becomes 72%. Add the VaT tax….
I refuse to be milked like a slave and I don’t think pumping up my pension instead is going to help. They will tax that to the hilt when they need another boost to their coffers.
@@paarker I know people in the same position re overtime, I work it myself now but avoid the tax by paying AVC. That's not sustainable though and there's a good chance with another pay rise or two I'll stop doing it and then maybe stay below the threshold by going part time.
exactly right all above. but also going to work is _expensive_ . transport, food, laundry, etc all contribute, so who can blame people for refusing overtime when out of date tax bands take most of it.
@paarker I'm in the same position with 3 kids. I went the pension option for a while, but I'll move to the part time / no working option after a while.
Thanks Damien, gteat vid - i always look forward to hearing your perspective.
We're all sitting at home watching the UK implode after years of financial mismanagement. And there is no easy way out of the shocking mess we're in. I can't see how we can avoid a recession.
Pssst, we’re already going through one
I heard that the deputy at the BOE is WEF 😮.
HOW DO YOU NOT KNOW THIS BY NOW? No one, not the government, not the economists, know what is going on nor what to do. Uncharted territory due to self inflicted wounds.
Beautiful analysed and wonderfully explained. Thanks for the break down and thoughts as always fella 👍🏻
Great video👍 The lamb reference is Baa-riliant!!
Quality and funny episode mate. I like the final cut 👍🏻😂
Mate home killed lamb! Wtf
Thanks Damien.
Soooooooooooooooooooooooo waiting for this.
You are always welcome
thanks for coming Damo. Im here for lamb bants
Good vid Damo, bleak times but your content sums things up well so at least we know where were at and where we need to go👌
Keep on stacking 🪙🪙🪙
You're spot on about the rising cost of services and how it's connected to wages going up and prices following. It's like a cycle that keeps going. Great video!!
Another educated and balanced vid mate - keep it up 👏👏
Superb update 👍
Thank you Darren!
EXCELLENT. Fun and educational 😃👍👍👍👍👍👍👍👍👍👍👍👍
Still baffles me how inflation figures are so low but some commodities have gone up over 100%. Nearly 10 quid for a jar of coffee nowadays, was like 5 quid just a few years ago. Mens deodorant was a quid, now 2-3+ quid
Decent update there Damo. 41 months would be ideal for me as mortgage fix finishes around then 😎
Another great update mate. I'm on what I thought in the past was 'a great salary' but because of the fiscal drag and inflation I honestly don't feel like that at all. I don't envy Bank of England employess their job now, but I'm quite reluctant to feel sorry for them. Leaving interest rates at 0% for so many years was a huge mistake, that they aren't even being held accountable for...
Bang on... a problem of their own making!
I'm sure the large bonuses make them feel better...
Completely agree. As flagged in the video...the BoE website posits that rate rises take a few years to have an impact....then why the hell leave it so late or so low for so long.
Also don't get me started on the continuation of QE for as long as they did. Must be a combo of group think/inertia.
I’m the same. I felt I was taking a good job, but where the money goes. Who knows. I know doing 12 hours shifts to see it not in my pocket is wearing thin.
Well covid happened so raising rates at that time would have gone down like a lead balloon with the public. The war in Ukraine then happened which pushed inflation over the edge. Also brexit is the silent inflation provider. Its was a perfect storm...
Also who here has had 8% pay rise? Who is getting these large pay increases? I had 4% and thought that was good...
Example, a tube of silicone was £1.70 now nearly a £5 that's in 3 years
There is a huge repair bill for damage from storm. Where is the money comming from. Where is the workers to do the repairs..
50 pound gets you barley anything, the uk really need to sort this shit out or [people are really gonna start starving
The situation is moving dangerously close to critical. If this doesn’t improve, I feel like something’s going to give and everything is going to break down. The government are rattling the economy too unpredictably
They must think we are stupid
How do you differentiate between true inflation and bandwagon price gouging
This country really is going to the dogs - can't see any scenario where things improve.
You're not wrong...😠😡🤬
I think the dogs are turning up their nose's
I'm not in the UK, I'm in South Africa at the moment. But I keep records of all of my expenses .Two examples : The cost to fill my car has doubled since 2019. Cat food has also literally more than doubled. I also suspect there is allot of price gouging going on.
I would reckon most of it is.
Well expect interest rates to go up.
The ONS used to be one of the most trusted institutions in the world but since they decided to move the office out of London to Newport, South Wales, and 90% of their esteemed statisticians said, “bye bye,” it has been falling apart.
