Youngian wrote: ↑Mon Jul 04, 2022 9:14 pm
This didn’t lead to vendors halting production. Is that because they allowed prices to keep up with inflation? Butter and electricity to name but two products I’ve noticed rose 30 percent over two months. That doesn’t sound like keeping up with inflation but getting away with profiteering as huge swathes of the public can’t do percentages. You need every tool you can lay your hands on to prevent becoming a high inflation basket case economy. Unfortunately John doesn’t want to do the hard work of telling workers and home owners that they may have to swallow some nasty medicine. Just blame the fat cats Although such an intervention appears significantly out of step with modern convention, successive Labour and Conservative governments have used price controls to keep a lid on the soaring cost of living; with a national board and later a commission to impose limits for wages, rents, dividends and the price of basic foodstuffs and other essentials.
Inflation fell in May, month to month, though of course the annual rate went up. So I don't think things are quite as bad as that. Best solution , as it nearly always is, give the poor more money now.
The people who make butter or whatever will be having rising costs, so I don't think we can say that's profiteering. Fuel though is a different matter, and McDonnell's within his rights there.