'The fact is we don’t just have a cost-of-living crisis - we have a deep inequality crisis - but the Tories don’t care about that.' | jonmolyneuxSGP ✍️
This week, the Bank of England delivered updated economic forecasts that will be a hammer blow for millions who are already reeling from soaring living costs.
It holds almost all the levers to do something about this - over setting fiscal and monetary policy, regulating the energy market and overseeing most social security - yet it is nowhere to be seen. It showed that while the UK’s richest fifth will experience inflation running at around 7%, for the poorest, it will be more like 15%. That’s because poorer households already spend almost 60% of their cash on food, energy and essential bills - now those costs are set to soar even higher.
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