Tuesday 27 September 2022

Monitoring Events Very Closely

As I predicted yesterday, here comes the IMF. Even that monstrosity will not see the G7 economy with the City of London in it fall into the hands of a bizarre cult on the votes of 0.12 per cent of its population, including a mere one in 13 of its elected national parliamentarians.

Extreme poverty is this country is not a new phenomenon, and its cause is not indolence. Even HMRC, which is of course the State itself, admits that 50 per cent of workers in Britain have gross annual incomes of less than £20,000.

The driver of poverty here is low pay, just as the drivers of inflation are huge dividend payments, almost never to pension schemes before anybody tried that one, and colossal self-remuneration at the top. Fruitless even in their own terms, the sanctions against Russia are making matters a lot worse, but nothing to do with the war in Ukraine is the root cause of any of this.

Yet the income tax personal allowance has not been raised from £12,570 in line with inflation. In real terms, it has been cut by at least £250 even only at the present rate of inflation. In real terms, even the three in five adults who managed to reach that giddy threshold of just over one thousand pounds per month have been docked a minimum of just over 20 quid each time.