Yesterday and on Monday, we looked at the impact of rising prices on working class people, particularly on the poorest and most vulnerable.
It is claimed, by politicians, economists and business gurus, that the price increases are driven by rising fuel costs, namely oil. So, it should be no surprise to anyone, when we hear that profiteers from big oil companies are currently making record profits. In fact, in the last three months of 2021, Shell made $13.6 billion (£12 billion) in pre-tax profits and is planning to line the pockets of their investors to the tune of $8.5 billion.
For our readers, and those of us in the ACG, many of whom are struggling to pay the rent, winter heating costs and food bills (and if drivers, chucking a few quid in the tank to avoid running on empty), these figures are truly head-spinning. With this knowledge, the latest meagre handouts (with strings attached) from the incredibly wealthy Rishi Sunak should cut no ice with anyone.
Meanwhile, in another WTF moment, the governor of the Bank of England, Andrew Bailey, has called for pay restraint. This is the usual bosses’ trope which has been trotted out for longer than any of us can remember, and which says that it’s all the fault of greedy workers being paid more and having unions, that causes inflation, price rises, etc, etc.
On this, we call bullshit. People like Bailey are there to serve the rich and the powerful. And while oil barons are coining it in, hand over fist, it’s the working class that is getting shafted. It’s time to unite and fight back.