United Kingdom Households’ Spending Power is Projected to Drop by Nearly $3,500
Jose Nino
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According to the Resolution Foundation, an independent British think tank, British households are projected to witness their spending power fall by an average 3,000 pounds sterling (nearly $3,500) by the end of 2022.
According to PressTV, this would be the largest drop in living in the United Kingdom in at least a century.
The Resolution Foundation published a study on September 1 that found that rising energy costs could force household incomes to go down by 10% and bring an additional three million British citizens into poverty.
Lalitha Try, a researcher at the Resolution Foundation, observed, “No responsible government could accept such an outlook, so radical policy action is required to address it. We are going to need an energy support package worth tens of billions of pounds, coupled with increasing benefits next year by October’s inflation rate.”
The UK is confronting a scenario of mass inflation that has not been witnessed in decades. As a result, certain sectors of the British workforce have begun striking because their compensation cannot meet inflation.
Liz Truss was named prime minister of the UK on September 5, the same day that staff at the Department for Business, Energy and Industrial Strategy (BEIS) went on strike.
As BLP reported, Truss is a seasoned globalist and fixture of the British establishment. She will likely do very little to solve the structural problems the UK is facing. One expect the UK maintain its misguided sanctions war against Russia, while also maintaining its bloated interventionist state.
Like most European economies, the British economy features a heavy-handed bureaucratic state along with an activist central bank. The Tories (Conservatives) and the Labor Party are two wings of the same globalist bird of prey that has undermined the historic British nation and works diligently to turn the country into an economic zone bereft of a meaningful national identity.
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