Cost of Living Crisis

[Kneerly Down]

Inflation in 1975 was running at over 25% pa in real terms, although the Govt stats showed it a bit less than that.

In real terms (i.e. with the impact of inflation removed), wouldn't inflation be 0%

[Noggin]

TBF, I can't remember much of the early 70's!!

[Trinity765]

TBF, I can't remember much of the early 70's!!

All I can remember is that 10p coins were massive

[Count Steer]

When everything more than doubled in price years ago, was it called a crisis back then? Without getting all political, when Kier Starmer is shouting 'Tory cost of living crisis', was it known as a Labour cost of living crisis when everything doubled in price during their time in Government?

When was that, and over what time period? Maybe I was just a wee lad, oblivious to inflation hikes, but I can't for the life of me remember a time when prices doubled?

It's a fairly well documented (and bitterly remembered for many) time during the mid to late 1970's Labour government.
Ironically it's the time and mindset that some people here seem to be stuck in, chasing ghosts from a 1970's class war.

Interesting to compare with the USA.



The peak in 74 is higher (Labour got in in 74). 80s peak about the same. Coincidentally with current times the early 70s suffered an 'oil price shock'.

[Noggin]

TBF, I can't remember much of the early 70's!!

All I can remember is that 10p coins were massive

I don't even remember that!! LOL Decimalisation was only a smidge over a year after I was born!! I've seen 'old' money since, but don't remember it from then!!

[ogri]

TBF, I can't remember much of the early 70's!!

All I can remember is that 10p coins were massive

I don't even remember that!! LOL Decimalisation was only a smidge over a year after I was born!! I've seen 'old' money since, but don't remember it from then!!

Remember going in the local shop and getting two blackjacks/fruit salads for a Farthing (1/4 of a penny)

[Bike Breaker]

All I can remember is that 10p coins were massive

I don't even remember that!! LOL Decimalisation was only a smidge over a year after I was born!! I've seen 'old' money since, but don't remember it from then!!

Remember going in the local shop and getting two blackjacks/fruit salads for a Farthing (1/4 of a penny) ^

Surely you're not old enough to have spent farthings? I believe they stopped being legal tender at the start of 1961.

Now, old pennies were huuuuuge.

[DefTrap]

Without getting all political,

Took you all of two posts.

It's the privilege of the opposition to point out how terribly the incumbent government is doing. As ever was.

When it comes to becoming apologists for prior governments mistakes, new prime minister's don't apologise for the previous prime minister even though they are the same party and same government, they wipe the slate clean. They'll blame the previous government, despite it being 12 years ago.

Some people wil even hark back to governments 50 years old. They don't do it so often in parliament because ffs.

[Ant]

Without getting all political,

Took you all of two posts.

It's the privilege of the opposition to point out how terribly the incumbent government is doing. As ever was.

When it comes to becoming apologists for prior governments mistakes, new prime minister's don't apologise for the previous prime minister even though they are the same party and same government, they wipe the slate clean. They'll blame the previous government, despite it being 12 years ago.

Some people wil even hark back to governments 50 years old. They don't do it so often in parliament because ffs.

And it's the privilege of the public who haven't forgotten, to point out how terrible incumbent a Labour government is, as ever was.

New Prime ministers, or even new party leaders might not apologise for the previous, but the public aren't going to forget so easily. We don't have to go back 50 years, I referred to the last time Labour were in government, which was 12 years ago.

[DefTrap]

Like I said, can't have it both ways. The most recent is the most relevant.

If I went around at work blaming folk who no longer worked here, or on decisions decades old when the place was under different ownership, they'd think I was mad.

You can use history to try and avoid making the same mistakes again, is that the point you were badly trying to make? If so, you need to try harder to avoid your obvious political bias, otherwise it just sounds like ranting.

[Ant]

Like I said, can't have it both ways. The most recent is the most relevant.

Yes you can, you can have it anyway you like.

If I went around at work blaming folk who no longer worked here, or on decisions decades old when the place was under different ownership, they'd think I was mad.

We're not talking about your work, but if we were, it would be quite similar. If your work lost a contract due to decisions made by someone no longer working there, people would still be quite nervous of using said company.

You can use history to try and avoid making the same mistakes again, is that the point you were badly trying to make? If so, you need to try harder to avoid your obvious political bias, otherwise it just sounds like ranting.

I didn't badly make any point. The point was made quite well, that Kier etc wants to blame the 'Tories' for the past 12 years, however using your theory, there isn't anyone to blame as the new PM has only been in for two weeks....

