wolf359 wrote: ↑Sun Mar 19, 2023 8:09 am
Mine (Wigan) 5.4% so 5% overall can’t be correct.
The NYCC (my council) website lays it out for me:
The government sets out the rules on how much councils can increase council tax. For 2023/24 the government confirmed the limit for increases to core council tax at 2.99 per cent and two per cent for the adult social care precept.
If we want to increase it by any more than these levels set by the government, we must hold a local referendum.
I know there was talk of them doing away with referenda up to 5%, but given its on their own website that they can't raise it above 4.99% now it seems like that's not (yet) in effect.
EDIT: it appears that this might just be an NYCC thing because they're merging a bunch of local authorities into one:
The move to unify all council tax bills across North Yorkshire's secen districts will be spread over the next two financial years as some areas are paying higher charges than others.
The new council's average increase for council tax is 4.99% for 2023/24, which includes a 2.99% rise in general council tax and a 2% increase for adult social care. However,
the work to unify all bills will mean some residents will pay more than the average rise and some will pay less.
So basically, a disparity between rates where I am and rates in, say, Harrogate that they're trying to harmonise.
£550 a month to travel to oxford street everyday for work from Hockley... Day light robbery! I wonder how youngster's starting off their careers in london even manage to pay that amount to work in zone one from my neck of the woods
It's the last month comparing pre-war prices (Feb 2022) with post-war ones (Feb 2023) for annual inflation and it shouldn't have been a total surprise as the same thing has been happening in places like Germany and France.
It's from hereon in that things should really start to slow. Petrol price has levelled off with a year ago and should be a significant deflator by July when it topped £1.90. Gas will have levelled off by July on an annual price cap basis and should be a significant deflator from the autumn - assuming no further energy price shocks.
The easing of these cost pressures should start to ripple through into every thing else after that as producers and suppliers stop needing to raise their prices to cover energy cost increases.
Last edited by bubbles1966 on Wed Mar 22, 2023 7:33 am, edited 1 time in total.
mumbles87 wrote: ↑Wed Mar 22, 2023 7:32 am
Wow. Colour me shocked that raising interest rates to curb inflation wouldn't work when it was caused by things people HAVE to buy ..
Really can't get my head around that one..
Or alternatively, the impact of rate rises isn’t instantaneous, which is part of the reason that setting their pathway is not an exact science and is difficult.
If you thought inflation was bad now, I’d hate to see what it would be like without the rate rises.
EvilC wrote: ↑Wed Mar 22, 2023 7:36 am
Or alternatively, the impact of rate rises isn’t instantaneous, which is part of the reason that setting their pathway is not an exact science and is difficult.
If you thought inflation was bad now, I’d hate to see what it would be like without the rate rises.
If it was normal inflation then normal measures like this work. It's proven
When people have to pay the inflated prices for energy regardless or increased food prices to survive it's not like they are going out buying brand new porches every month on credit .. they already have cut there money down and stream lined to afford the bare essentials which are causing inflation
mumbles87 wrote: ↑Wed Mar 22, 2023 7:42 am
If it was normal inflation then normal measures like this work. It's proven
When people have to pay the inflated prices for energy regardless or increased food prices to survive it's not like they are going out buying brand new porches every month on credit .. they already have cut there money down and stream lined to afford the bare essentials which are causing inflation
You are acting like discretionary spending is zero. It isn’t.
It isn’t just the bare essentials causing inflation. Non-core is running at over 6%.
Plus the overwhelming majority (86%) are on fixed rate mortgages therefore rates don't and won't impact them until their term ends.
Where this does hit is unsecured lending for cars and credit cards etc. You only need people not to buy cars, not to take out a home Improvement loan or not to whack that new TV on the credit card and the economy starts to slow.
bubbles1966 wrote: ↑Wed Mar 22, 2023 7:31 am
It's the last month comparing pre-war prices (Feb 2022) with post-war ones (Feb 2023) for annual inflation and it shouldn't have been a total surprise as the same thing has been happening in places like Germany and France.
It's from hereon in that things should really start to slow. Petrol price has levelled off with a year ago and should be a significant deflator by July when it topped £1.90. Gas will have levelled off by July on an annual price cap basis and should be a significant deflator from the autumn - assuming no further energy price shocks.
The easing of these cost pressures should start to ripple through into every thing else after that as producers and suppliers stop needing to raise their prices to cover energy cost increases.
Inflationary changes from the last year are still going to baked in, though.
Going to be interesting to see whether or not anybody tries to justify their fiscal policies over the last 12 months by pointing at a very natural decrease to inflation as a result of prices now being compared against what they ended up at after the spikes. Can see this becoming a vote winner for the Government if they spin it right and Labour don't point out the issues they've caused over the past year, and certainly Truss' disaster.
We'll want to avoid deflation due to the negative impacts of it, but that'll still mean everyone is biting the bullet on those massive increases last year and now it'll just be 'business as usual' with a continued target of 2% inflation.