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At first glance, the record 7.8 per cent pay rise announced yesterday looks like a bonanza for British workers. But with inflation still at 7.9 percent, the increase is absorbed by rising household costs.
Rising wages also present a dilemma for the Bank of England. More money entering the system means there is a danger that increased consumer spending will fuel inflation.
If that happens, the Bank could be tempted to raise interest rates again to curb demand. This would be a mistake and would cause misery for mortgage holders and businesses that rely on borrowed money. At this time it is also unnecessary.
Food prices are falling and overall UK inflation is on a downward trend. What is needed is not another damaging increase in interest rates, but rather a focus on boosting growth and productivity.
How is it that a staggering 2.5 million people of working age are languishing on long-term sickness benefits, seemingly unable to manage any paid employment?
How is it that a staggering 2.5 million people of working age are languishing on long-term sickness benefits, seemingly unable to manage any paid employment? (stock photo)
Rising wages also present a dilemma for the Bank of England (pictured). More money entering the system means there is a danger that increased consumer spending will fuel inflation.
Why, in this era of work from home and technology, are there almost half a million more people seemingly unable to support themselves than before the pandemic? Some attribute it to increasing physical and mental health problems. Others blame an epidemic of post-Covid shyness.
Either way, the growing number of people living off the state is a brake on growth and must be drastically reduced for this country to prosper.
There are a million vacant jobs in British industry and commerce, but unemployment is rising. That simply cannot be right.
The left’s response to this shortage is to open the doors to more cheap migrant labor. This will simply exacerbate our problems. It is much better that we rediscover the work ethic for which this country was once famous.
Stop scammers
For too long, giant tech companies have turned a blind eye to the appalling levels of fraud and criminal deception committed on their platforms every day.
Safe in the knowledge that they do not have to compensate the millions of victims, they have allowed this enormous crime wave to flow almost unchecked.
Today, the Mail launches a campaign – backed by the big banks and the government’s anti-fraud deputy, Anthony Browne – to force them to act.
Our investigations have found that scams on Facebook, WhatsApp and Instagram, all social media platforms owned by Meta, account for a staggering 16 percent of all recorded crimes, leaving in their wake untold financial and emotional misery.
Our Stop the Social Media Scammers campaign calls on Meta and other companies to start paying out to compensate victims, introduce stricter verification measures for those operating on their sites, and make payment systems more secure.
If they do not comply, the financial watchdog should be empowered to impose punitive fines.
Tech giants and regulators can no longer shrug their shoulders. This tsunami of fraud can and must be stopped.
Today, the Mail launches a campaign – backed by the big banks and government anti-fraud MP Anthony Browne (left) – to force the giant tech companies to act. Our investigations have found that scams on Facebook, WhatsApp and Instagram, all social media platforms owned by Meta, account for a staggering 16 percent of all recorded crimes, leaving in their wake untold financial and emotional misery.
Criminal negligence
After the shocking revelation that the Police Service of Northern Ireland had mistakenly published the names, ranks, duties and workplaces of all its officers on a public website, we now learn of an equally stupid error.
In response to a freedom of information request, Norfolk and Suffolk Police revealed personal information about 1,230 victims and witnesses of serious crime, putting them at risk of intimidation or retaliation.
Public trust in the police is already on the decline, following a series of scandals. This kind of casual negligence erodes it further. Systems must be strengthened.