[DefTrap]

We're not talking about your work, but if we were, it would be quite similar. If your work lost a contract due to decisions made by someone no longer working there, people would still be quite nervous of using said company.

Wrong, we audit everybody who works for us all the time, and if they fail they change or they're out. Companies get bought out, change ownership, change policy, change employees all the time. And we independently audit ourselves. And other companies audit us. Trust doesn't last two seconds in business.

The only reason 'politics is different' is because it's played out like a game of football, tribal nonsense. And because our choices are limited, it's take it or leave it, the leave it option being the bogeyman. Hence why generally the best that supporters of an incumbent government seem to have is that they're not as bad as the government of that other lot from decades ago.

[Count Steer]

Interesting to compare with the USA.



The peak in 74 is higher (Labour got in in 74). 80s peak about the same. Coincidentally with current times the early 70s suffered an 'oil price shock'.

I wasn't using it as an argument for either side, I was just answering the post about not being able to remember high inflation periods of the past.

As I say, the then and now comparison is interesting (for more than any tribal political point).

Oil shock/Energy shock, bond yields, inflation, balance of payments, public spending deficit etc etc followed by borrowing/spending cuts. In one case from the IMF in the other from wherever. The difference in the first peak height with the USA has been attributed to the impact of the 3 day week under one government - then the industrial conflicts just continued under the next.

I suppose it shows that global impacts impact, err, globally. The actual size of the impact can be affected by local issues/governments but they can't be swerved round. eg you could say that the 70s issues were exacerbated by the 1972 inflationary Barber budget followed by both the Heath and Wilson/Callaghan governments failure with industrial relations caused by, in part, inflation and the current one by a 'magical thinking' not-a-budget and, potentially, by industrial relations issues that are building again, in part, driven by inflation. Underneath it all though are the world/macro issues.

The 2000s 'bump' may show a similar common theme.

[Ant]

Wrong,

Right

we audit everybody who works for us all the time,

And that may not have any difference on personal opinion, much like voting for a party. It's someone's own opinion and judgment who they choose, regardless of audits and person in charge.

and if they fail they change or they're out. Companies get bought out, change ownership, change policy, change employees all the time. And we independently audit ourselves. And other companies audit us. Trust doesn't last two seconds in business.

The only reason 'politics is different' is

Is it? Then why did you bring your work into it, then try and wriggle out of it?

[Ant]

Labour - Rich people are not paying taxes and stealing my future
Tory - Immigrants are the problem

It's probably more likely that the Labour voters would have had a problem with immigration (think manual workers, factory workers, trade unionists being the traditional Labour voter), as they're the ones most likely to have been impacted by cheap labour in their area of work.

[DefTrap]

And that may not have any difference on personal opinion, much like voting for a party. It's someone's own opinion and judgment who they choose, regardless of audits and person in charge.

Yeah, facts and analysis is for losers.

Anyway, back to your waffle.

[Ant]

And that may not have any difference on personal opinion, much like voting for a party. It's someone's own opinion and judgment who they choose, regardless of audits and person in charge.

Yeah, facts and analysis is for losers.

Anyway, back to your waffle.

Yeah, democracy is for losers

As I said, it's voters opinion and judgment who they choose to vote for.

Anyway, back to your waffle.

[ogri]

I don't even remember that!! LOL Decimalisation was only a smidge over a year after I was born!! I've seen 'old' money since, but don't remember it from then!!

Remember going in the local shop and getting two blackjacks/fruit salads for a Farthing (1/4 of a penny) ^

Surely you're not old enough to have spent farthings? I believe they stopped being legal tender at the start of 1961.

Now, old pennies were huuuuuge.

You are correct, i was born in 61 when they ended. Definately have some lying around, must have been the ha'pennies
Would have been about eight when we lost those, about right.

[Count Steer]

Remember going in the local shop and getting two blackjacks/fruit salads for a Farthing (1/4 of a penny) ^

Surely you're not old enough to have spent farthings? I believe they stopped being legal tender at the start of 1961.

Now, old pennies were huuuuuge.

You are correct, i was born in 61 when they ended. Definately have some lying around, must have been the ha'pennies
Would have been about eight when we lost those, about right.

Blackjacks were 4/1d but you couldn't just buy 1...but what all the kids wanted was a Bazooka Joe.

[Felix]

Blackjacks were 4/1d but you couldn't just buy 1...but what all the kids wanted was a Bazooka Joe.

Got these as a gift last month