cost of living crisis
We are hearing a lot about development at the moment. The Mayor of London has released an audacious paper about what London should look like. From the Olympics to the airports debate everyone is excited about the modernising face of London. And yet too often ordinary people are promised affordable homes, then shut out of the development process whilst space is eaten up by unaccountable giants.
All the indicators suggest to me that the growth that we have is almost entirely due to the velocity of cash within the economy. The more times a pound is spent and re spent the greater the flow and this has an upward effect on growth.
Nationwide implementation of the living wage would harm employment prospects for the lowest paid and those aiming to join the labour market, stifle any chance of a business led recovery and provide more money for the Treasury, not for hardworking people.
Looking beyond short-term political point scoring, could the current cost of living crisis be the symptom of something much wider?