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The cost-of-living crisis is compelling the strike waves
A grim economic backdrop is likely to mean further widespread industrial unrest for months or even years to come, warns DIANE ABBOTT MP

THE forecasts unveiled by the Bank of England when they raised interest rates last Thursday were a stark reminder of why there is currently a strike wave taking place in this country. The forecasts themselves were truly chilling.

The Bank’s forecasters reckon that inflation is far from the peak and could run over 13 per cent. That is now close to becoming the consensus after one of the leading think tanks had previously forecast price rises peaking at 15 per cent. The Bank also believes inflation will be above the current level of 9 per cent this time next year.

At the same time, it now predicts a prolonged recession. On this analysis the slump is set to last more than three years and unemployment will rise to well over 6 per cent before the end of 2025. 

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