Last time I checked my ISA it was paying 1.5%. With the official inflation rate at about 3% (I think) and the real inflation rate higher and set to spiral out of control since the Gorgon’s only answer is to cut the rate to almost nothing and print more paper money, this means the money I leave in the bank is devaluing only slightly slower than the cash in my wallet.
Two tobacco packs ago, 25g was £5. It had been that price for some time. The one before last was £5.07 and the last one was £5.24. Okay, I tend to spin out a pack of tobacco until I’m smoking the last dried shreds but even so, 25g doesn’t last a week. That rate of increase is a lot faster than 3% a year. It’s not at Zimbabwe levels yet but the first signs are already there. Save those dog-ends, folks, you’ll need them soon.
The Gorgon and the Bank of England have put small businesses like mine in the position where saved and earned money is worth less every day, but we can’t put our prices up because there’s a recession. If it was his intention to stop those who want to keep the economy moving from doing so, he has succeeded.
Savers, likewise, are now getting such paltry returns on their money that they will have to reign in spending. ‘Heat or eat’ will soon apply to far more than the pensioners. Another year of this government and it might apply to everyone except those who work directly for the wasters from Labour, better known as the Sackcloth and Ashes party. I bags first go at the roadkill, before anyone else claims it.
Now they are printing money with nothing to back it up. Weimar Republic, here we come. And we all know what happened next.
Nice work, Labour. I’d like to cut each one of you off at the knees and stand you in a bucket of salt. Then hand you over to Old Holborn, who is at least keeping the piano-wire industry in business.