Remaining politically neutral during General Election 2024


Under guidance from the Electoral Commission and Charity Commission, it's important that Scope remains politically neutral during General Elections.

While we understand that this period will see many passionate discussions and do not want to discourage open discussion, we cannot allow discussions which are purely intended to influence voting.

As ever, please make sure that your comments remain respectful of other people's opinions and keep to our online community house rules.
If we become concerned about you or anyone else while using one of our services, we will act in line with our safeguarding policy and procedures. This may involve sharing this information with relevant authorities to ensure we comply with our policies and legal obligations.

Inflation more bad news

Options
woodbine
woodbine Community member Posts: 12,088 Disability Gamechanger
UK Inflation in January was 5.4% in December it was 5.1% and was expected to be 5.2% last month.
Sadly all the indications are that it will continue to increase in coming months, with record petrol prices feeding through and of course the increases in domestic fuel in the pipeline.

The bad news for many of us is that increases in benefits were set using Septembers inflation rate of 3.1%.
Without wishing to bring bad news it has to be said that we are in for a bumpy ride this year, and for many the choice between eating and heating will be a real dilemma.

The bank of England seems to be relying on a policy that has failed in the past that of increasing interest rates, a policy that only works if the economy is over heating which you would have to conclude probably isn't the case, this will of course quickly feed through into higher mortgage cost and also increased rents.

My only advice is hold tight as it's going to be tough, there is a whole generation that has never lived through a bad patch of real inflation.

2024 Election won

«1

Comments

  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    CPI was 5.5% in January. As noted in previous threads by the time benefits actually rise by 3.1% in April inflation is forecast by Bank of England to be close to 7%.

    The old measure RPI is already at 7.8%.

    Although the rise in benefits is numerically high compared to previous rise over the last decade the cut to the spending power of those reliant on benefits is actually greater than when Osborne froze benefits earlier in the decade.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • SueHeath
    SueHeath Community member Posts: 12,420 Disability Gamechanger
    Options
    woodbine said:
    UK Inflation in January was 5.4% in December it was 5.1% and was expected to be 5.2% last month.
    Sadly all the indications are that it will continue to increase in coming months, with record petrol prices feeding through and of course the increases in domestic fuel in the pipeline.

    The bad news for many of us is that increases in benefits were set using Septembers inflation rate of 3.1%.
    Without wishing to bring bad news it has to be said that we are in for a bumpy ride this year, and for many the choice between eating and heating will be a real dilemma.

    The bank of England seems to be relying on a policy that has failed in the past that of increasing interest rates, a policy that only works if the economy is over heating which you would have to conclude probably isn't the case, this will of course quickly feed through into higher mortgage cost and also increased rents.

    My only advice is hold tight as it's going to be tough, there is a whole generation that has never lived through a bad patch of real inflation.
    Yes i totally agree with you.
    I was telling my young family last year that we are going to have a few bad years.
    I know none of my children have experienced any of the bad times we have had in the past.
    Just hope they do not try and tap the bank of Mom and Dad ha ha 
  • leeCal
    leeCal Community member Posts: 7,550 Disability Gamechanger
    edited February 2022
    Options
    We had the government talking about austerity every ten seconds not long ago, now we have real inflation and there is more austerity. 

    Takking about a generation whose ne’er known bad times, I can only remember bad times!!!  (Yes, three exclamation marks!)

    (Disclaimer, there may have been a good time but I don’t remember it, sorry to be negative but the standard of living is going down the pan fast.)

    “This is my simple religion. No need for temples. No need for complicated philosophy. Your own mind, your own heart is the temple. Your philosophy is simple kindness.” 
    ― Dalai Lama XIV

  • SueHeath
    SueHeath Community member Posts: 12,420 Disability Gamechanger
    Options
    leeCal said:
    We had the government talking about austerity every ten seconds not long ago, now we have real inflation and there is more austerity. 

    Takking about a generation whose ne’er known bad times, I can only remember bad times!!!  (Yes, three exclamation marks!)

    (Disclaimer, there may have been a good time but I don’t remember it, sorry to be negative but the standard of living is going down the pan fast.)
    I was talking about my own lads Lee, they are of the generation that have never known bad times, now they live independently from us, have their own house hold bills etc. Luckily they are fit and well and have good jobs,as a parent thats what we wish for our children.
    You sound like you were dealt the short straw, i do feel for you i really do, this is life and life is what you make it, even when every battle is hard.
    I hope you can find more good times that you've had or more good times to come.
  • woodbine
    woodbine Community member Posts: 12,088 Disability Gamechanger
    edited February 2022
    Options
    calcotti said:
    CPI was 5.5% in January. As noted in previous threads by the time benefits actually rise by 3.1% in April inflation is forecast by Bank of England to be close to 7%.

    The old measure RPI is already at 7.8%.

