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ECONOMY

CUTTING OSBORNE’S LEGACY: Theresa May scraps 1% pay freeze as Unemployment falls to lowest levels on record

THERESA MAY has ripped up George Osborne’s hated public sector pay cap.

Downing Street announced a 1.7% pay rise for prison guards and a 2% rise for Britain’s underpaid brave coppers. All public sector workers are in line for a pay rise when the pay rates are set in April 2018.

Liz Truss, Chief Secretary to the Treasury is set to announce new plans before the Autumn Budget in November.

The original pay cap was brought in under Geroge Osborne’s tyrannical rule as Chancellor – pay caps were set to stay frozen until 2020 in an attempt to curb Britain’s excessive budget deficit.

TUC General Secretary, Frances O’Grady

Despite the expected rise in pay, the Unions are still not happy. TUC general secretary Frances O’Grady said that the pay increases were ‘pathetic’ and the secretary to the Police Officers Association said that “if inflation is at 2.9% then anything below the inflation rate still amounts to a pay cut”.

RISE IN INFLATION

The UK’s inflation rate climbed to its joint highest in more than five years in August.

UK inflation measured by the Consumer Prices Index rose to 2.9% in August, up from 2.6% in July, new figures show.

A rise in the price of oil has had a major impact, pushing up fuel prices.

Brexit is making prices rise – but that is being blamed on uncertainty rather than our decision to leave the EU.

According to the Office for National Statistics (ONS) – the prices of most goods climbed during August, largely because of rising import costs for retailers

Petrol also pushed the overall cost of living higher, increasing 1.8p a litre to 115.7p during the month, while diesel gained 2p to 117.6p.

August’s inflation rate is far above the Bank of England’s target of 2%. The Bank has said it expects inflation to reach 3% in October, but start to ease early in 2018.

LOWEST UNEMPLOYMENT RATE SINCE 1975

Britain’s unemployment fell by 75,000 in the three months to July, bringing the total jobless rate down to 4.3% from 4.4% in the previous quarter. Unemployment is now at its lowest levels since 1975.

This is great news for the Economy as it proves Britain’s economy is BOOMING despite our decision to leave the European Union.

Remainers claimed Britain’s economy would crash and that Unemployment would rise – but this clearly isn’t the case.

While it is true inflation is rising due to rising oil prices, the squeeze has been relatively limited.

 

 

 

 

 

 

 

 

 

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