Sunak is adamant that workers should not get a pay rise.  He says this will be “inflationary”.  And that it would make the current cost-of-living crisis even worse.  Yes, the old wage-price spiral lie is back again.  But it’s still a lie.

    However, one can only wonder how much Sunak actually understands.  When he speaks at the despatch box or is interviewed (as on Sunday, by the BBC) he tells us in school-masterly tones, that inflation. . .  is caused by inflation!  He explains that rising inflation, i. e. , the rising measure of price increases over the past year - is caused by price increases!  He often adds that it’s also due to “too much spending”. . .  implying that workers, whose pockets have been empty at least since 2008, have too much money.  Yes, at a time when 1 in 14 people are needing to use a food bank.

    So it turns out that the country is being ruled by an ex-Chancellor of the Exchequer (and ex-banker) who hasn’t got a clue about how the economy works.  And neither (of course) has Jeremy Hunt, his trusty side-kick who just offered mortgage holders the chance to go “interest only” after mortgage rates went up to 5% - claiming this will lower their costs!  When all it does is kick the debt into the long grass, leaving punters to pay off a lump sum which is likely to be even less affordable when it becomes due!

    That said, anyone with a shred of honesty and an understanding of the workings of capitalism (a system whose sole aim is to increase profit) would be obliged to draw the conclusion that it’s untenable and has to go.  For the past 120 years, after spreading all over the world, it has only been able to resolve its contradictions through war, death and destruction!

    But back to inflation, which isn’t behaving as the Bank of England predicted.  It was meant to be going down by now, since it compares the rate of price increases this year, to last year.  So the further we get into 2023, the higher the comparable 2022 rate - and the lower this year’s rate. . .   provided, of course, that prices aren’t increasing!

    So if inflation is “stubbornly high”, it means price increases this year, relative to last year, are even greater.  And yes, it’s due to ruthless profiteering by all the shops and services we pay for.  Supermarket bosses deny all knowledge.  Have they unwittingly been taken over by price-manipulating AI-bots, then?

    Price inflation doesn’t just happen by itself.  Real-life persons are screwing prices up and screwing wages down.  But if the working class is to eat, heat and treat itself, the fight for higher wages cannot be suspended.  Where it has been called off, it needs to be resumed.  Because quite literally, we cannot afford to lose.