The blue book update was one big fiasco and now the basket of goods is making less sense every month.
And it's not independent but rather controlled by the government
I don't commute to work anymore. That saves me loads of money
I went ‘round to my corner café a couple of nights back for ice cream for my wife… ice cream is up 35%. ‘Looked around the store at things I buy from there often: Winegums - up 25%, Pringles - 30%, bacon - 20%, pasta & fresh cream - at least 10%.
The way i see it any wages rise is always going to be below inflation, since inflation comes out of your net pay where as a pay rise is gross.
A 5% pay rise for me results in about 2.5% increase after tax. So inflation would still exceed that.
The elephant in the room is,the banks are sitting on massive unrealised losses on bonds and gilts.
And more interest rate rises make this worse.
They are probably just trying to balance things out and hope it goes down without more rises.
Interestingly govt borrowing has reduced over the last months because the UK govts debt mountain is being inflated away resulting in lower govt interest rates while hard working people see the value of their savings stealthily whittled away.
Its food prices and supply chain issues driving inflation, not oil.
Oil goes up all goes up energy runs the world🤜🏽
Wasn't energy and gas supposed to lower their fees? I still pay the same as we did when support came through. At this rate Winter bills is going to cost £200+ monthly if we endure a bit of cold throughout.
They are laughing at us.
Home killed lamb shoulder😂
Another brilliantly informative video Damo
They make good pets, very cuddly
I'm so lucky, thanks to my personal circumstances I've barely felt all of the inflation. The worst was obviously energy bills last year.
Interesting stuff and extremely well presented…….I feel that the wage growth tapering off is actually a precursor to redundancies,job losses and companies folding.The focus is all about household debt however we should also be looking a levels of corporate debt and in particular smaller companies,many of whom have really only been surviving on cheap borrowing
There's some truth in this I feel. I also think much of the economic growth we've seen since 2007 has been fake, and as a result of low interest rates, and additional mortgage debt, which h the banks magic out of thin air. All that extra cash generated at the click of a button with low interest payments, now all of a sudden the cost of servicing the debt is astronomical due to all the interest.
Dammit! Now I want lamb shoulder 😕
first things to get pricey usually are coffee, sugar, fuel and tobacco. these become short supply.
8:50 not just that they have to decide on what to do with very limited tools and the tools they have are not particularly useful for the current causes of inflation and the exact tools you would use for this current crisis are not under their control and the government is not using them either.
Who is killing their own lambs?
Meeeee
Central banks by keeping us in perpetual war's.
Lol
A few years ago I was "doing the bins" near Portobello road, a residential street, I picked up a bag so heavy it ripped and a goats head fell out! An actual goats head.
Not sure about lambs but it happens for goats too lol.
Now that I think about it, it could have been a lambs head, a fat one.
HMRC and Boris
Sugar can be converted to fuel, so it's price is related to the cost of energy.
Home killed lamb shoulder. I learned something new today. Where can I get some?
Bank of England have bottled it in my view
When Labour spend all that cash inflation will decrease obviously
The local flats have increased in rent by around 30% in the last few months. Whether it is caused by the increased mortgages, or some landlords taking advantage of the trend in rises, don't know
Yes. I was waiting nervously to see if my landlord would raise my rent this year - luckily he didn't - probably because we are already paying a lot!
'Looks like Lamb's back on the menu boys!'
It would be insane to raise rates again as it will only worsen inflation.
BOE need to incentivise saving without raising the cost of debt. Policy changes, to curb borrowing and high interest bonds offered.
Love a bit of home killed lamb shoulder😊
BoE fucked up by not raising rates. I expect a 0.5% rise soon to make up for it.
People with very little money don’t affect inflation. People with money are spending money increasing inflation. The tax system in broken. Too many people with money and too few that don’t have enough and being taxed to death.
Conservative government for you that is my friend, they never been any different!
Could we not tax back some of the QE money instead of raising interest rates?
I’m more of a boneless lamb shoulder type of guy 😂 this is my new saying of the month
And here I am sitting never fancied a home killed lamb shoulder...
Oil not going to drop any time soon, due to opec countries restrictions to keep it deliberated high
How many takes before delivering that last line with a straight face! 😂
Some services have nearly doubled take my local barbers was £7 in 2020 for a kids hair cut it's now £13.50 x that by 3 kids every 4 weeks i now have to leave it 6 weeks between hair cuts, my wages aren't keeping up with inflation, i suspect many others will be doing the same and using services less. Bowl cuts will be making a come back soon. 😄
Moving to Canada is looking more and more promising.
