Firms set to hike prices, reduce pay and cut staff, Bank of England survey shows
Firms set to hike prices, reduce pay and cut staff, Bank of England survey shows
Posted by 1-randomonium
Firms set to hike prices, reduce pay and cut staff, Bank of England survey shows
Firms set to hike prices, reduce pay and cut staff, Bank of England survey shows
Posted by 1-randomonium
26 Comments
Still don’t understand why young people are so miserable they’ve got it so good!!!!
/s
I wonder how creating huge numbers of people who feel like they have nothing to lose is going to work out this time?
We’re not getting a pay rise this year, as well as being expected to come into the office more. Safe to say my notice has already been handed in.
So why aren’t the Bank of England crashing the economy to dispose of the incumbent government like the did with Lizz Truss?
It’s inevitable that the increase in employer NI is likely to be deducted from pay rises in many cases, but it can’t be done to people on minimum wage.
The real bad news is that taxes are probably too low to sustain what we are doing.
Companies charge whatever they can get away with. They will put up their prices if they can get away with it regardless of any budgets.
We have had a lot of years of price hikes and low wage growth, which seems to gave created space for all sorts of businesses to overcharge and underpay staff. It’s about time we started to weed out the crap ones and replace them with some better businesses.
What’s new…
Compaines are at the behest of their majority share holders. If the share price doesn’t continue to improve quarter on quarter, year on year they get very upset and we can’t have that can we.
It’s no good making the same amount of profit year on year, you have to make more than the last quarter, and more than the last quarter and so on..
Like with any business there are only 2 ways to increase your profit… Sell more or cut costs.
No matter what you are selling everything has a ceiling price so there is only so many times you can increase your prices.
That means cutting costs.
That means cutting staff, lower wages, using the cheapest suppliers, out sourcing, bringing staff from overseas so you can pay less and offer less incentives.
Great news for the end of the year, uncertainty about the one thing keeping my family afloat.
I will look forward to the coming redundancy or pay hit, thanks Britain
I’m being told at work that our pay increase for 2025 will be reduced to offset the employer NI hike. I’m also seeing that other businesses will raise prices to cover it, so it’s hitting me twice. Fine, I’ll spend less in the UK to offset the reduced income and increased prices.
This election promise to not raise taxes on working people is going to be the downfall of Kier Starmer at the next election. Yet all he had to do was say “The Tories reduced NI too much, we will reverse the most recent cut” and he would have had a lot more respect.
Maybe the plan is to make life in the UK the so miserable that joining the army seems appealing.
Well duh… Make it more expensive to hire people and you reduce the number of people hired and what they get from the deal…
Yes. Cost of operating a business has gone up and so this will have consequences on inflation, pay rises and employment.
The trade off is if the government will spend the money wisely to offset the damage and grow the economy more. My guess will be most likely they will not do that.
But hey, profits will go up, that’s the only thing that matters, so thank you Labour for another excuse to cut pay, staffing numbers, and increase prices.
We were starting to worry how we were going to justify it.
/s
Unless you have an essential product, putting the price up doesn’t change the fact that people have no fucking money to be buying shit they don’t need. I’ve reduced our prices by 25% this week and I am still taking the same money every day, just selling more stock. My revenue has dropped significantly these past five years, what I used to make in an hour I now make in a day. Price is still the same, quality still the same, the only thing I’ve taken from speaking to my customers is they don’t have any money.
And they wonder why young people aren’t having children either.
We’ve already had decades of price hikes and shit wages, so really they’re just maintaining the status quo
We have one of the highest energy costs in the world. By a lot. And they are set to go up again soon.
Ofgem are supposed to be limiting how much and often they hike their prices but every year it just goes up and up. There is absolutely no point in them. And the government isn’t going to step in.
If starmer wants to increase peoples disposable income, he needs to start limiting price rises like these.
I mean, thats literally the goal of every company that’s ever existed. In fact, its illegal for the directors *not* to do that, to upmost extent that they can.
Is city am saying that the budget is making them more efficient, in that they’ve found a way to do this that had previously escaped them?
It must be. I mean, how did they not see these gaping inefficiencies before?
The biggest problem is we have a potemkin economy that is 70% middlemen and scams. We have a business culture which is entirely focused on extracting revenue from the interface of goods and services instead of the delivery of goods and services. The people who actually do stuff make less money than the countless middlemen who are inserted into every facet of the economy and parasitise entirely from the people who create value and have socially useful economic functions.
Look at basic social functions required for a country to operate; instead of just paying someone to do it there’s a whole host of pointless middlemen who create financialised contracts (as an arbitrage on the value of labour) which outsources everything to a chain of suppliers who skim a bunch of profit for not doing any work except finding someone else to do the work who may or not be the final service provider which actually interacts with society and gets stuff done.
Businesses will do whatever they can to not pay their fair share (large/profitable companies) I can understand the strain being put on small/less profitably businesses but these companies in the UK get so much handed to them and they still refuse to pay their share into the country.
Wow tell us something we didn’t already know. Business leaders have been saying this ever since the budget
The real question is why aren’t companies looking at what the 3% are doing right given that the 3% say they can cope with the budget changes?
If you think about it, for the economy to work at any level we need a source of extractable wealth. Gold from the new world, slaves, oil, developing nations. In my opinion the next great wealth extraction is asteroids. I know it dmsoinds a bit mental but itll happen eventually.
Right now the uk has no source of extravle wealth except from its population, but there doesn’t seem to be a lot left from that
Valid warning, but it must be noted that this is exactly what firms do regardless of government policy anyway. That’s how the economic system works
The pay reduction thing is very much a load of bullshit – sack useless staff, most likely.
Nice to see nothing change under labour. What was the effing point of voting them in if nothing changes ?
We’ve had over 10years of austerity already, what’s changed here?