The fall of the Tory party

Just on the news now that pensions are going up 10.1% with inflation. With all the other news I’d forgotten this.

And then the education secretary on the news saying they can’t put up teachers’ pay because it’ll fuel inflation.

I wonder what the likely voting intentions of these two groups are…

Gotta keep the core voters happy

The argument about public sector wages fuelling inflation has never been very convincing to me. The primary mechanism for the wage-price spiral (to the extent it exists) is wages as an input cost of production driving higher final prices for goods and services. By definition there's no "output" even being sold by the public sector.

The consumption leg is an alternative channel but you'd think it's much weaker (not least because we import so much).

But that core is diminishing fast, and are not being replaced. At some point the Tories are going to have to recognise this, otherwise they are heading for electoral oblivion.

Let's hope they don't recognise this for at least another ten years.

There was someone on Radio 4 from the bank of England saying just about the same thing. The government mouthpieces trooped out today have been ignoring / trashing him all day.

I would have thought someone from the Bank of England would have been on the money...

Just on the news now that pensions are going up 10.1% with inflation. With all the other news I’d forgotten this.

Those pensioners are going to be pretty fucked off when they find out that we'll need a lot more immigration to pay for that.

Also, I can't see how retirement age can stay below 70 for much longer. Our pension gap is nudging £3tn at the moment.

I mean to me, it sounds like make the rich richer and make the general public like us poorer and work harder.

Also, I can't see how retirement age can stay below 70 for much longer. Our pension gap is nudging £3tn at the moment.

I think it's much more likely that the state pension will become means tested, so that those who don't need it no longer get it. That's a political hot potato though, so it'd take a brave party to even propose it.

I think it's much more likely that the state pension will become means tested

not sure how that could be squared off with the concept of "National Insurance". I realise that it's only a concept, but even so....

Well, yes, exactly why it's a political hot potato. However, most of us know that NI is just another tax on income, and that money isn't invested into a pension scheme for future generations, it just goes straight into the government's coffers to be spent in the very near term.

As the pension is taxed, I guess those who don't need it because of a non state pension hand part of it back to the exchequer in tax.

I actually think it would be a well supported policy if the means-test started high enough.

No one’s going to argue that James Dyson or Alan Sugar need their state pensions. Start with them, then work down until the pensioners go on strike, then put it up £1.

I found this interesting, and don’t be misled by the title, it’s about much more than Thatcher:

https://samf.substack.com/p/boomers-and-the-ultimate-failure

It’s happening https://twitter.com/samfr/status/1620899889365536769?s=48&t=TFg056MJ7J5WGLvjwYoSrw

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Fantastic read.

Really enjoyable to read an essay on problems the country is facing without (rightly) any mention of immigration.

Dafuq? The lack of self awareness is breathtaking.

I was more taken by the assertion that she has allies

More MPs chose her over the currently PM in July.

Fuckin hell how delusional are this mob, may swell call a GE but the houses of parliament are set on fire.

But after the absolute disaster that followed, allies remain?

Burn it all down, get trounced then launch further hellfire when the next government do not sort everything out in the first month

You say that like it's a bad thing.

https://twitter.com/Parody_PM/status/1621054246694309888

The dream scenario, or not?

https://arieh.substack.com/p/what-if-the-tories-are-wiped-out

Re Truss coming back... just when you thought it was safe to go back in the water:

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