16 November 2022
Inflation hits 11%
As was expected and predicted, by lowering rates, creating money that should not exist, and shutting down vast swathes of the economy, the UK government and Bank of England have screwed the good people of the UK with 11% inflation.
Wealthy asset owners that borrowed heavily when the Bank of England had rates suppressed at close to zero will, of course, be celebrating this inflation. No doubt this will include members of the Bank of England, politicians and those closely connected to them.
Consumer prices index hits 11 percent - 16 November 2022. Data courtesy of
Office For National Statistics
Not-so-wealthy earners and savers will be paying the price. Not only have they had to endure 15 years of financial repression, they have just had a big pay cut in real terms as well as big chunk of their savings stolen in real terms by the Bank of England and transferred to debtors.
Workers will inevitably be demanding wage increases from their employers, but the the money lost by savers will highly likely be permanent without a period of deflation, and this is unlikely given the Bank of England's track record of only robbing the people of the United Kingdom and confiscating their earnings and savings.