Yes citizens of this great socialist republic, rejoice, for whilst it is not possible to have inflation busting pay rises, the Government of Gordon Brown is pleased, nay honoured to announce that it can produce an inflation busting council tax rise!
Meanwhile all us poor downtrodden tax, fuel, food and general bill payers have to work out how to pay for this largess.
Thanks Gordon.
The BBC has this.
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If you have disposal income, can afford large LCD's a second or third car, then inflation may seem low to you. This is the wonderful Chinese factories, plus a rising pound, keeping the luxury-necessities cheap. It is they who face erosion of their spending at about CPI
On the other hand, you have OAPs. They have to make-do on their pension. They have little descretionary expenditure, and an increase in bus fares, council taxes, petrol & food prices. Their goods and services areprovided by the non-tradable sector and face much higher levels of inflation.
I rant further here (if I may presume to push my wares here, Mr BW?):
http://clunking-fist.blogspot.com/2008/01/interest-rates-gummint-spending.html#links
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