Rishi Sunak can’t halve inflation - GREED is driving UK economy crisis | Economics | New Statesman

[@audreymcgready4329]

What the Tories have done to this country and the quality of our lives is criminal. They need to be held to account for this.

[@jaisriram295]

What does that even mean? What specifically have they done?

[@piccalillipit9211]

I was on a long holday in 2010 when they got elected - I never came back. BEST decision I have ever made, and Im not known for my good decisions as a rule.

[@californiadreamin8423]

@@jaisriram295 They’ve taken away my personal freedom FOR A START. Do you understand what that means ?

[@jaisriram295]

@@californiadreamin8423 what personal freedom have they taken away 😂😂😂

[@jaisriram295]

@@piccalillipit9211 well that was a good decision the country is better off without you...can you take more of your type with you please

[@PAC-fp9hy]

An interesting event occurred recently whereby the Competitions and Markets Authority had threatened an investigation into petrol pricing by supermarkets. This led to an overnight price fall of 7p per litre. The markets will react if it sees that someone with sufficient power is looking at it. They will however abuse if they think that they can get away with it. Although the situation is complex, greed and motivation is relatively simple.

[@williamthomson7820]

A local garage next to me has lower fuel prices than all the supermarkets, which in itself tells us we are all being ripped off big time.

[@robbailie5878]

Thats why the government needs to drag all the heads of the supermarkets in and get them to explain food inflation of 20%

[@GlitchNectar]

The best thing Sunak could do for inflation would be to give the CMA more resources to investigate this stuff

[@wasdwasdedsf]

the police actively hid r' gangs r' 10k english girls per year because said r people were of a certain skin color and they nedeed to protect their governments narrative. england has arrested thousands for twitter posts. russia has arrested 1/10 of that number. when russia takes less of your taxes, and arrests people far less for political wrongthink... you just might not be a free country, and youre definitely not a capitalism

[@totty1962]

Those with little always pay most, what a surprise.

[@jaisriram295]

No they don't..sorry but if I pay tax of 1% on a million pounds and you pay 20% tax on 30k I have still paid more tax than you...its just basic maths 😂

[@californiadreamin8423]

@@jaisriram295 Ok dummy we can see you understand the maths of an 11 year old. Ayequalsthesquarerootofgamartea ….is the formula for what ? I can give you one I learnt when I was 11 if it helps you.

[@moraudjeff8223]

⁠@@jaisriram295 yh but that 20% is going to hurt the person with 30k more, what you are doing is called regressive taxation

[@jaisriram295]

@@moraudjeff8223 but that's not what he said...he said that those will little pay most which is just factually incorrect...people with higher incomes subsidise those with lower incomes...just common sense

[@gordoncharles741]

@@jaisriram295 You will become one of the greatest Tories of our time, second only to Liz Truss.

[@JoeWedgwood-ik9zo]

Take what you can, give nothing back.. pirate economics 👍🏻

[@justinhainsworth7218]

Tory = Brigand/ Highway Robber

[@justinhainsworth7218]

From the mid-17th century onwards, highwaymen who harassed the British authorities were known as 'tories' (from Irish tóraidhe, raider; tóraí in modern spelling). Later in the century, they became known as rapparees.

[@cv990a4]

The reason companies can do this is because competition has been reduced in many sectors by mergers. Compared to 30 years ago, industrial concentration is much increased.

[@888ssss]

im only part time. i have nothing to offer you hungry boomers.

[@Frohicky1]

But not free market economics.

[@chrisbirmingham5132]

I love it that Sunak promised to halve inflation by the end of the year at a point when all economic forecasts were suggesting that inflation was likely to halve by the end of the year.

[@zenouxbeauty]

He promises what he delivers if you don’t notice any change on inflation rate now then shame on you

[@zenouxbeauty]

Before you add meaningless videos here check the inflation rate now: The consumer price inflation in the UK fell to 8.7% year-on-year in April 2023, the lowest since March 2022, due to a sharp slowdown in electricity and gas prices. Still, the inflation rate exceeded market expectations of 8.2% and remained well above the Bank of England's target of 2.0%.. That is our British Prime Minister Sunak who has integrity and delivers with action not words. Our Sunak can half inflation for he has already done it. This is 2023 inflation rate from 11.0% last year

[@homan66]

Same old... another predicted lie. Curruption left unchallenged again 😢

[@fredatlas4396]

​@@zenouxbeautyit hasn't halved then, has it. Excuse me @zenouxbeauty, Virginmedia said back in just March 2023 that the UK RPI inflation rate was 13 % now, and they aren't the only company saying exactly the same. And they put my sim deal up by just over 17% in April this year, that's inflation rate plus an extra 3% on top

[@christophermcmanus5103]

​@@zenouxbeautyhe's done nothing about it & it hasn't halved. He sits & hopes & refuses to allow evidence to inquiries. He is corrupt, he is incompetent, he is in it for the rich only.

[@jonathanbayley1551]

You can't help but laugh at the fact that Rishi wanted to take credit for halving inflation because he thought it was inevitable, but instead he's just going to look like he's failed to meet his target; one that he could never really control 🤣

[@garyowen4112]

then Putin will get the blame

[@nicholasdickens2801]

Indeed. He is just a grifter and got caught out… which always happens.

[@paulbrown5839]

He will blame Bailey and push for his sacking. Or he will redefine inflation in terms of components that have halved.

[@gaptaxi]

Anybody remember Edward Heath´s, ``I will cut Inflation at a stroke!´´ He won the election but inflation raged to 27% IIRC, the Miners got him kicked out within a short time! Too bad we have no Unions with the numbers or power to hold the Tory Scumbags to account.

