Cost of living crisis: UK inflation hits 40-year high of 9%

It hasn't been this bad since the early 1980s. Confirmation today that in the year to April, inflation hit a 40-year high.

The figure of 9% was expected and yet shocking - the government seemingly at a loss.

The prime minister promised to look at “all measures” that might help, but his chancellor admitted they "cannot protect people completely".

Opposition politicians and campaigners accused the government of not protecting people at all and called for an emergency budget, and a windfall tax on oil and gas producers.

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[Pammulli_]

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[elvismark]

Today's inflation is a result of corporate avarice, not only problems with the supply chain. We know that the money obtained by the higher prices isn't being transmitted along the supply chain since businesses are reporting record profits. More pricing result in increased revenue for businesses, which stays with them and goes into their pockets. We can rule out supply-related inflation because of this. If your stocks are extremely weak, now is an excellent opportunity to take a battered 401k and convert it to a Roth. Then, your Roth will be tax-free, and you will just have to pay taxes on the substantially reduced current values.

[deanbuck]

They raised your taxes immediately but are finding it hard to tax the energy companies. Tells you everything.

[samanthahardy]

When an MP's solution was to "Work more hours or get a better paying job" they failed to recognise the fact that a lot of supermarkets will hire staff only on part time contracts with the promise of "lots of available overtime". However, in reality the overtime is often "unpaid" and staff are expected to "take that time back" by working less hours the following week. I tried for 4 years to get a supermarket to increase my contract to full time and each time was told "It's not within our budget". During the pandemic a lot of people did unpaid overtime! People should get paid for every hour they work and not be expected to work for nothing and suffer having to struggle to eat and be able to keep a roof over their heads. All in the name of profit for big corporations.

[Lmwpitt]

And yet electricity companies are allowed to make record profits…

[aureliusp]

The majority of human beings on this planet must suffer so a few thousand psychopaths at the top can have immense wealth, status and influence. It's disgustingly barbaric.

[loeuvrededieu]

This decade is going to be incredibly hard.

[toi_techno]

it needs to stop being called a "cost of living" crisis and be called a "low wages" crisis

[testmaker]

Every person in the 21st century who works and pays taxes should have affordable food, housing, clothing, electricity, medicine, education and security. These are the minimum and necessary needs that any state is OBLIGED to provide to a citizen. No excuses are accepted. With the same success, you can live in a cave without a state. The duty of a citizen is to work and pay taxes, and the duty of any state is to provide conditions for a normal life. It seems to me that this is quite logical.

[gamingdxg]

Boris has got millions for Ukraine, but nothing for UK house holds. Does not seem right at all.

[samtaylor]

Inflation might be 9%, but food prices in most cases have gone up 30-40%+ supermarkets profiteering, and i can bet most polititions have shares in these companies.

[fosterwhales]

Fighting 8.5% inflation (more like 35%) with a 1% Fed funds interest rate is like stopping a forest fire with a bucket of water. Folks prepare accordingly. Make investment in other not to depend on the government for funds

[terrymoore]

Inflation has been caused by the useless UK government.
The cost of living crisis is the result of the total mismanagement of this country by the whole government. Boris has no solutions and he has asked his MPs to think about a solution!

1. Brexit was a complete mess with the EU dictating the divorce terms and virtually no thought, discussion, or forward planning by the UK government during the five year negotiating period. As a result, the ridiculous conditions and requirements imposed on trade between the UK and the EU have caused trade and retail costs to increase on everything sold to and purchased from the EU. Delays and charges are destroying trade between UK and Europe!
2. Over 67, 000, 000 in the UK followed the lock down rules. Many lost their businesses, jobs, their homes, and cars as they could not pay their rents and lease/hire purchase charges. Many faced bankruptcy. Many suffered mental turmoil and even committed suicide. Many lived alone or were told they could not attend births, marriages, or funerals. Many could not visit family, members, or friends, including many with serious illnesses. This country has become a laughing stock and lost all respect abroad. Boris has no respect for the people of the UK or moral or ethical standards. Boris can apologize as much as he wants, but so many have died as a result of his mismanagement of the false pandemic 'Covid 19' scam. He has never explained how the NHS appears to have prevented the UK citizens from suffering from flu since 2020, yet could not prevent the UK citizens from getting 'Covid 19'. He has never provided evidence that the corona virus and variants have EVER been isolated and even the WHO has stated that lock downs do not work. So it is bad enough that he broke the very laws he imposed on the citizens of the UK, but he has never provided any proof that 'Covid 19' is and ever has been a pandemic....it is just the annual winter cold/flu! The Covid scam cost the country (tax payers)£450 billion and counting!

Without a messy Brexit, a fraudulent corona virus pandemic, and without a war in Ukraine, energy, fuel, food shortages and price rises would not have happened!

Solution....

1. Drop all attempts to 'vaccinate' us against a false pandemic wasting yet more taxpayers' money.

2. UK parliament should organize a worldwide conference to stop the war in Ukraine, stop NATO from winding everyone up by escalating disputes into wars, and enforce the terms of the Minsk agreements. Stop sending armaments to Yemen and Ukraine wasting yet more taxpayers' money and parliamentary time which should be spent on problems here in the UK.

3. Stop supporting the warmongering actions of the US administration.

[lindacaswell]

These politicians have no clue do they?? ☹ They're not juggling food and bills!!

[claradidi]

Fear of inflation has hammered stock and bond prices, causing the financial markets to underperform the US economy.

[peterfawns]

Inflation of basic living costs (i.e. essentials like food, heating etc) is more than 9%. Our government would never share the real increase in basic living cost because it would be more shocking. But, they don't really care anyway.

[iamndodd]

Boils my blood... But hey, we voted for it. well done us

[brian]

Never mind the cost of 'living' even the cost of merely 'existing' week to week will be a real struggle for many hardworking people now...all while the utility companies etc rake in record profits, and this gov continues to do feck all as per.

[BeverlyTalley]

Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest.

[New-yefl]

This after years of them telling us how Great Britain is, we’re the best at this and that, biggest economy here there, all that means nothing to the average person, people need to stop falling for it