“We are delivering…the fastest wage growth in years” says Rishi Sunak in #PMQs. It is an extraordinary boast, for a few reasons. 1) that wage growth is a big reason why interest rates are still rising, why the Bank of England will next week increase interest rates again, and why there will be mortgage pain, much of it acute, for well over a million people over the next year (and the government too is having to pay significantly more to borrow) 2) the “fastest wage growth” is mainly in the private sector, over which the government has no control except in respect of setting the minimum wage; 3) Downing St and the Treasury have been furiously trying to suppress wage increases in schools, hospitals and the rest of the private sector, because they regard inflation as THE problem; 4) even with this “fastest wage growth in years”, most people on average are poorer, because inflation is even faster.
@joel_b2beditor @BMMarketer Years of using these libraries have sandpapered my soul away to nothing. And don't get me started on the lack of diversity.
@TassiaHaines@Eluned_Morgan .@Eluned_Morgan. Public health messaging is important, but this wasn't the time or place. Please, a little more research and compassion - the majority of breast cancer cases are not attributable to lifestyle factors and MBC is terminal - more support, less judgement needed.
What are the potential income losses if the Government U-turns on its pledge to increase benefits in line with prices next year?
- £86 for family with 2 children just receiving Child Benefit
- £342 for pensioner on State Pension
- £978 for low-income family on UC with 3 children.
I wrote and researched this just-published PLSA Viewpoint article on the impact of rising interest rates on DB schemes before the current crisis. Thankfully my editor @mrsmaggiew made sure it was updated to account of fast moving events. From page 13: https://t.co/PUTmDI0OkJ
@charlotsmoore What timing for a fixed income and LDI trends article (as we described it back in July when we agreed there were 'some interesting things happening in that space'. We weren't wrong... ) Great article as ever from @charlotsmoore
NEW Scrapping the abolition of the 45p tax rate has reduced the cash gains going to the richest 5% of households from the tax cuts announced in the recent fiscal statement by almost two-thirds. But the package is still regressive. The top 5% still get a quarter of all cash gains.
@HelenSwire We wondered if they'd had some to take with them in the car down to Windsor. That was a long day without a few sandwiches to keep you going. Probably an apple and some crisps too.