The Sunday Times Business News has published a report on the cost of living crisis after Hunt’s Autumn statement. There is the rich & the then there is the rest of us,
Moet Hennessy which sells wine at £40 a bottle plus. They are running out of stock of more expensive bottles as the rich spend money post Covid. Its described as the roaring 20s an echo of a post World War One boom for the rich
While the rich spend the Tressell Trust that runs food banks describes the cost of living crisis leading to a ‘tsunami of need’ amongst households facing the worst ever cut in living standards
In essence as food price inflation outstrips much else the poor spend more of their income on basic necessities than the rich do
How deep the recession is will depend to some extent on how far people spend money saved during Covid or hold on to it. Many of course did not have money to save.
Hunt increased the National Living Wage by 9.7% to £10.42 an hour. 70% of Hunt’s tax changes will hit the rich while lowest income households will be £350 better off. Not enough unfortunately to buy a crate of Moet wine.
Leave a Reply