Cost of Living & Greedflation. Why Tories focus on wages & interest rates
The IMF not a friend of working people has published figures which underline that the key motor for inflation in the EU Zone is excess profits, what is known as Greedflation.
An Editorial in the Times (27th June) notes that action on excess profits, on energy companies and supermarkets is essentially performative. It claims that only control of wages and interest rates can bring down inflation.
There is of course a political agenda here. Controlling excess profits, a genuine motor of inflation, hits the rich. Controlling wage increases below the level of inflation and interest rate rises keep profits going while making the less well off in society pay.
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