Austerity Is to Blame for the UK’s Coming Recession
Much of the world is likely to have a recession this year, and Britain is expected to be especially hard hit. We can thank years of stagnant wages for workers — made worse by the Tories’ return to cruel austerity policies.
A sign painted on the side of a house directs people to a local food bank in Leeds, England. (Christopher Furlong / Getty Images)
The year 2023 looks set to bring most of the world into recession, and the UK is expected to be hit particularly hard.
At the global level, the biggest risk is a massive cost-of-living crisis, driven by the uneven recovery from the pandemic and a host of supply chain issues that still haven’t worked themselves out.
First, the war in Ukraine combined with the rampant profiteering of the fossil fuel companies — and our slowness to transition to clean energy — have kept fuel prices high. Europe is the worst affected as it is more dependent on Russian natural gas.
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