[@bigbarry8343]

I think Sunak can safely ignore the reality without being challenged.

[@Infundibular]

It's almost as if the markets can't be relied upon by themselves to create a fair and equitable society 😲.

[@davidhodgson3901]

Correct. They’re basically cartels.

[@nothereandthereanywhere]

Of course they can't. Anyone saying 'market will decide' is simply stupid and doesn't know how the world of many people look like. Actually, many were hit hard by the market as there has been a shortage of living spaces, one of the basics in our lives. You always need to have a place to live in, it is a basic expanse. Deduct this expanse and you will have money for your other stuff, like food. If the money left over are just enough to cover your food and some additional services like mobile phones, travel (to work) and luxuries(that includes a pub visit), then you will feel the pinch. Those people will still have some wiggle room, they can cut on pub visits. But many poor don't have even the pub visit to cut on. Those were hardest hit. Just like it was predicted in 2014. Overall, I don't believe a business is greedy by default, they do have their own plans, their own commitments and needs to fulfil. I believe many shops have put the prices up as they have less to offer, lesser variety to sell, but need to make enough money to justify they can exist.

[@fang_xianfu]

The really stupid thing is that when you study microeconomics, literally the very first thing you learn after "what is a market?" is all the ways that markets can go wrong and what can be done about that. You literally learn it in about the third week of an economics degree. Anyone in power selling you this line is just lying, they know it doesn't work.

[@riccagiaco]

Who would have ever thought

[@danielwebb8402]

Their job isn't to. Fair is subjective. Person A earns twice as much as person B. They don't keep twice as much. That not fair? Person A pays more in taxes. Why is that fair? Why not pay the same. That sounds equitable.

[@NevilleSmith61]

It's interesting how 'hard' a concept 'everyone' seems to find greedflation. This guy keeps emphasizing how 'contentious' it is, and how 'surprising' it is that politicians have been reluctant to consider it. Like we have to tip toe around any serious criticism of laissez-faire economics.

[@darnellcapriccioso]

Amid the current global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are independent of the government. Investing in a range of assets such as stocks, gold, silver remains favorable during these times.

[@richardhudson1243]

During such moments, it becomes crucial for investors to remain vigilant against future certainties. It is not necessary to act on every prediction, so I recommend acquiring the services of a financial advisor who can offer guidance on when to enter or exit specific stocks/ETFs you are interested in.

[@MichaelJago-s3k]

Amazing advice if you have money to do this what about the 99 percent that are still struggling with no spare money.

[@maiadazz]

@@richardhudson1243 I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple years, I've made over $850k from initially $210k

[@tatianastarcic]

@@maiadazz I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up.

[@maiadazz]

@@tatianastarcic "Laurel Dell Sroufe, is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.

[@feekygucker2678]

Who'd have thought that a system where the price of anything is 'what you can get for it' would be wildly unstable? 🤣😂🤣

[@jaisriram295]

Unstable? It's the bedrock of Western economics and created the best standard of living we have ever known...better than socialism better than communism better than autocratic states...can you name a better system?

[@feekygucker2678]

@@jaisriram295 I partially agree, while 'unstable' is good, the 'wildly' part can have a huge cost to individuals. I would indeed describe current western economics as the least bad system we've yet imagined. But it's a question of degree: was the banking deregulation of the '80s a good thing? should inheritance tax be abolished? is anarcho-capitalism something to aspire to? is it morally right for some to profit from the ill health (some would say luck) of others? u.s. healthcare thinks it is. is there adequate sanction for malicious actors? I'd argue there's work to do to get the balance right.

[@thecriticalgamer8462]

​@@jaisriram295 you realise that argument would have been exactly the same during feudalism right? 'feudalism is the bedrock of Western society, no system in history has created the great wealth you see before you today, can YOU name a better system?' They couldn't because capitalism literally hadn't been invented yet, it doesn't mean there wasn't a better system that could be worked out

[@jaisriram295]

@@thecriticalgamer8462 I didn't say a better system won't come along...the problem is that lefty whingers in the west haven't put forward a better system just regurgitated failed systems

[@GG-ml3vr]

​@@jaisriram295 Best standard of living!! Please tell me your joking?

[@KG-lr2qw]

why do these media types keep saying "prices went up" like it is some kind of force of nature. Prices go up because someone decides to increase them.

[@jaisriram295]

No prices go up because of either increased demand or lack of supply...China COVID issues and Ukraine has caused lack of supply ...pretty obvious 😂

[@adrianrouse5148]

Animal feed went up as most grain used was from Ukraine. Oil .gas and fuel prices went up as we found it greener to import from Russia. This all drives up prices. How many percent is due to greed????

[@kubhlaikhan2015]

@@adrianrouse5148 All of it. Do you suppose the war on Russia is for any reason other than wholesale looting?

[@wasdwasdedsf]

@@kubhlaikhan2015 what in the world si that supposed to even mean?

[@buzzukfiftythree]

“We’ve all got to accept we’re poor”, but most people we know of our age and older (including my partner and I) are better off post-retirement because we’ve benefited from index-linked pensions and better asset holdings. I’ve never been better off and my income after 12 years of retirement now exceeds my net income in the last year I worked. So it’s little wonder that public servants and other employees whose pay has effectively reduced since 2010 are taking industrial action. We’re exacerbating inflation and the younger generation of lower earners are suffering. That is grossly unfair.

