The news of todays mini budget and the latest increase in interest rates has left me feeling rather anxious for the well-being of the lesser well off, disabled and elderly.
Household budgets for the poorest are already stretched to the point of breaking by the ever increasing cost of living and as usual the poorest are paying the highest cost as a result.
Please note, I’m not just writing about working people as most journalists reporting on this appear to be doing. I’m including everyone that is unable to work for whatever reason that may be albeit disability or commitments and so on.
Everyone matters not just the few.
Bank of England increases interest rates.
Today the Bank of England has increased UK base rates by 0.5% points from 1.75% to 2.25% making it the highest that it’s been since 2008. The effect of this will be felt by everyone that are already struggling financially.
At the same time the government has announced that they’ve removed the cap for bankers bonuses therefore enabling the rich to get richer and the poor to get poorer.
It’s incredulous that despite the amount of proven evidence, the Bank of England is still refusing to believe that those making obscene profits need to be dealt with to bring down inflation.
Those making such profits can very easily afford to do so, but instead the burden of inflation is being put upon the shoulders of those that are already struggling to cope financially.
The Bank of England not only has a duty to sustain and build an economy but this needs to be a priority.
It’s essential to the well-being of the UK to have a healthy economy, an economy that financial investors, businesses and organisations from around the world want to invest in. This is common sense, it keeps things going. Without this it stops, everything stops, leaving the UK a bad place to invest in which is what we are seeing at the moment.
Brand UK is rendered completely toxic leaving it the economic pariah of the western world.
Tackling Increasing Costs.
So far this year an excess of £15 billion in profits has been made by the energy sector alone. This profiteering off the backs of the poorest and most vulnerable needs to stop now. Instead the profits should be used to bring energy prices down and adequate financial help given to everyone struggling with these costs.
For example, back in June Rishi Sunak announced that households on Universal Credit will be given £1,200 a year extra to cover the increasing fuel bills and increasing cost of living. Whilst he failed to tell the public that he’d already stripped £1,000 a year away from them.
Benefits increased for some by 3.1% but at the same time inflation had already risen by 10% so this was of no real benefit for those in desperate need. It’s the same old Tory tactic of giving in one hand whilst taking with the other at the same time.
Sunack might have fooled some and I bet he felt very pleased about this, however it hasn’t been ignored by financial campaigners, the public and opposition MPs and politicians.
The government announced that there will be freeze in the cost of energy bills, trying to paint themselves as the good Samaritans, that they’re doing their best to help the public.
They deliberately omitted to announce that the average person will become £1,450 a year worse off unable to keep up with the increased costs. This will come as a shock when people see the reality that instead of a freeze or rollback they will be faced with a 25% rise in energy costs in October.
At the same time the help so far offered by the government won’t even come close or anywhere near to help tackle this, it’s an insult. The low paid will get £550 in financial help from the government, despite facing a £1,300 rise in fuel bills and increasing cost of living expenses.
Disabled people will suffer the most and yet the help offered to them is of no consequence and won’t make a difference.
Children, adults, disabled people and the elderly will be faced with spending the winter unable to heat their homes and feed themselves. This will undoubtably result in illness and even death, thus increasing the burden upon our NHS.
Whilst lower paid workers struggle to buy a house and pay their mortgages the government announced today that they’re getting rid of stamp duty on homes worth £250,000 and more. This will have no benefit whatsoever for the public except the rich.
Wealth doesn’t trickle down, it stays at the top leaving only the wealthiest to profit.
Fixed rate mortgages will remain the same until the fixed rate changes.
Variable mortgages will increase by £25 per month per £100,000 of the mortgage.
These changes will be implemented in the near future.
Kwartengs mini budget is a budget created for only the top 1% of this county, it’s cruel beyond belief and it’s abhorrent that they’re implementing this at the time of a national cost of living crisis.
The UK is broken, toxic to most of the western world.
The poorest are getting poorer, poverty levels are increasing at astonishing levels, charities and organisations left to pick up the pieces whilst at the same time struggling to survive.
This is a direct announcement of class war at a scale that hasn’t been seen before in modern times.
Instead of blaming the poorest, all blame needs to be directed at the government. It’s essential that we all join together working and not working and declare that enough is enough.
The UK is broken and we need to get it back.
Thanks Mike for being the inspiration for this blog post x.
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