Recovery For Whom?

The press and TV are lauding the government for what they are describing as an economic recovery, but what has been a period of boom for the capitalist class has seen a worsening of conditions for many wage earners. 'The cost of borrowing will increase before workers benefit from a real rise in their wages, the governor of the Bank of England said yesterday. Mark Carney said that interest rates were likely to rise from their record low of 0.5 per cent in the  spring of next year, possibly before the general election in May.' (Times, 10 September) He went on to say to the TUC in Liverpool that inflation-proof wage increases would not arrive until the following summer, indicating a financial squeeze on homeowners with mortgages. RD