The UK is facing an unprecedented period of industrial unrest as striking railway workers, nurses and ambulance crews as well as airport staff and teachers create havoc that is going to last well into the New Year and beyond.

Striking workers do not accept the Government’s stance over pay and conditions. The Chancellor of the Exchequer, Jeremy Hunt, has told the leaders of worker’s unions that their demands for inflation busting wage settlements are simply unrealistic and unaffordable.

On the whole, the public are adopting a Stoic attitude towards the industrial action, showing great sympathy towards health workers since their performance during the Pandemic is still fresh in their minds, although the degree of militancy being shown by rail workers, who are among the best paid of public service employees is starting to wear thin.

The Bank of England Monetary Policy Committee raised short Term interest rates for the ninth meeting in a row last week. The base rate is now at 3.50%, a year ago it was standing at just 0.10%.

While the recession that has most likely already arrived has been exacerbated by the rate hikes, they have been deemed necessary to combat rising inflation, although their effect has been minimal.

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