Red Rag - Inflation rose yet again in August. The Consumer Price Index rose from 4.4% to 4.5% whilst the more reliable Retail Prices Index rose from 5% to 5.2%. In the same month take home pay growth, for those who are lucky to have a job, actually fell 0.2% to 2.7%, so prices are rising nearly as twice as much as wages. The only people that seem to be keeping up with inflation are those in the top end of the earning scale, the bankers, the multi-millionaire, or collectively known as "Tory donors".......knowing all this, it's nice to hear that Gideon is considering bringing down the top rate of tax for his parties donors......."we are all in this together" has never sounded so hollow.
The Bank of England actually found some balls today and laid some of the blame on this, which was stating the bloody obvious in reality, in VAT rise in January which has helped inflation rocket. Now who was it that decided to hike up VAT again?
Another fantastic result for Gideon was the fact that the Trade Deficit grew again, and much higher than expected, by £8.9 billion.........tell us again Gideon about you so called export led recovery.
With virtually every economist saying inflation will rocket even higher, the squeeze on everyone's finances seems to have no end, and with Gideon telling everyone he has no Plan B, the coalition induced economy killer looks like it will continue for the foreseeable.
Another bad day tomorrow for the reducing minority known as "Osbornomic supporters" ........the unemployment figures come out.
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