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The Bank of England has raised interest rates to 4%, supposedly to tackle inflation.
There is just one problem with this decision. The Bank knows that much of the inflation we are suffering is being driven by rising oil and energy prices, largely resulting from conflict in the Middle East.
It also knows that raising interest rates cannot reduce those prices.
So why is it doing this?
The answer is that the Bank believes it must suppress demand elsewhere in the economy to compensate for rising energy costs.
In other words, it is deliberately making mortgages more expensive, increasing business borrowing costs, discouraging investment and reducing household spending power.
And all this when people are already struggling with higher energy bills. That is problem number one.
There is, however, another problem. Higher interest rates increase costs for businesses, which can then feed through into higher prices. They can, in that case, add to inflation rather than reduce it.
The Bank is imposing economic pain to address a problem its chosen policy cannot directly solve.
That is not sound economic management. It is the consequence of an economic dogma that refuses to recognise the difference between inflation caused by excessive demand and inflation caused by supply shocks.
When will we learn?
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“Living standards are falling for us.” Yet UK banks just posted £29bn in half-year profits. Lloyds’ profits jumped 99% to £2.3bn as mortgage rates hit 6%, while Shell doubled its profits to £8bn. This isn’t just an economic crisis; it’s a wealth transfer.
"Painful" years ahead, think tanks warn, as living standards set to fall
bbc.in/4k5Vgsz
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In 2015, the UK introduced the 5p charge for plastic carrier bags. Minimum wage was £6.70 an hour, meaning you could buy 134 bags with an hour's work.
Fast forward to 2026. Minimum wage has increased to £12.71, but carrier bags now cost around 40p each.
That same hour of work now gets you just 31 bags.
So the price of carrier bags has gone up 700%, while wages have only increased by 89%.
If minimum wage had kept up with the price of plastic bags, we'd now be earning £53.60 an hour.
Even plastic carrier bags are outperforming wages in this country.
We're getting robbed.
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Football belongs to the fans! Thank you to all the fans around the world, the Ballon D’Or of All Time is also yours.
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When real managers tried to rest Ronaldo like Zidane did and maximize him for important matches, Erik tells a 37-year-old to run like he is 23 with dumbbells in Manchester United. It's crazy.
There was nothing rational about Ten Hag's treatment of Ronaldo.
Most of these managers move with pundit opinions. They try to treat Ronaldo badly, trying to out-ego someone who has earned the right to have a high ego in football.
Messi always walks on the pitch and nobody ever bats an eye.
Anybody that fails at coaching always tries to score headlines with Ronaldo's name.
We all saw Ronaldo work with Ferguson, Zidane, Ancelotti, Mourinho.
The funniest thing is running the "Ronaldo was not training well" gimmick. The very man known for being a hard worker and a training merchant.
The man whose entire career is built on training is now being told he doesn't train. You can't rewrite 20 years of evidence because you failed to manage him.
Zidane rested him. Ferguson protected him. Ancelotti embraced him. Only failing managers try to break him to prove a point.
🚨🗣️ 𝗡𝗘𝗪: Erik ten Hag has spoken out about his problems with Cristiano Ronaldo at Manchester United!
“He let the team down, and he let me down, because we planned with him.
I flew out to Portugal to speak with him about what I was aiming for before I came to United.
Obviously, he’s one of the best in football history. I respected him a lot. But at that time, as a manager, I had to make a rational decision.”
Ten Hag also claimed Ronaldo was not training properly:
“He was not capable of doing this. He ran neither in possession nor out of possession. The reason was because he didn’t prepare himself.
Every top team has to embrace the top player, but the top player has to work for the team.
He was telling the players, ‘Save your legs at training.’
I understand it when you are top fit, but first you have to train yourself to get into the right fitness levels.”
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We CANNOT have sustainable energy because it threatens the oil industry. We cannot have healthcare because it threatens insurance. We cannot have peace because it threatens the weapons industry. Capitalism built a system where doing the right thing is treated like bad business.
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Having a train that takes you directly to the airport is genuinely one of the top 10 things a city can offer. No expensive taxis, no sitting in traffic, no begging someone to drop you off. Just get on the train and arrive at the airport. Every major city should have this.
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What’s happening in France is a wake-up call to the entire world. 🌍 The cost of living keeps rising while everyday people struggle to survive. People are tired of working hard just to barely get by. Governments need to start listening to the people before frustration turns into chaos. 💯🙏🏽
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It’s actually crazy how you grow up thinking home-cooked meals every day are just normal, then get older and realise how much time and effort it took your Mom to make that happen and how lucky you were to have that.
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The clocks going back an hour isn't enough. I need them to go back to £450 a month rent, £50 full tanks of fuel, £30 weekly food shops and £40k houses.