[@lightweightben]

Yeah it’s interesting the generational differences, though any discussion of them tends to polarise people and get into intergenerational attacks/arguments. My father is on more than his average working age salary in retirement (private and state pension income) yet his required expenses are lower (no mortgage, no rent no kids to pay for any more). Any measures to reduce inflation actually boost his spending power (higher saving returns) but scupper his kids generation who have massive mortgages (or rising rents) and kids to pay for, yet no or minimal pay rises. He assures me the hardest times are when you have a young family and it all gets easier later. I kind of feel like the government could smooth it out a bit, and help in the earlier years when it’s most needed, not later when things are more secure and income needed less. Of course these are generalisations and there are people struggling in all generations, and many of pension age help out their kids and grandkids.

[@allykhan8594]

We can solve it by doubling the nationsl debt to £5 trillion or raising taxes to 58% of gdp.

[@antking8847]

@@allykhan8594 binning the triple lock doesn't involve increasing cost or taxation. It was introduced to correct a situation where Pensioners were being/had been penalised. As with everything - the pendulum has now swung the other way. Why should workers not get a cost of living increase but non-working pensioners get one? I'm not suggesting the Govt can afford to give all public sector workers a cost of living increase but there needs to be more balance

[@fang_xianfu]

Wasn't Gary Stevenson talking about this months ago? You should've had him on!

[@paulking9479]

Tory media don't like reality 😅

[@Bandungbill]

Capitalist Privatisation on steroids with an Oligarch in charge of the government He might be good with numbers but whose side is he on... You will be poorer

[@jaisriram295]

I would take an oligarch Sunak over kneeler Starmer any day of the week thanks 👍

[@GG-ml3vr]

​@@jaisriram295 I bet you would,will you vote tory this time around,,,,,AGAIN?

[@JHS270694]

@@jaisriram295 Modi, is that you?

[@jaisriram295]

@@JHS270694 would rather have Modi than Imran Taliban Khan 😂😂 you bankrupted yet?

[@jujutrini8412]

Supermarkets had no lost profits. It’s sheer greed.

[@StephenBithell]

Brexit has added to delivery times and cost to UK importers, a factor likely to be passed on to the Costumer, another factor being Britians depleted pool of workers.

[@jaisriram295]

Then maybe the millions of Brits that aren't economically active should get off their lazy asses and take up those jobs 😂

[@jaisriram295]

@I love to have a change now and again then take your custom away from them. That's the whole point for free market economics 😂😂😂

[@adrianrouse5148]

Not true. Time is about the same and we are in the transition period . No tariffs. Now exports the eu can't put on tariffs so put on ever increasing document handling charges???? Why??? The UK does not put on document handling charges.

[@MRW515]

A depleted pool of workers benefits the working class

[@TomRelubbus]

To claim that Brexit caused UK inflation, might have been a good argument - if things were better throughout the 27 EU states, which it's not. Also, I'm not sure how a shortage of UK daffodil and potato pickers, waitresses and carers could affect the UK economy so much.

[@NeilCWCampbell]

I blame Brexit voters for enabling this government

[@adrianrouse5148]

Grow up. Simpleton

[@kanedNunable]

and tory voters for voting in a bunch of charlatans.

[@californiadreamin8423]

The colossal rise in fuel prices…..and colossal oil company profits….. inevitably feeds through to EVERYTHING , plus the additional restrictions on trade caused by Brexit….avoidable paperwork, avoidable delays at ports, lack of competition, inevitably feeds through to EVERYTHING.

[@gaptaxi]

Exactly, GREED is the fuel of Inflation, just as it happened when the UK went Decimal in 1971, I started working in a Grocer´s shop on exactly the day we changed, many prices had doubled when I left 2 years later to join the Army, I was lucky and missed most of the misery living a sheltered life in Barracks and tax free goods in BAOR. If soldiers had lived through the misery of those years they would never have voted for Brexit, most didn´t even realise where their pay and Hollywood Pensions came from.

[@richirichjam]

If you want to stop inflation you need to tax the rich, it is their extra purchasing power that is the cause.

[@andrewwalsh2755]

That's something Jeremy Corbyn might have done... and they know it... that's one reason why he had to be stopped... Are you going to vote Kier Starmer and Zionist Labour, in the hope they tax the rich??? (even if they "pledge" to 😅) Vote Green Party! 🇬🇧... ain't that the Truth?...

[@BBshark000]

The actual rich, may I add, not the middle class governments have been milking for decades on the dogma that "they earn higher wages". No rich person gets rich by earning a wage.

[@bigbarry8343]

What exactly you mean by the "rich"?

[@Gerry-Hat-trick]

A good 18 minutes, well worth watching and listening to! Great point re Sunak hoping that the electorate would think a) he could half inflation and b) would think that he meant prices would come tumbling down. Also, it highlights the massive flaws in relying on monetary policy alone. OK, if inflation is being caused by workers having too much spare cash to spend, increase interest rates and ensure high street banks increase savings rates. THAT is the only way that move would work. However, the inflation we've seen (especially) recently, has been caused by everything but high wages for the general public. QE, covid, Russia/Ukraine, greedy corporations and politically motivated decisions in the UK are all to blame, and they are all areas in which the BoE rate increases has no effect. Opposition politicians need to come clean, and take the moral high ground. They don't want the public to understand economics either, because they will all use bluff and bluster to excuse difficult economic situations. None of them really want an educated population, who can hold them to account. But getting the knowledge out there, is really the only way we can stop such things occurring again.

