#WORLD #WORLDWIDE #UK #ANARCHISM #News #Journal #Update - (en) #UK, ACG: Hard times are here, time to fight! (ca, de, it, pt, tr)[machine translation]

 Rishi Sunak has delayed the planned economic forecast from the Office for Budget

Responsibility (OBR), which is attached to the Treasury, from Halloween to
November 17th. This postponement will not make any future prospects any less
sombre. ---- The OBR will say that there is little chance of growth over the next
two years and that public finances will be at stretching point. ---- Market
mortgage rates will mean that more and more homeowners will reach the end of
their fixed deals and will be forced to accept massive rises to their household
budgets. Millions more will have to remortgage and are cutting their spending.
Many will have their homes repossessed. ---- Inflation and the rising cost of
living will hit the housing market. Mortgage rates have doubled in the past year.
Despite high employment figures inflation is rising far above wages and borrowing
costs are continuing to rise. In the three months up to June 2022 inflation rose
to 9.4 per cent whilst wages rose 4.7 per cent. This meant the ‘real value' of
wages fell by three per cent. Since then inflation has continued to rise, with
the Bank of England predicting a rise to 13 per cent by late November.  House
prices now stand at eight times the average income, an all-time high. The think
tank Resolution Foundation stated that the UK was now facing the "deepest pay
squeeze in 45 years". The Office of National Statistics said that the real value
of pay was continuing to fall, and is still dropping faster than at any time
since comparable records began in 2001.

Meanwhile bankers' bonuses rose two times faster than the speed of wages since
the economic slump of 2008. Bonuses in the finance and insurance sector are now
on average about £20,000 a year. A typical bonus of a banker is worth almost two
thirds of an average worker's pay.

Whilst the government is refusing wage rises for millions of workers, City
bankers are trousering large amounts of cash.

This situation will trigger rising discontent and further industrial unrest as
workers look to fighting back.

https://www.anarchistcommunism.org/2022/11/04/hard-times-are-here-time-to-fight/
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