Apocalyptic food prices, soaring inflation and the cost of living crisis

What is happening?

Rachel Reeves’ October Budget – is it really as bad as it seems?

September 27, 2024

The topic The Facts The UK Chancellor Rachel Reeves appeared at the Labour Party conference earlier in the week in and gave a speech arguably more important than that of the prime ministers. Headline-worthy comments such as no return to austerity – a word now closely linked with the 14-year Conservative rule, made a splash … but what was really uncovered in the chancellor’s speech? Below we have three centre-left business newspapers that offer up

What are the facts?

The Bank of England governor Andrew Bailey has said there is a possibility of food price rises in the UK and it is a “major worry” for the UK and other countries.

Bailey says the war in Ukraine was affecting food supploes.
He defended the Bank’s performance following criticisms it have not done enough to try to reign in rising prices.
Inflation – the rate at which prices rise – is at a 30-year high.
He added there was a “very big income shock” from the increase in global goods prices would hit demand in the economy and push up unemployment.
Difficulties in shipping out food supplies from Ukraine could hit world supply of wheat and cooking oil.
Inflation hit 7% in March, and figures due out later this week are expected to show the rate climbed higher in April.
The Bank has warned inflation could hit 10% by the autumn, well above its 2% target.
The surge in the cost of living has led to households cutting back their spending, which is hitting growth.
Andrew Bailey asked high-earners to not demand big pay rises.

NO asking for a pay rise The Independent says Workers should “think and reflect” before asking for pay rises, £575,000-a-year Bank of England chief Andrew Bailey told MPs on Monday. The paper seems to delight in highlighting the hypocrisy of Bailey's comment.

Media Bias

UK polls point to a massive win for Labour. The party doesn’t want voters to think victory is a done deal

The Benefits from Pacific trade deal are ‘going to be enormous’ says Andrea Leadsom The News Bias Exposed Fact Check Related News Left leaning mostly

Ukraine war to blame For the Daily Express, the headline deflects blame away from the Bank and picks up on Bailey's comments saying the Ukriane war has played its part in rising food prices.

Media Bias

Tories narrow gap to Labour in poll as Sunak says election result not ‘foregone conclusion’

Tories narrow gap to Labour in poll as Sunak says election result not ‘foregone conclusion’ The News Bias Exposed Fact Check Related News Right leaning

Deflecting blame Whilst FT takes a completely different approach to the Daily Express and reports Andrew Bailey is deflecting blame for the soaring inflation. The paper remarks how global 'shocks' including the war in Ukraine are what Bailey is pointing to in explaining inflation.

Media Bias

Labour vote share falls to lowest in more than two years

Labour vote share falls to lowest in more than two years The News Bias Exposed Fact Check Related News Right leaning mixed facts Labour’s vote

Disastrous for 'world's poor' The Guardian looks at how the world's poor will be most effected by the rising food prices. The paper reports Bailey said the Bank could not have been expected to predict a war in Ukraine, which he warned would have consequences for the UK and the developing world.

Media Bias

Sunak and Starmer clash in final election debate

Sunak and Starmer clash in final election debate Rishi Sunak and Sir Keir Starmer went head-to-head over tax, immigration, gender and Brexit in their final