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“WHY IT’S PROFITS, NOT WAGES, THAT DRIVE THE COST OF LIVING CRISIS”



United Kingdom
01/06/2023

Updated: 3 hours ago
By Nation World News Desk
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The Bank of England (BoE) followed up with its latest increase in British
interest rates (4.5%) – the twelfth in a row – with a warning that inflation in
the United Kingdom would remain higher than expected. An increase in the prices
of food products (19.2%). The BoE hikes its rates from December 2021 to try to
prevent a sharp rise in the cost of living. Although inflation fell
significantly in April, it still stood at 8.7%, well above the UK’s target of
2%.

Several reasons have been put forward to explain the recent rise in prices:
Central banks printed Too much currency, energy prices are skyrocketing due to
wars in other countries. The current government and the governor of the Bank of
England claim that wage increases are at the root of inflation. However, my
research, carried out with James Midway of the Progressive Economy Forum and
Doug Nicholls of the General Confederation of Trade Unions, suggests that price
rises in the UK are more likely to be caused by higher profits, falling wages
and lower productivity. for decades.



salary negotiation

From the mid to late 1970s, unions were able to negotiate wages through
organized collective bargaining at the national level. These were working class
sectors, usually represented by a union, who negotiated wages and working
conditions with their company. Thereafter, the difference between Income There
was clearly less trade and labor and Great Britain was a more equal society in
terms of income.



Since then, a concerted assault on collective bargaining at the national level
has markedly weakened the ability of wage workers to protect the value of their
wages while at least keeping pace with inflation. At the same time, income
inequalities have risen sharply and are expected to reach record levels by 2027.
Research shows that there is an inverse relationship between the number of
people organized in unions and their ability to resort to collective bargaining.
, and the concentration of wealth in the hands of the richest class on the
other.

The working class is beginning to feel this today, which may explain the recent
support for strike actions with which unions have tried to realistically
maintain wage levels in the face of persistent inflation. But it is also
important to be aware of the deeper historical and strategic factors which have
led to the relatively high level of inflation in the UK. Without addressing
these issues, Britain will not be able to get out of the current livability
crisis.

an industrial power station



The first Industrial Revolution that began in the 18th century made the country
one of the leading producers of manufactured goods: workshop of the world, The
United Kingdom was a great industrial power for more than a century, producing
everything from cruise ships to some of the earliest computer programs. However,
in the 1980s, Thatcherism reduced productive industry and skill development by
shrinking entire sectors of the economy, such as steel, car manufacturing and
coal production. At the same time, the government eased financial regulation and
removed controls on money flow out of the country, thus strengthening the
financial empire.

The British economy thus isolated itself from its industrial centers such as the
Midlands, while the political and economic power of banks and financial
companies increased. Relying so heavily on the production of goods ceased to be
profitable. The British manufacturing industry has been in decline since the
1960s, both in terms of employment and production, and relative to other similar
countries. The UK economy has lost ground to countries such as the US, France
and Germany due to a lack of investment by companies over the decades, leading
to a decline in productivity.

That historic blow to the United Kingdom’s productive system meant that when
demand for goods rose after the Covid crisis, national production capacity was
insufficient, requiring the country to resort to imports to respond to demand.
The cost of the most basic products and services we need – food, energy and
housing – has skyrocketed. These basic necessities, which represent a relatively
small portion of our spending, have become unaffordable for millions of people.




Of course, price controls can help reduce this inflation. But we also need to
address the underlying weaknesses that fuel inflation in the long run. This will
require a new British industrial policy as well as workforce development plans.

Restrictions on banks, investment funds and large companies in terms of moving
production and money (outside the country) will help strengthen domestic
investment. New approaches to public financing through organizations such as the
central bank would also reduce dependence on private banks. Rather than
realizing that its mission is focused on profit and inflation control, for
example, the Bank of England should focus on supporting investment by directing
funds to specific sectors, especially manufacturing.



Extreme liberalization of market forces in Britain in the 1980s resulted in
unprecedented privatization and sale of public assets, large-scale
de-industrialisation and deregulation of the financial sector. The ensuing years
saw the systematic enactment of anti-union legislation and the disintegration of
collective bargaining, which put continued downward pressure on wages, as wage
earners had fewer means to oppose the patrons of unions.

The economic and political power of the companies was strengthened. As a result,
large companies were able to reap windfall profits, often with additional
support from the government, particularly in the form of tax breaks and
subsidies. Unions have recently accused the majors of For profit About the cost
of life crisis. In response to these criticisms some supermarkets have started
reducing their prices.

In any case, no tax on windfall profits or any subsidy to households will be
able to end the current run for profits at the expense of wages. Big structural
changes are needed. Otherwise, the current toxic combination of low investment,
low productivity and high inflation threatens to plunge the country into
disaster.

05/26/2023

i found it

Translation: Air South

Kostas is Lapvitas Professor at SOAS, University of London.

(visited 8 times, 8 visits today)







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