The way the mainstream media reported Britain’s consumer prices rising 10.7 percent year over year in November, down slightly from the 11.1 percent pace in October, which set a 41-year record… It was good news that inflation was easing!
That brings little comfort to a nation that the Bank of England has warned is already in a difficult recession that will last until 2025.
Wages jumped 6.1 percent in this year’s third quarter, far less than inflation, meaning consumers lost purchasing power. However, the wage gain was strong enough to be likely to pressure prices higher.
Britons are confronting the sharpest drop in their standard of living since at least the early 1950s, according to historical information analyzed by The Wall Street Journal.
More than seven million households in the U.K. now lack adequate food or clothing, the nonprofit Joseph Rowntree Foundation announced on 14 December, and at least five million are in arrears on at least one monthly bill.
The cost-of-living crisis has prompted strikes by railroad and postal workers seeking higher pay. Nurses with the National Health Service held a one-day job action last week and gave the government until Thursday to open negotiations for pay raises or longer walkouts would follow, the nurses’ union said.
TREND FORECAST: Street protests and political unrest will increase in Britain and other Western countries as prices rise, purchasing power falls, and jobs are lost, just as economic unrest is roiling emerging nations. Last July, soaring fuel prices led to riots that toppled Sri Lanka’s government.
As we have often said, “When people have nothing left to lose, they lose it.” As conditions worsen, people in Western countries will expand those protests, which will fuel populist movements and lead people to vent their frustrations at the ballot box.
Also, unreported by the mainstream media is the severe damage inflicted on the people of Great Britain when Downing Street imposed years long draconian COVID War mandates that destroyed millions of lives and livelihood across the nation.