{"id":66324,"date":"2023-01-12T08:03:48","date_gmt":"2023-01-12T08:03:48","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=66324"},"modified":"2023-01-12T08:03:48","modified_gmt":"2023-01-12T08:03:48","slug":"austerity-is-hitting-hard-and-it-will-get-worse","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/01\/12\/austerity-is-hitting-hard-and-it-will-get-worse\/","title":{"rendered":"Austerity is hitting hard – and it will get worse"},"content":{"rendered":"

Across a whole range of news stories, the impact of the government's chosen economic path has been confirmed this morning.<\/p>\n

This policy will, as I have predicted for what seems like forever now, lead to severe social and economic chaos as recession hits.<\/p>\n

The stories are widespread. As the Guardian<\/a> notes, more than 3 million households had their power cut off last year because they were unable to keep up with the demands of the prepayment meters.<\/p>\n

The FT has a prediction<\/a> from financial services regulators that up to 750,000 households may default on their mortgages before this crisis is over, which is 9% of all mortgages in the UK.<\/p>\n

The FT also notes<\/a> that UK student loans are to only increase by 2.8% to allow for the cost of living increase next year, meaning hardship for many, or the denial of access to those who cannot ask parents for a top-up, as many will be unable to do.<\/p>\n

And meanwhile in the US inflation<\/a>\u00a0has fallen for the sixth month in a row (wholesale fuel prices are falling there faster than in Europe) proving, yet again, that the Fed never did need to raise interest rates there, although as is the case with together central bankers, it is still set on pursuing a policy that can only be described as economic civil war against the population of the country it is meant to serve because the devastation this is causing is wholly unnecessary.<\/p>\n

Rarely has the wanton spread of misery for absolutely no purpose but to fuel the greed, prejudice and preconceived ignorance of a few taken place on such a scale in the UK and around the world before now.<\/p>\n

There will have to be a reaction to this: I simply cannot see this being accepted forever.<\/p>\n","protected":false},"excerpt":{"rendered":"

Across a whole range of news stories, the impact of the government’s chosen economic path has been confirmed this morning. This policy will, as I
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