This isn’t inflation, this is the new price… be extra cautious in these times, more chaos ahead.
I go for the shop killed lamb shoulder, its way cheaper!
Great video as always.
I’d like to see some investigation into the real impact of raising the base rate. It seems to me most of the rise in inflation was from external factors and this has been compounded by the rate rises. Correlation is not causation, maybe time and a little patience has been the real downward force here.
No doubt no action by the BoE would see many in the markets panic and would then see the situation worsen due to impatience and fear so they are really stuck with only one course of action until the perceived positive impact is realised, regardless of the real cause.
Maybe you could explain the benefit of removing the “volatile” components of the inflation figure in a little more detail. As you touch on in the video these are the areas that impact everyone (food and energy). Inflation in services, jewellery, furniture etc. may be less volatile but they have far less of an immediate impact and they can be avoided to an extent.
Inflation is hitting me in the US too, Damien. Last month I gave up my cable tv subscription. I sure miss Benny Hill,
Benny hill! You are a man of taste
Dave all jokes aside am sorry to hear it’s tough for you and I hope you and your family and doing ok
@@DamienTalksMoney I remember the first time I saw BH in the 70's.
Well, I would be lying if I said it was difficult for me because it really isn't. I live a pretty frugal life (according to others), and I live on Social Security. The rest is available for large expenses.
I've been doubling charity donations each year for a few years. I give to the local food bank mainly. I don't need it for my old age because I am already there. :)
Sky news calculator on it. My food shop on avergae was 37% more than 3 years ago
God bless globalisation
So what is an LTAF? Do a vid! Pleeeaase.
A couple of things worth looking at in commodities. Gasoline cracks (petrol in the UK) are softening despite higher crude, diesel meanwhile remains high. You will notice at the pump the diesel premium compared to petrol is emerging again as a result. As for oil prices, a solid premium has priced in on fears of Iran sanctions/retaliation, both of which seem unlikely and should create downward pressure - further helped by the US easing Venezuela oil sanctions Wednesday
"I would hate to have [the MPC's] job" - yeah must suck to be paid a fortune with an inflation protected pension to repeatedly get things wrong with zero personal consequences, financial or otherwise.
Trueflation reckons real inflation figure is about 7.3. It’s interesting to see that the trueflation figure for the US is lower than what the government is reporting but the opposite here.
Does car and house insurance appear with the lamb shoulder? - 40 - 100% increase 🙀
Crazy the increase in insurance. Are more people crashing their cars?!
I love how the government are happy the rate of inflation is of going down and say “ the things you buy are getting cheaper “
That doesn’t reflect nearly everything has doubled in the supermarkets over recent times.
Smoke and mirrors.
Yeah it doesn’t mean it’s getting cheaper, it just means it’s not getting more expensive so quickly
I think it's the compounding point people miss and this ah great it's down to 9% but that's ontop of last year and in all honesty it's crippling us all that alone with the gov reaction of increasing interest to another kick in the teeth on mortgages. Gov think we are all still spending like mad and we need to pack it in bit in reality we are Bearley scraping by and most are sinking
Hope you're doing well?
Increase the personal tax allowance to at least £15k, and move the higher band from £50k to £70k. Increase the child tax credit repayment to at least £70k. Abolish the stupid £100k childcare cliff and make it a taper like with the personal allowance but both from £150k, move the additional rate up to there as well.
How do we fund these changes? By implementing a 1% wealth tax on all total wealth over £2.5m and 1.5% over £50m. That should counteract the hideous fiscal drag the UK public is facing and bring in a little more from the wealthy and ultrawealthy without being too harsh.
NomadJRG
Dont tax you, dont tax me, tax that man behind the tree
The UK sugar crop was very bad recently which requored more imports of sugar. This has pushed the price up dramatically, and considering as sugar is in pretty much every food we eat, it has a knock-on effect on food prices
Didn't even know we could grow sugar in the UK, thought you were joking.
@kw8757 UK crop is from sugar beet. Probably didn't know because you instantly think of sugar cane!
@@danielfarrell3534 Yes I checked, thought you were winding us up!🤣🤣
It's certainly not in every food I eat, pretty much in nothing I eat.
It's the late monsoon in India that actually had the biggest impact,
So how was your home killed lamb? Great video Damo. 👏👍🖖