The Bank of England telling us that we should be okay with the wages as well. What a shit show.
Comment on UK economy in recession as households cut spending
echodot@feddit.uk 4 months ago
So out of the five pledges or promises or whatever he was calling them he’s achieved exactly zero. That’s good going for a Tory.
Why enough he said they would bring down inflation I do not know it’s not like the government actually control the economy.
angelsomething@lemmy.one 4 months ago
SuckMyWang@lemmy.world 4 months ago
The government have a role to play in the economy
casmael@lemm.ee 4 months ago
The only role this government is playing in the economy is chief fucking clown tbh 🤡
MotoAsh@lemmy.world 4 months ago
That’s the role they’re currently playing, but not the one they were tasked with.
casmael@lemm.ee 4 months ago
I mean yeah couldn’t agree more
Ummdustry@sh.itjust.works 4 months ago
I mean, one part of the economy the government (or, parliament at least) has control of is the money supply, which is pretty much the sole driver of inflation. If he’d genuinely wanted to (not necessarily saying he should’ve) he could’ve.
TheGrandNagus@lemmy.world 4 months ago
If you literally mean the amount of money in circulation, then nah. In the UK that’s within the Bank of England’s purview, and they are independent of the government.
Milk_Sheikh@lemm.ee 4 months ago
In terms of macroeconomic tools like quantitive easing and LIBOR rates, yes the big tools are outside the Chancellors control.
What Whitehall can do is increase the government’s supply of money to the economy as a whole by deficit spending to stimulate commerce. Build some overdue infrastructure, increase universal credit payouts, raises for teachers or firefighters, government backed low cost loans for developing industries/councils, etc are tools that are available
TheGrandNagus@lemmy.world 4 months ago
Sunak said he’d get inflation below a certain level because that’s the level it was projected to be at if the government did nothing.