gruffydd

A mirage... the same mirage used by Thatcher and her loons... this idea that you shrink the state and everything moves into some kind of balance. If you want to see what happens when that happens... take a look at silicon valley and the tech it's unleashed... often by utopians who want to operate outside the usual structures... super wealth for a tiny minority, huge levels of speculation and inequality. As for the comments about Cuba, etc. - again, utterly idiotic - they are existing under sanctions... funny, that... the capitalists crush them... then focus the blame on "socialism". It is nonsense for idiots.

good question... haven't got the data on furloughed staff although numbers have fallen a great deal now.

The very fact he's flagging wage inflation is indicative of a shift...

There certainly is... suspect their hand is being forced by wage inflation comments from the big recruitment firms... Hays, Reef, etc. https://tradingeconomics.com/united-kingdom/wage-growth

What re they up to there?

Referencing wage inflation too I note... some of the big recruitment firms have been making "noises" in the media... their hand is being forced.

Two words. Wage inflation. They're just waking up to the reality (and that means IR rises sooner rather than later) https://www.poundsterlinglive.com/economics/15711-broadbent-warns-of-significant-inflation-but-is-coy-on-need-for-interest-rate-rises

Covid is unprecedented really. It has.

Broadbent notes a mismatch in the supply and demand for labour across the UK during the reopening process has helped put near-term pressure on wages, an important driver of inflation that the Bank cannot simply ignore. "The behaviour of labour costs will for me be important in judging the appropriate stance for monetary policy. This won’t be straightforward," said Broadbent. https://www.bankofengland.co.uk/speech/2021/july/speech-given-by-ben-broadbent-mismatch https://www.poundsterlinglive.com/economics/15711-broadbent-warns-of-significant-inflation-but-is-coy-on-need-for-interest-rate-rises

Oh dear... as the Bank of England moves into panic mode on wage inflation. https://www.poundsterlinglive.com/economics/15711-broadbent-warns-of-significant-inflation-but-is-coy-on-need-for-interest-rate-rises "Broadbent notes a mismatch in the supply and demand for labour across the UK during the reopening process has helped put near-term pressure on wages, an important driver of inflation that the Bank cannot simply ignore. "The behaviour of labour costs will for me be important in judging the appropriate stance for monetary policy. This won’t be straightforward," said Broadbent."

There's a major shift underway in the Bank of England. https://www.poundsterlinglive.com/economics/15711-broadbent-warns-of-significant-inflation-but-is-coy-on-need-for-interest-rate-rises

OUCH: "Broadbent notes a mismatch in the supply and demand for labour across the UK during the reopening process has helped put near-term pressure on wages, an important driver of inflation that the Bank cannot simply ignore. "The behaviour of labour costs will for me be important in judging the appropriate stance for monetary policy. This won’t be straightforward," said Broadbent." The Bank of England is shifting... bit by bit. It will be too late by the time they act, of that we can be sure.

Broadbent confirmed the Bank's existing projections - for inflation to peak at 3% - are now way off the mark. "The MPC expects inflation to rise significantly further, to well over 3%, over the next six months," said Broadbent ...and on it goes. People don't want to see it but it is certain to crash the housing market, and much else. https://www.poundsterlinglive.com/economics/15711-broadbent-warns-of-significant-inflation-but-is-coy-on-need-for-interest-rate-rises https://www.bankofengland.co.uk/speech/2021/july/speech-given-by-ben-broadbent-mismatch

The new proles are people working in IT, etc. - they are.

"Average weekly earnings including bonuses in the UK surged 7.3% year-on-year to GBP 574 in the three months March to May 2021, the biggest increase since series began in 2001." https://tradingeconomics.com/united-kingdom/wage-growth