[@papichuckle]

The British public being cowards and not fighting back doesn't help

[@sbain844]

Anyone who thinks that businesses are to blame for inflation (greedflation) is totally ignorant of economics. If greedy firms are cashing in then how will you explain the wave of business closures in the coming recession - perhaps those greedy capitalists are all sailing off into the sun with their ill-gotten billions? Prices are rising because we shut the economy down for a year and printed the nation's wages i.e. more monetary units chasing fewer goods and services. The national debt is far higher now than at any time in modern history (including the post WW2 period). In short, the blame sits with lying, self-serving politicians who have utterly mismanaged the economy while blaming anyone, everyone, and anything else. It is totally disgusting, and the legacy media is complicit in the lies.

[@barkerboy0308]

Greed, after 13 Years of Tory rule.... Well I Never!!!!🤣🤣

[@moore_news]

Absolute shocker 😄

[@allykhan8594]

And £2.5 trillion debt. That went in his pocket?

[@karlclark8625]

Wasn't Teresa Coffee in charge of ensuring supermarkets are not profiteering?

[@laurieproctor3572]

Responsibility lies with those that control the money supply. Everything else is a response to that.

[@emilymcplugger]

Whilst I appreciate their honesty, them having a laugh about the situation and pointing out that some right-wing economists can’t or won’t see what’s going on shows a certain kind of…expert apathy to the plight of regular people. I would argue that this is one of the things that caused Brexit as those con-men provided easy answers when experts didn’t really give a crap.

[@unconventionalideas5683]

Having a laugh about it is probably still better than the alternative, unless it is protesting in public.

[@AbaddayofRain12]

Rishi couldn't give a damn about inflation, the poorer he makes the people of this country, the happier he is.

[@joebanfi8531]

Genuine question… why isn’t the dramatic increase in wealth inequality since covid directly addressed here? The super rich having ridiculous amounts of pooled wealth to gobble up extra assets is a huge contribution to inflation.

[@stevenhenry5267]

As it is worldwide. Corporations are mankind's greatest threat.

[@jaisriram295]

No they are not they give employment to millions of people unlike you that doesn't create any jobs

[@paulfairbairn1066]

Agreed 👏

[@kkunleashed7991]

Government is also the cause of a lot of our problems. Does anyone honestly trust politicians to fix this mess we're in?

[@ramatgan1]

In the UK. Inflation rate is 78% and the UK is falling apart.

[@arthurdixon5890]

Taking from the poor to give to the rich. Rishi is no fool. He knows the Tories will not form the next government and so is helping the rich to get richer and stave off their losses due to inflation.

[@donttrip8282]

Price gouging, it was obvious throughout, I can't believe how long it took the media to start talking about it, wholesale energy prices dipped, the cost to the consumer kept going up, capitalist opportunism in many sectors, they don't care about the collateral damage, in late stage capitalism and free market neoliberal dogma profit rules above all.

[@grzesiekniemogecipowiedzie7142]

You can't print number million on a peace of paper, handle it to everyone and expect everyone to be able to buy villa and supercar, it doesn't work like that but keep dreaming and call it price gauging, why not

[@sandybrown7570]

Russia invasion has nothing to do with rise in energy cost but the reaction to it like sanctions, after all Russia did not increase prices but buying gas from across the ocean at 3/4 times more expensive did

[@alexsteven.m6414]

Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.

[@mikeystorm275]

A cost of gross incompetence crisis.

[@MiPointIs]

At the end of Covid lockdowns one Local Authority nearby opted to suspend parking charges to encourage people back into the town to shop, this is the only local authority around this region where town centres have survived. So how is it that other local councils could not do the same to help resuscitate their town centres?

[@fromthedumpstertothegrave3689]

Easy enough, someone somewhere knew they'd take a bit of flak if they 'lost' money by removing parking charges. Work in the NHS myself and the utter lack of long term thinking in order to pinch of couple of pennies today is staggering.

[@888ssss]

no thanks. ive boycotted everything and only work part time. im not interested.

[@MrGB1999]

Covid-19 allowed the market to determine how strong relative consumer wealth was. As it transpired, consumer wealth was pretty resilient during this period. Inflated energy prices and petrol / gas prices illustrated how individual wealth was able to withstand quite dramatic price changes, absorbing it into the monthly spend. This then educated the market and companies that there was more ecomomic bandwidth available than perhaps was assumed before the pandemic / Russian invasion (think also about Russian economic resilience despite heavy sanctions). The corollary of this realisation has led to price rises becoming embedded with little seesaw-like market behaviours. It is both a demonstration of capitalist greed / opportunism but also perhaps the fact that companies are having to offset wage inflation, too. Really, it was more of an ecomomic illumination and a reaction to that illumination. The norms of usual expected ecomomic growth have probably also changed, meaning slow growth and recessions of the future may not be as damaging as those of the past as global ecomomies slowly right themselves, rinsing out the last echoes of pandemic deceleration and post-pandemic acceleration.

[@richardhowlett4097]

Greed is the root of inflation, greedy CEOs on obscene salaries that they don't deserve, but still give themselves outrageously huge bonuses, even when the company has only made a 10% increase in turnover. There should be a regulator to watch over them. Why should they take thousands times more then an ordinary worker? Because they can is the answer. Remember a few years ago when tesco wasn't doing as well as it had the previous year when they asked their suppliers to reduce their coststo enable tesco dividends to remain high? That is totally unacceptable greed. I would have told them to get stuffed, to put it mildly.

[@bigblueocean]

Love this channel. I'm so much better informed which is a blessing in these times. Thank you very much for all your efforts.

[@Crouchy232323]

Of course companies and the people who run them will attempt to extract as much profit as possible. The problem is that they are allowed to get away it.

