Strikes cripple London transport as UK slips into recession
The latest strikes come during the summer of industrial action throughout Britain, with workers in various sectors that encourage salary increases in line with inflation as high as decades and surge. The British slide to the recession has collected momentum for this week’s data shows that inflation jumps above 10 percent, the wages are far behind the growth of prices and consumer trust sink into the lowest record.
The deteriorating picture of the world’s fifth largest economy emerged after the Bank of England warned this month about the 15 -month contraction from the end of this year, worse than the prospects of other great European economy and the United States. Public loan rates that are higher than expected on Friday underline the difficult decision faced by the next Prime Minister on how to expand assistance for the poorest household, which has so far failed in the support provided by most other European governments.
The stakes are limited by warnings from public health service providers that Britain faces the “humanitarian crisis” because the soaring energy prices make many poor British risk physical and mental diseases. “Many people can face a terrible choice between missing food to heat their homes and have to live in cold, humid and very unpleasant conditions,” said Matthew Taylor, Head of the NHS Confederations Executive.
The scale of the house to the household from their energy bill will be clearer next Friday when the regulator announces the latest leap in the closing of electricity and gas tariffs, which have jumped since the Russian invasion of Ukraine. A spokesman for Transport for London, who is responsible for most of the capital network, said there is “almost no tube service (underground)” with only a few paths that function with “very reduced services”. Members of RMT Transport Workers Union, who represent the majority of workers, called Friday job strikes, pension security, payment and changes in work practices.
The strike action occurred after the national railroad attack on Thursday reached most of the services, because members of the union had rejected the offer of an eight percent salary increase under inflation. There will be further national train attacks on Saturday. RMT has refused to place the final date in industrial action.
Mayor London Sadiq Khan, an opposition labor politician, told Sky News that he did not support the strike but understood why transportation workers were “frustrated and worried”, said the government “should not punish hard -working transportation workers.” The government has taken a hardline for strikes, vowing not to participate in the talks.
The Minister of Transportation Grant Shapps told Sky News that the ministers wanted to encourage modernization opposed by the RMT Union, including on the working Sunday. It has been almost double their level a year ago, the tariff can double again early next year. Announcement next week comes with a background of a wage reduction record, not including bonuses and adjusted to the inflation leap that has reached 10.1PC, the highest level since 1982. Consumers provide some assistance from poor economic news flow because data on Friday shows the volume of retail sales suddenly up in July.
However, this increase is mostly driven by online discounts, and real-time figures for expenses using debit and credit cards have shown a major decline in expenditure in early August. The retailer said they were in crisis mode. “For many businesses, 2022 proved to be the same as challenging him with Pandemi,” Helen Dickinson, Head of the British Retail Consortium Executive, said.
The soaring inflation and the estimated Bank of England about a relatively shallow recession – has increased the dilemma faced by the central bank. This has raised interest rates six times since December, slowing momentum in the economy, but signs of expanding inflationary pressure have encouraged economists to increase their estimates for further increases in loan costs.
Analysts at Investec said on Friday that they now expect Boe to raise interest rates with half the percentage points for the second time in September followed by an increase in the last quarter in November, before cutting interest rates in 2023 to alleviate the recession.