Business is doing nicely, thank you, while workers get steadily poorer

Ambulance workers on a picket line in London this month. Signs that corporate Britain is winning the inflation war can be found wherever you look. Gaze beyond the ailing independent retailers and small-scale manufacturers that dominate TV and radio news coverage to the sales and profits of our largest businesses, where robust performance is the norm and promises of bumper shareholder payouts are being kept. In response to this secure outlook for the majority of businesses, the UK stock market rebounded on Friday to near its all-time high, handing investors the perfect marriage of a steady income stream and enhanced wealth. Crisis, what crisis? The view from the boardroom is rosy – managers seem to have found a way to pass on the extra costs charged by suppliers to customers. That’s not to say three years characterised by the Covid-19 pandemic and the Russian invasion of Ukraine have been all plain sailing. It has been very tough to navigate, and thousands of businesspeople have worked around the clock to keep their organisations afloat. However, the massive subsidies supplied by the government, mostly with no strings attached, meant they could weather the storm with their profitability largely intact. Meanwhile, households […]

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