[@Nick-kb6jd]

Wait, so deregulation is bad? But Mogg says it’s good. I’m so confused now. 😂

[@Crouchy232323]

@@Nick-kb6jd Deregulation is only bad for the general population, so I'd say that overall deregulation is fantastic

[@Nick-kb6jd]

@@Crouchy232323 yeah I was bing sarcastic. It’s not the poors that are getting deregulated, quite the opposite

[@Crouchy232323]

@@Nick-kb6jd Yes, government by the business for the business

[@paulaspinall919]

It amazes me that when Rishi Sunak says he is going to halve inflation absolutely none of the media ask how he is going to do that when Jeremy Hunt said only a few months earlier, when inflation was rapidly increasing, that inflation was not something that the government could control. Compliant media. Business as usual.

[@user-ox2mz8ds7g]

Rishi will lower inflation by raising interest rates and making you unemployed. You'll be poorer, but bread and milk will be cheaper

[@bigdaz7272]

Profiteering Inflation. It always was the driving force the past few Years hence why we have seen some of the worst examples of this on Essentials. If they only tried to Profiteer on the none essentials the majority could more easily go without we would not have had inflation any where near the level and extent we are seeing. In times of Crisis Profiteering used to be "illegal" and government would take action on those Profiteers, even Richie Richs latest wimpy weak mealy mouthed utterances to Supermarkets to start capping the prices essential has Zero Teeth or actual enforcement measures. It comes to something when the country is undergoing an epidemic of Baby Milk Formula Shoplifting??

[@steverichmond7142]

The profits of supermarkets are now at record levels. This is evil.

[@MartenL]

How about a deep dive into which MP’s own shares in big supermarkets and banks (directly or indirectly via corporations)?

[@thomasmcanea8531]

Brilliant analysis, as usual.

[@Frohicky1]

I agree with the second half.

[@BritishEaling7]

it is not price controls what we need, it is salary caps for execs and penalties to companies that promote greedflation so that they make better decisions. Price controls do not work

[@coloaten6682]

There is always a tug of war between corporations for our spare cash. It'll be interesting to see the response of corporations like Sony, Samsung, Apple etc etc when their profits drop because people are spending a much higher proportion of their income on basics and not tech. Lots of industries are going to see a drop in profits and they themselves will want supermarkets to drop their prices, to 'free up' consumers' cash for other goods.

[@allykhan8594]

Don't worry a few are eaving altogethwe, they will tug somewhere else.

[@Sparks95]

Corpo war with mechs I reckon.

[@bigbarry8343]

They all think that the West is finished but they hope that collapse in consumerism here will be more than compensated by purchases in Asia. India for example is the big beneficiary of the energy crisis, as they can serve as the middle men between Russia and Europe. Of course, Western corporations have to make some personnel changes at the top to be seen in India as "their company". Look at Starbucks - 70% increase year on year.

[@martins3776]

Greedflation is being baked into some businesses practices through new contract terms, at least this exposes the greed they run on. Some are now going for a price escalator system such as at least one company's new annual increase by the Consumer Price Index (CPI) rate of inflation, plus 3.9%. Which meant a stinger of an increase of 14.4% in 2023 (did you get a 14.4% pay rise? Thought not!) If you understand how compound interest works you might see where the con lies in this. Let's say CPI over an 11 year period was a rather more optimistic 3% per year, less than the 10.5% it was at the end of 2022 That would mean such a company increasing prices by 6.9% each year So let's look how the company benefits more and more over time for a monthly customer cost where 100% is the initial cost of that monthly customer cost to the customer Initial monthly bill: 100% After Year 1 increase: 106.9% After Year 2 increase: 114.28% After Year 3 increase: 122.17% After Year 4 increase: 130.60% After Year 5 increase: 139.62% After Year 6 increase: 149.26% After Year 7 increase: 159.56% After Year 8 increase: 170.57% After Year 9 increase: 182.34% After Year 10 increase: 194.93% After Year 11 increase: 208.38% So for this monthly customer cost where it started at 100% the annual hit works out as (initial 1200%) After Year 1 increase: 1282.80 After Year 2 increase: 1371.36 After Year 3 increase: 1466.04 After Year 4 increase: 1567.20 After Year 5 increase: 1675.44 After Year 6 increase: 1791.12 After Year 7 increase: 1914.72 After Year 8 increase: 2046.84 After Year 9 increase: 2188.08 After Year 10 increase: 2339.16 After Year 11 increase: 2500.56 So here's the stinger: if that were a £50 monthly cost for the customer at the start, £600 per year, by the end it is a £104.19 monthly cost, £1250.28 a year. An increase of 108.38% and here's the compounding con, an average increase of 9.85% each year, this would be higher and worse the longer a company pulled off this magic trick, again, how many of us have a 9.85% pay rise each year or getting that on our savings if we even have any? Remember the rise includes CPI which we're using 3% as the example so the company is adding a whopping 6.85% on top in this example, quite a bit more than the 3.9% the terms and conditions effectively mask it as being and it's already allowing for inflation. The ironic bit is if these costs are an item used for calculating CPI it could create its own spiral of even faster escalation of the charges. Plus the longer it goes on the worse it gets as the compounding effect means the increases are calculated versus all previous increases (hmm, maybe that's why greed is destroying economies and making wealth sharing ever-more uneven generally?, anybody getting a little suspicious?) So by locking in inflation then adding a big chunk on top every year they are making ever more money from the customer whilst probably helping make the customer poorer... Also there is no certainty the costs to the company of supplying the product/service would have gone up as much as CPI, so if these are lower then it is even further profiteering. Their costs may even have gone down with technology/other changes. (Bet they don't put their staff wages up by those percentages each time either or the costs down if their costs are also less!) Enough is enough, don't fall for it, don't let these scalpers get away with it. Don't buy the usual buts either but we're investing (hmm, so you're going to make even more money and that makes taking more of your customers' o.k.?) but greenwash but other smoke and mirrors but this but that but the other it's got bells on it. For a small or new business this may of course be not so bad but a big established business with lots of customers should be able to burden each of those customers less through economies of scale. So a baked in 3.9% or similar or higher cashgrab is pure greed in this case when people are getting poorer due to wages not growing vs cost rises. "But we can't afford decent pay rises, decent pay rises are inflationary....", erm, hypocritical much? Seems like a very obvious rip off- not a reasonable, low percentage above our actual costs but a (seems to me) cheated calculation locked in with CPI regardless of if it needs to be. Not to mention they may already be making massive profits even at the start of this example so in that case the percentages are being added on top of this existing profitability. Beware this phrase: what they can get away with they will and often already have.

