The unemployment rate has fallen to its lowest level for decades, but pay pressures remain. Inflation is at its highest level for decades, and long-term illnesses are playing a major role another factor is the low wage earnings of workers when needing to pay for everyday goods and services which have, of course, been rising.
Labour has accused ministers of forcing the public to “pay the price for their mistakes” by forcing the government to make big spending cuts due to a shortfall in revenue. The Bank of England has had to try to ease investor pain.
The Bank of England has made its latest intervention amid warnings of a fresh risk to UK financial stability. It is in response to a huge sell-off of government bonds by investors in the wake of the chancellor’s mini-budget late last month.
The Bank of England is committing yet more money to buying gilts in order to try and restore orderly market conditions. The deputy prime minister said she was “absolutely confident pensions are safe”.
Cicero's 