{"id":69956,"date":"2023-05-24T06:42:00","date_gmt":"2023-05-24T05:42:00","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=69956"},"modified":"2023-05-24T09:29:35","modified_gmt":"2023-05-24T08:29:35","slug":"the-only-thing-likely-to-grow-in-the-economy-any-time-soon-is-inequality","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/05\/24\/the-only-thing-likely-to-grow-in-the-economy-any-time-soon-is-inequality\/","title":{"rendered":"The only thing likely to grow in the economy any time soon is inequality"},"content":{"rendered":"<p>The <a href=\"https:\/\/www.ft.com\/content\/3b298b5d-4e9d-467e-bfce-42b78168d9aa\" target=\"_blank\" rel=\"noopener noreferrer\">FT has reported<\/a> that:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-69957\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/05\/IMG_1071-550x121.jpeg\" alt=\"\" width=\"550\" height=\"121\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/05\/IMG_1071-550x121.jpeg 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/05\/IMG_1071-768x170.jpeg 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/05\/IMG_1071-600x132.jpeg 600w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2023\/05\/IMG_1071.jpeg 1114w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/>It would be easy to dismiss this as little more than inflation matching.<\/p>\n<p>But then, of course, it has to be recalled that few groups of workers have had inflation matching pay rises. And 12% is not, anyway, inflation matching. It is, of course, inflation busting.<\/p>\n<p>Business may protest that there is no evidence of greedflation, but the evidence says otherwise.<\/p>\n<p>Unless generous pay rises are permitted over the next year or so this short, sharp bout of inflation is going to give rise to a long term reallocation of rewards in society towards capital. And when working people are already short of the means to spend and capital has an excess of funds already available to it which it has no idea how to spend the consequence of that can only be a depressed economy where the only thing that will grow will be inequality.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT has reported that: It would be easy to dismiss this as little more than inflation matching. But then, of course, it has to<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2023\/05\/24\/the-only-thing-likely-to-grow-in-the-economy-any-time-soon-is-inequality\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,147,106],"tags":[],"class_list":["post-69956","post","type-post","status-publish","format-standard","hentry","category-economics","category-inequality","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/69956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=69956"}],"version-history":[{"count":4,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/69956\/revisions"}],"predecessor-version":[{"id":69974,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/69956\/revisions\/69974"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=69956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=69956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=69956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}