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Virtually every day we hear about price rises and increasing inflation rates. All this added expenditure as to be found some how, by someone, but when will it become a time, when people will take serious action against the 'authorities' whoever that might be, and perhaps say Enough is Enough.
The things that come to mind on a ready basis (as example) is monetary fines for this that or whatever someone in authority (national or regional) regards as a punishment or an extra revenue gatherer.
Then there are the public transport services, utility services whose standards are falling drastically, yet price rises are always on the increase. The government is constantly telling people that the way forward is to use public transport, and millions of pounds from public funds are being provided as subsidies. Yet in reality, it could be far cheaper to fly half way around the world, for the cost of a train or bus ticket within the UK.
Will there be another Boston Tea Party?.
Blame the government (of all colours).
Bottom line is this - we all want the services of good public transport/roads/health/police etc
These all cost money and successive governments have realised that the public purse won't stretch to cover it, but they don't want to be seen as a taxation party.
This is why 'New Labour' has introduced so many other back door ways of raising revenue, to disguise the headline rise in taxation.
It boils down to the likes of me in middle England, on middle incomes being hammered by inflationary rises in everything, because we can 'afford' it. I get no help with anything (daughter about to go to Uni!!!)
Trouble is we don't like paying for what we see as social rights.
Meanwhile, the poor can't catch up in earnings, and the rich get wealthier.
I know wages have improved over the years, but just look at how many 'average' wage earners are touching the 40% income tax threshold. There seems little incentive to earn more unless it is mega money.
You don't want it to.
Think of the depression in the States.
We can see in America after a huge price rise in houses that it has crashed and people are in real difficults i.e. paying for a morgage there house isnt even worth any more. Following on from this comes lack of money and the economy bombs!! Again the government has a part to play, they see the housing market as prosperous and makes the country look soo successful. But a closer look shows that a large magority of houses bought are bout by wealthy landords to rent out!! Im from N ireland and its impossible to buy a house on our wages, Im a middle manager in the Civil Service so i do ok.
The madess will end soon and so will the labour government!
Before the fall of the Roman Empire the emperors made sure that there were plenty of circuses to entertain the masses so that they weren't distracted by more and more taxation.
The present government gives the great British public non stop football to keep them happy, and now we are going to have 24hr Super casinos !!!
When are we going to wake up to the fact that we are grossly over-taxed and someone has to put a stop to all the overspending in government and local authority departments ?
I'm afraid you've mixed the causes up.
Just like the Romans, we've become dissolute!
I've always fancied being dissolute.
How do you go about it ?!!
The Bank of England will keep putting the interest rates up to try to cap spending, but with companies offering "buy now, pay Jan08" this may be a problem. However interest rates are low compared to the late 80's early 90's when they peaked at nearly 15%.
If people stop borrowing then rates would fall, but with the housing market prices still going up the rates may need to be upped more to stop this increase.
Only time will tell on this.
When the Bank was made independent of the government I cheered, as it should be free to set interest rates with the economy in mind, not with political expediency in mind. However, there are fewer methods of controlling inflation in the economy these days: governments don't use fiscal (tax) measures to rein in spending, nor can it directly influence wage settlements because fewer people are employed by the public sector, nor is there an incomes policy that curbs pay.
Because it's also unfashionable to take what might be called Keynsian measures to boost the economy - by using public spending on big infrastructure projects that employ people who in turn pay tax on their wages - pretty much the only thing left to control the economy is the money supply, ie regulating the amount that goes into people's pockets and interest rates are the blunt instrument by which this is done - and that's not in the control of the government any more.
However, the Bank's committee that sets rates is aware of the fact that by and large keeping the money supply under control is up to them and their decisions.
Inflation is a little high at the moment and that's why interest rates have been going up. A slowing in the housing market would be good for some parts of the economy but it would dent confidence and the last thing the economy needs is a crash in the housing market.
I suspect one good step would be to make it harder to get credit but I think we're too far down that slippery slope.
interest rates reached 17% according to my records
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