[@thatpenguinkid]

Well done Will Dunn

[@lilianandersonmayne4968]

Inflation is a rich man's game the same with energy firms they're making they're own up how much money we pay on food energy the more money they the more they want as for these water boards half of them are not legal

[@martinwatson9615]

The issue isn’t the K-shaped recovery from covid it’s the K-shaped society that’s been created. This discussion is a typical example of overton’s window where debate on a political topic can be lively but only within certain boundaries. This isn’t just about corporate profiteering. A partial explanation like that hinders understanding. New Statesman. As Gary Stevenson has said, the issue is the asset-buying by the rich who are given huge amounts of money by the government in every crisis, tens of thousands of pounds per household during covid for example, which is pushing prices up for everyone else. In a word, inequality. The answer is redistribution.

[@theallseeingeye9388]

Free markets cannot exists without adequate restrictions and boundaries set by laws and regulations which is overseen and regulated by a governing body free from the influence of the participants of the free markets. The American idea that a small government is the best for markets to be trully free is nothing but corporate propaganda.

[@danielwebb8402]

But should those restrictions include "Milk must be 75p per litre."? Or "Milk must be safe to drink"?

[@ObsidianMeridian]

Maybe it would be helpful to everyone if inflation was reported in a more nuanced way generally, as opposed to just one headline rate. Hiw about an inflation figure for low income households, another middle income and another of the top earners? Based on the type of goods and services each bracket spend on..

[@fromthedumpstertothegrave3689]

I got bored halfway through your comment. And thats why inflation is reported in the way it is :P

[@Lynnpjjbdndji]

Really good segment 👍

[@arandmorgan]

The moment costs for things like food start to decrease in price people will be less panicked to ask for a rise in wages. On the flip side we are approaching a recession, people may be trying to get what they can before they are made redundant or have their zero hour contracts reduced.

[@peterjol]

the lifetime story of life in capitalism....inflation...fight for more money...win more money....inflation ...fight for more money....win more money...inflation....fight for more money....win more money...But hey we keep on winning don't we??...I am old enough to remember when a family could live on £24 A WEEK

[@balajeerc]

Will Dunn - The most self congratulatory name ever!

[@bm8641]

Greed is not the problem. Brexit is the problem

[@YYTT-wd5qq]

Thank you for speaking the truth.

[@kkunleashed7991]

For anyone on here blaming the Tories, please ask yourself with a straight face, would things have been any different under a labour government for the past 15yrs? The colossal money printing and mass handouts during 2020 would of been the same. The artificially low interest rates and crazy asset inflation we've had for the past 20 odd years would of been no different. Property prices would of continued to have been loaded up on steroids. The 2008 crash and bankster bailouts with taxpayers money (all on credit) all happened under labour anyway.. Real wages in the UK have barely moved since Thatcher and wealth inequality across the board has completely exploded.. Politicians are the very cause of most of our problems, not the solution. They have no vested interest in taking on the wealthy and doing what's best for the common person, regardless of which party they represent.

[@davidjupp961]

GREED encouraged by the very people claiming to wish to bring it down

[@francesconicoletti2547]

“I only talk to people who will not question my world view “ “ it’s not NECESSARILY an evil phenomenon .”

[@baloodarling486]

Right, it's an English one.

[@izzytrue8630]

Don't mention Brexit, will you!!!

[@jessicamoore3093]

Considering the prevailing inflationary conditions, it appears improbable that the stock and housing market will register substantial gains in the immediate future. Therefore, it is advisable to temper one's expectations and acknowledge the potential length of the market's recovery period. It is my professional opinion that it would be prudent to defer any significant investment decisions until the economic environment stabilizes in areas of concern. Until then, exercising caution and refraining from engaging with the current turbulence would be the most judicious course of action.

[@brianjones4598]

The bank will keep on raising the bank rate because the more money you have got, the more the rich will get richer.

[@franceswalker2986]

This guy has hit the nail on its head. Greed indeed . Also hidden greed for example, rise in price of food but less volume such as smaller bread and tin food contents reduced. Even chocolate products are higher but shrinking in size. Unless food, energy etc is regulated for say about a year, greed will constantly feed the greed......let argitina be a warning.....the writing is on the wall. Good discussion. Pity few of general public will see this video. I follow this guy programmes as he knows what he is talking about. Respects to all.

[@paulbrown5839]

Sunak made a free bet by claiming he could reduce inflation by 1/2. Because if inflation came down, he will take the political credit into the election battle. If it doesn't he is definitely out of a job regardless whether he made a claim about inflation or not (because he caused part of the problem when he was Chancellor). So there was no downside risk to his claim. It's such a big issue and it's out of his hands now.

