[On the one hand the Paris-based Organisation for…]
Socialist Press1981 1981-05-28Read it in the scan (PDF), scan page 3 →
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On the one hand the Paris-based Organisation for Economic Cooperation and Development (OECD) has forecast a continuing slump in Britain, bringing three million unemployed early in 1982, a further drop in exports and a balance of payments deficit big enough to wipe out North Sea Oil revenues.
Upturn
Indeed while the OECD predicts a small upturn in output in 1982, it does not expect this to create new jobs.
On • the other hand, the latest inflation figures confirm the impression of every wage earner: that prices and bills are racing ahead and rapidly outstripping wage increases and cutting working class living standards.
In April alone the retail price index rose by 2.9% giving a rate of price inflation over the past six months of 15.1%. Included in this April figure are average 30% increases in council rents, 182% increases in the average rate bill, Budget tax increases on cigarettes, alcohol ana petrol, and government imposed rises in electricity and gas prices.
In other words the Thatcher government continues deliberately to stack up price increases as part of its attack on the working class.
Indeed so heavy has been their attack on real wages that the Tories' own much-vaunted "tax and price index" , introduced after the General Election, now shows an annual erosion of income running at 15.7%. This compares with the government's inflated claim that earnings are rising at 14% per annum.
For the millions of workers who have received nothing like a 14% increase, but face all of the bills and taxes imposed by the govern ment, these figures spell increased poverty and trustration.
But for the handful of capitalists with millions of pounds which they want to hand on, tax free, to relatives, the Tories have a word of comfort in the new Finance Bill.
An amendment to the Bill-moved by Liberal Richard Wainwright-allows the stinking rich to transter up to £560,000 to a chosen beneficiary every ten years without paying any tax.
For the eight Tory cabinet ministers who have wealth totalling around £1 million each, this tax saving could amount to a cool £1 million!