Tuc's Leader Says Says 'Workers Are Being Pushed To Breaking Point'

[hackey lad]

Just now, Dromedary said:

Ahh but was it down a deep dark coal mine! 

No , recently . Still on em 

[Dromedary]

Just now, hackey lad said:

No , recently . Still on em 

Sorry a joke, just pointing out that by being down a mine it does not matter what shift you are on or whether it is night or day.

[hackey lad]

1 minute ago, Dromedary said:

Sorry a joke, just pointing out that by being down a mine it does not matter what shift you are on or whether it is night or day.

Tru dat bro 

[trastrick]

On 14/11/2022 at 14:42, Mr Bloke said:

Oh dear!

 

I thought I'd wait until you'd finished.

It's taken you 3 attempts (at least) now at editing your post...
... and that's the best you can come up with?

It looks like I'm living 'rent free' in someone's head...

Hey, not so fast!

 

I'm second in line, after orangemanbad, in his deluded head!

 

You have some nerve! 

 

[Chekhov]

The "working man" may have to tighten his/her belt for quite some time.....

The fact is that many people saved huge amounts of money during the pandemic as they were being paid Billions by the government (for doing nothing) but were severely limited in what they could spend it on at the time. It is no coincidence that inflation only started rising when vaccines came out and people started getting confident about spending (see graphic below).
The big problem is many people (the ones who saved a shed load) are cushioned over inflation because of all that dosh, so stifling inflation may take some time as it has to work its way out of the system.
An article here suggests huge figures too :

 

But even if consumers do run down their savings pots, it is difficult to work out how much is left in them. One option is to look at the savings rate, which tells us how much households are putting away each quarter. By adding up the flow of savings over and above the pre-Covid trend, we can work out the stock of ‘excess’ savings acquired over the course of the pandemic.
Using this method, Ashley Webb, UK economist at Capital Economics, calculates a sum of £294bn – or almost 12 per cent of gross domestic product (GDP) (for context, the substantial tax cuts announced in Kwasi Kwarteng’s mini-Budget added up to £45bn). But this is almost certainly an overestimate: Webb notes that the measure doesn’t adjust for any funds that have been invested in housing and financial assets or used to pay down debt. Although this money was in households' savings at some point, it might not be any longer.

 

 

[fools]

3 minutes ago, Chekhov said:

the substantial tax cuts announced in Kwasi Kwarteng’s mini-Budget added up to £45bn

anything containing statements such as this shouldn't be taken seriously

[Chekhov]

17 minutes ago, fools said:

anything containing statements such as this shouldn't be taken seriously

I don't think they are supporting Kwarteng’s proposed cuts, they are using them as a benchmark for just how much money is in savings as a result of the pandemic.

[fools]

Just now, Chekhov said:

I don't think they are supporting Kwarteng’s proposed cuts, they are using them as a benchmark for just how much money is in savings as a result of the pandemic.

my point is, it's a lie, there weren't 45billion of tax cuts, nor was there a 'crashing of the economy' by Truss, it's a lefty lie.

[Tyke02]

24 minutes ago, Chekhov said:

An article here suggests huge figures too :

 

But even if consumers do run down their savings pots, it is difficult to work out how much is left in them. One option is to look at the savings rate, which tells us how much households are putting away each quarter. By adding up the flow of savings over and above the pre-Covid trend, we can work out the stock of ‘excess’ savings acquired over the course of the pandemic.
Using this method, Ashley Webb, UK economist at Capital Economics, calculates a sum of £294bn – or almost 12 per cent of gross domestic product (GDP) (for context, the substantial tax cuts announced in Kwasi Kwarteng’s mini-Budget added up to £45bn). But this is almost certainly an overestimate: Webb notes that the measure doesn’t adjust for any funds that have been invested in housing and financial assets or used to pay down debt. Although this money was in households' savings at some point, it might not be any longer.

You didn't quote the last part of the article which goes on to contradict the first part by indicating other ways to assess the situation give radically different results:

 

"An alternative method is to look at the amount of cash actually held in households’ bank accounts. This initially suggests a healthy stock of household savings – around £200bn higher than the pre-pandemic trend. But Webb found that once inflation was accounted for, households’ stock of savings fell below pre-pandemic patterns." 

[Chekhov]

2 hours ago, Tyke02 said:

You didn't quote the last part of the article which goes on to contradict the first part by indicating other ways to assess the situation give radically different results:

 

"An alternative method is to look at the amount of cash actually held in households’ bank accounts. This initially suggests a healthy stock of household savings – around £200bn higher than the pre-pandemic trend. But Webb found that once inflation was accounted for, households’ stock of savings fell below pre-pandemic patterns." 

Economics is an inexact science (just like climatology and virology) but I think the premise that many people saved shed loads of money during the lockdowns is pretty reliable. It also explains why inflation did not go higher then it did (if you trust the inflation stats of course....) but has remained stubbornly high.