[@barsixful]

In Australia we’re seeing greedy property investors! They’re passing on to their tenants the interest rate rises PLUS SOME!! It’s quite normal for a TENANT to get a txt message saying they’re rent is going up 100-200 a week! Crazy stuff. Some sort of HUGE CORRECTION must come at some point

[@evokestudiosbrighton]

Banks never raise their interest rates for savings as they know that customers stick with them regardless. A few new online banks do though (not an advert) Chip pay 3.82% interest, not inflation busting but better than the pathetic rates of the big four.

[@Mark-ml3nv]

Rishi's own goal was a classic Tory move. Gaslight the public into believing something that is dishonest and then hope by doing nothing, the situation changes and they can take credit. Now the poor dude has to do some work.

[@yetidodger6650]

I thought markets were supposed to self regulate, it's almost as if the capitalist system is out of control.

[@MeiinUK]

Because other global players are entering the same area when they should not. The internet itself has caused distortions as well. What should not actually be taken into calculation is ? And there had been counterfeit notes from other countries as well as indirect inflation as well etc.

[@michaelrowsell1160]

You forgot about the elephant in the room.

[@davideyres955]

First minute of the video wrong. The first cause of inflation was the vast amount of money printing by the USA. This started the oil price going up which drives energy prices. Any rise in oil pushes up fuel and gas. Fuel increases directly feed in to everything. Following that the rest of the problems pushed it up, but it was the money printing in the USA that started it. The trouble is the tories could resolve this by stopping the vast amount price fixing in the energy companies. I’m not talking about the wholesale costs as they are globally influenced, I’m talking about the bill producers who are being aloud to make increased profits by offgen. Look at the standing charge, not regulated by offgem and they are hiking that massively. As people transaction to home solar and batteries this will be their source of income. It then becomes a tax as you won’t be able to go there unless you are off grid and there’s few people who can afford the solar, batteries and diesel generator. The big problem is that money is moving from the general population to a concentrated very rich people. The CEO’s pay is astonishing and the ultra rich are not paying the same % tax as the rest of us.

[@ECECECECEC]

It is indeed, evil.

[@thisismetoday]

1:40 How is this even remotely funny? I’m furious

[@stephenfaulder1747]

While 'profiteering / 'greed' will certainly be playing a part, I would suggest this is mainly within the larger energy, food and essential services sectors, rather than SMEs in the 'non-essential' sector, who are simply trying to remain as competitive as possible and retain their customers, while still making a basic living. I would also suggest that any 'greed' is just one part of a much bigger and more significant picture, which doesn't appear to be well-focused in the minds of many 'economists'. Inflationary tension on 'non-essential' products during Covid was due mainly to stock depletion - it being sold at least as fast as usual (courtesy of Furlough/SEISS payments, helping maintain steady demand), yet not replaced (due to non-essential workers staying at home). As lockdown restrictions lifted, non-essential workers got back to work, increasing supply and reducing the inflationary tension on the 'non-essential' products. This should have caused prices of such products to reduce - noteably, without the need for the BoE to raise interest rates. Putin's invasion of the Ukraine caused energy and food prices to rise - ie inflation on 'essential' products. Such inflation cannot be controlled by increasing interest rates, as people have no choice but to pay the higher prices. Food and energy price rises have a steady and protracted impact on the prices of almost all other products, as they gradually feed through the supply chain. Smaller businesses often take time to respond to the impact of rising costs. This can lead to an inflationary 'lag' of several months, or more. Once again, it should be noted that, in this context, BoE interest rate rises can have little meaningful impact on these prices, either. The majority of the population 'live up to their means'. Higher energy and food prices have to be paid, which leaves consumers with less expendable income for non-essential products. This, in turn, reduces demand for non-essential products (which are now in relatively good supply), which, naturally, is not great for businesses that deal in 'non-essentials'. Factor in the direct impact of higher energy bills and it's clear that things have become even more difficult for these businesses. In practice, the lack of demand for non-essentials has reduced cashflow for such businesses, who are now struggling . . . many of whom are dumping stock, in desperation . . . shedding staff will likely be a further consequence. Now factor in raised interest rates! The Bank of England's policy of raising interest rates over the past 14 months is, clearly, totally unjustified. It was never going to have any impact on this type of inflation (as I've been saying, since this nonsense started) and is taking the little remaining money out of people's pockets in the form of increased (largely pre-existing) loan and mortgage payments. Ironically, for ten years pre-Covid, interest rates were too low (they should have been about 2.5%). The consequence of this was house prices becoming artificially inflated. Now we find interest rates being pushed up far too high - way beyond the (more appropriate) 2.5% - compounding the difficulties in the housing sector: ie unnecessarily high interest rates on unnecessarily greater capital borrowing. Another irony in all this is, people are being forced to spend more on 5% and zero-rated products, rather than on the 20% VAT-rated (non-essential) products, reducing VAT revenue to the Treasury. As we exited 'Covid', the Government failed to properly communicate the inevitable reality that there would be a period of a few years when we would all feel significantly worse-off. As such, many people have wrongly felt justified in demanding wage rises - further compounding the inflation 'problem'. Fundamentally, inflation can be reduced only by tackling its root cause . . . (1) For the ('essentials') energy and food, this means increasing supply in the West (long overdue 'self-sufficiency') and identifying and tackling any cases of significant profiteering; (2) For the 'non-essentials' (luxuries), this means bringing down prices of the 'essentials' (see (1) above) and ensuring production is maintained, post Covid. Interest rates should be reduced to ~2.5% with immediate effect. Again, raising interest rates can, has had and will have no significant impact on this type of inflation. In fact, its only impact has been to further raise costs for households and businesses, compounding the problems caused by higher energy and food prices. Inflation will reduce naturally, over time, as the root causes are dealt with. In short, by raising interest rates so ignorantly, with no meaningful justification, the Bank of England is not only having no significant impact on inflation, it is effectively 'stealing' money from the general public & businesses, destroying the economy and causing widespread, unnecessary stress and suffering.

