Will Rishi axe the pensions triple lock?
Coffee House Shots
The Spectator
4.4 • 2.2K Ratings
🗓️ 12 September 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
James Heale speaks to Katy Balls and Kate Andrews.
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Transcript
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| 0:00.0 | The Spectator combines incisive political analysis with books and arts reviews of Unrivaled Authority. |
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| 0:15.4 | Go to spectator.co.uk slash summer. |
| 0:22.8 | Hello and welcome to Copy How Shots. I'm James Heel and I'm joined today by Kate Andrews |
| 0:26.8 | and Katie Bulls. Now Kate, today the ONS figures are out talking about wage increases. What do they say? |
| 0:33.2 | So I think the big headline from the update today is that Brits are experiencing a small yet |
| 0:38.9 | meaningful pay increase on average. Not everybody but regular pay is by 7.8% that excludes bonuses. |
| 0:47.8 | So I think it's slightly fair a measure to use. Whereas employees average total pay which includes |
| 0:53.6 | bonuses is up by 8.5%. That number is higher predominantly because of the one-off bonuses that we're |
| 0:59.5 | given to NHS workers and civil service workers over the summer that isn't going to be repeated. |
| 1:05.7 | Now this is key because that regular pay figure repeats what we saw last month as well and would |
| 1:10.8 | suggest that on average Brits are now getting very marginal pay raise because that wage increase is |
| 1:16.1 | now above the rate of inflation. We had well over a year in which it wasn't and Brits were experiencing |
| 1:21.7 | a real-terms pay cut. So I think that on the face of it this is good news. Not everybody agrees. |
| 1:27.7 | The Bank of England has been warning about a wage price spiral for a while in which they essentially |
| 1:32.4 | warn that you could see a secondary spike in inflation figures and prices going up because wages |
| 1:37.4 | are going up. I think there's a lot of dispute over this theory. A lot of people don't agree with it. |
| 1:41.7 | They continue to say no money supplies the real issue here. It might look like wages are causing |
| 1:46.1 | those but it's not. It's all that money you pumped into the economy. But regardless it's the |
| 1:50.1 | Bank of England that gets to set interest rates and we will see them vote again next week. |
| 1:54.6 | There's some speculation now as to whether or not they'll pause rate rises. I think in general |
... |
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