    Although the rise in benefits is numerically high compared to previous rise over the last decade the cut to the spending power of those reliant on benefits is actually greater than when Osborne froze benefits earlier in the decade.
    Yes sorry I got the 5.4% from the ONS BUT THE BBC has reported 5.5%  R.P.I WAS 7.8%

    2024 Election won

  • Lisatho11987777
    Lisatho11987777 Scope Member Posts: 5,911 Disability Gamechanger
    Options
    Been there before I think alot of people have 
  • woodbine
    woodbine Community member Posts: 12,088 Disability Gamechanger
    Options
    Been there before I think alot of people have 
    This is a 30 year high so anybody under 30 hasn't seen inflation this high before, of course us older people remember inflation well over 20% for long periods in the 1970's (there were a number of reasons for this not least the 1973 Tory budget).

    2024 Election won

  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Options
    Can't believe I had letter today from my energy supplier to say due to price change my direct debit has been REDUCED by £10 per month 
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    Been there before I think alot of people have 
    Only those of us past a certain age! Haven't seen inflation levels like this since the early 1990s.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    janer1967 said:
    Can't believe I had letter today from my energy supplier to say due to price change my direct debit has been REDUCED by £10 per month 
    Without wishing to be negative I'd want to check that very carefully and double check that it's not a computer billing glitch.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Options
    @calcotti my thought exactly but I am in credit by large amount they increased it by £10 six months ago even though I was in credit they wanted to increase by £20 but I queried it at the time and agreed on the £10 

    However with the increases coming I'm going to keep paying the same to build up the credit for next winter 
  • SueHeath
    SueHeath Community member Posts: 12,420 Disability Gamechanger
    Options
    janer1967 said:
    @calcotti my thought exactly but I am in credit by large amount they increased it by £10 six months ago even though I was in credit they wanted to increase by £20 but I queried it at the time and agreed on the £10 

    However with the increases coming I'm going to keep paying the same to build up the credit for next winter 
    Yes Janer we are of the same mind, while i am still getting sick pay from work we have already started to increase our budgeting, just to help prepare. Hopefully we will have a long hot summer.
    I really worry about people on the bread line or the young family's that can only work on week to week basis. but as my hubby says can't help/care for everyone,
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
    Options
    @SueHeath I agree with you there are going to be even more people.in a bad financial situation even those working but on low income 

    No we can't save them all but I always donate few items to food banks to try help if everybody that could do this did so even if its just tin of soup each week this will go long way 

    I donate blankets,  bedding and stuff to homeless and any furniture I'm replacing to bhf 

    If everyone just thought a bit more about what they do with their old stuff eg clothes as well it would go someway to make a bit of a difference 
  • SueHeath
    SueHeath Community member Posts: 12,420 Disability Gamechanger
    Options
    Totally agree @janer1967 i am a very strong believer in helping out,were possible.
    My down side is i worry to much about other people, people i don't know, 
  • woodbine
    woodbine Community member Posts: 12,088 Disability Gamechanger
    Options
    @SueHeath I don't think we can ever worry or care too much about other people, we make up for those who believe there isn't a problem.

    2024 Election won

  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    janer1967 said:
    @calcotti my thought exactly but I am in credit by large amount 
    That makes more sense then for them to suggest a reduced amount to erode the credit balance
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • Lisatho11987777
    Lisatho11987777 Scope Member Posts: 5,911 Disability Gamechanger
    Options
    Calcotti  thats why I said alot of people  have been there it was going to happen eventualy brexit and covid haven't helped the situation in my opinion its going to get worse before it gets better 
  • woodbine
    woodbine Community member Posts: 12,088 Disability Gamechanger
    edited February 2022
    Options
    The link above shows inflation at 5.4% but not at the current rate of 5.5%, so yes both myself the BBC and the newspapers are discounting 2008 and 2011 as they were lower than 2022, and sadly it's only going to get worse.

    In 2008 the annual rate was 3.6% in 2011 it was 4.5%. So we are currently seeing inflation at a 30 year high, which is a whole generation that hasn't seen inflation this high.
    So I suppose that matter settled what do you think inflation will rise to and what do you suggest the solution is?

    This comment has been edited by a moderator in line with our policy of Keep It Friendly. It's good to be mindful of the language we use and how that might make someone feel, especially during a difficult time.

    2024 Election won

  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    Username_removed said:I presume we’re discounting 2008 and 2011 then?
    Although 2008 and 2011 did hit 5.1% they didn’t hit current levels. More significantly those were the peaks whereas currently all the forecasts are that inflation will continue to rise before we see any drop off.


    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • SueHeath
    SueHeath Community member Posts: 12,420 Disability Gamechanger
    Options
    Calcotti  thats why I said alot of people  have been there it was going to happen eventualy brexit and covid haven't helped the situation in my opinion its going to get worse before it gets better 
    I totally agree Lisa 
Complete our feedback form and tell us how we can make the community better.
If we become concerned about you or anyone else while using one of our services, we will act in line with our safeguarding policy and procedures. This may involve sharing this information with relevant authorities to ensure we comply with our policies and legal obligations.

Find out how to let us know if you're concerned about another member's safety.