[@tomg268]

Gee, if only we had a government that wanted to nationalise utilities, increase pay, and implement rent controls. Shame nobody was promising exactly that in 2017 and 2019.

[@hindu12259]

As a foreigner..age 52..living half life in India and half in UK..All i can see that what we are giving to the world? Food?? Oil?? Technology?? Cars?? Chemicals or fertilisers? Textiles? Tea?? Give me a name of thr single item.. We are only buying from world..politicians have killed textile sector in Leicester..all we can do now is working as a uber driver or working in super markets or working in rich peoples food factories like samworth brothers..if anypne wants to do a small business..wont be possible very soon. Dont be sirprised if you see interest rates at 12% and beggers and homeless people on our streets

[@emlynpearce1451]

This is so muddled - referring to it as 'greed' but then assuring us it's not 'evil'. Which is it? Are companies unnecessarily increasing profit margins or are they being prudent in building up their reserves and prepare for further uncertainty? It's like watching two extremists debate each other inside one human body. Baffling.

[@onkelfritz3807]

love the ,jocular attitude.

[@mindcache5650]

Plainly: Cost-Push inflation , with the solution of Demand-Pull dampening interest rate hikes. What could possibly go wrong ? Meanwhile, the interest rate on government debt will balloon.

[@dtcarrick]

4:00 says it all. Spoiler alert, the very reason they don't care about poverty is why they are successful.

[@rungus24]

Robert Reich was saying all this when the inflation was starting to kick in a year or so ago, and he made a very compelling case.

[@MalignMusings]

Wrong, current inflation is driven by base rate increases, this has put up the cost of borrowing to businesses who are passing these costs onto the consumer to stabilise their margins...

[@allykhan8594]

So wage inflation is also greed inflation??

[@brianeduardo1234]

Very good analysis- politicians are so dishonest - whither Mr Sunak’s integrity etc?

[@anthonyferris8912]

Their budget didn't stretch to having a real economist. 😆

[@johngriffin9720]

oil companies showing record profits, which only happens because their production costs have not changed, yet the sale price to the consumer, which they determine, have risen exponentially. The economy has shrunk, we are all poorer as a result, and government is not willing to protect the most vulnerable in society, by asking those most capable of absorbing the load. i.e. equilateral absorption. This is further exacerbated by consistent and persistent disparity in wage rises between the richest and poorest.

[@grzesiekniemogecipowiedzie7142]

Inflation is not caused by greed, inflation is caused by money printing or saying otherwise inflation = money printing

[@geoffroberts1131]

Everyone stayed quiet when Julian Assange was imprisoned. The price is going to be starvation for millions in the UK. These smiley characters know but daren't say. Not yet Any way

[@tehcsiamg3185]

There are people who wanted more money... 1)taking advantage over the rise in electricity...2) wantore money to compensate for their suffering due to everything prices going up...

[@JustTakeAMoment]

An interesting discussion which looks at the real causes of Inflation, on this occasion, that can't be controlled by interest rate hikes, which is used solely to bring investment into the British currency but can have an Impact on exchange rates usually improving the pounds buying power, making it stronger. It can also be detrimental to UK exporters of goods as their ability to complete will be lowered. The reason we are seeing inflation is greed right now, pure and simple. As the energy crisis has petered out, but as usual, the British businesses are built on greed, especially after profit erosion/loss during the pandemic. The answer is often to vote with your feet, but that can't always be achievable. Right now, the BoE are just propping up investment in our currency without any consideration for those impacted by the consequences of their actions. Interest rate hikes won't stop inflation as recent wage hikes have given real purpose to greed-flation, as they appear to name it here. If you do give in to wage demands, you have to increase the cost of your services or products to meet the increase, so a lot of the price hikes will not necessarily come down as companies prepare for excessive wage demands, in the aftermath of the energy cost crisis. By gifting huge increases, in public sector pay, it will be hard to stop and will take time. Interest rates won't have any real effect, at this stage.

[@stevengrice4176]

Greed. More companies bought on debt. Money made moved offshore. Now, interest rates add a way to hide profits.

[@porksausage-t1b]

The picture of this clip is fantastic sunak gazes over his shoulder and sees money coming his way

[@theoriginalrecycler]

Consumers can’t rebel against food and energy prices

[@GaryParris]

these greedy people are the problem of inflation not the workers!

[@BuzzTemple]

We should not be concerned with contentiousness if it is only so for 1% of the population.

[@Sam-jy5tj]

We don’t invest in cost effective energy production. We erect trade barriers with the EU. We haven’t built enough homes for our population for 20 years yet still have record levels of immigration. We don’t particularly invest in Tech or high end profitable industries. We allow traditional industries to go out of business. We spend 100s of millions of tax payers money on bike lanes and ULEZ cameras around the country and pay overseas companies for them. Inflation and cost crisis for the poor is inevitable in this environment, the war in Ukraine has just revealed the fragility of our hollowed out economy.

[@tt-ew7rx]

Inflation can be brought under control through fiscal and monetary methods. The government shouts inflation slogans but has decided that they do not want to use any fiscal means. This leaves the BoE with only their only monetary means. It's difficult to believe the government's slogans.