For those of you who weren’t around or don’t remember the 1970s and it’s aftermath well, looks like you will have the chance to experience it soon, conditions are perfect!
Massive hikes in energy prices (domestic impact next year £400-600 more per household) industry turned non profitable and therefore shutting down, shortages etc, wage inflation, price inflation, productivity and growth stalled……..stagflation, low/no growth plus high inflation, lovely.
The results last time were very high levels of unemployment for years, a monetarist government which deliberately eviscerated industry on ideological grounds, the neutered Labour/Union movement we still have. On the upside we got punk, and welfare benefits were a lot more generous back then. Once again we have a government which, this week at least, is saying that it’s not it’s business to manage the economy, but will somehow create a ‘high wage, high skill’ economy by telling industry to spend more and not employ foreigners.
A real downer to start the day. Sorry. Hope I’m totally wrong about this, but it’s far from just me saying it.
The ubiquitous Jermaine Jenas on the wireless after this horror stuff talking about a documentary he’s made about online racism in football and he was also asked about the Saudi takeover of Toon. The bloke has been media trained to within an inch of his life, managing to talk at length and sound articulate, and not say anything you remember 2 minutes later. Remarkable.
