Savings and strikes.

"Border control workers were the latest to join a group of public employees in the United Kingdom who have walked off their jobs this year, in an effort to enforce higher pay rises amid a once-in-a-generation cost of living crisis." DW. "The UK government pumped in military personnel and civil employees to keep airports running." "The strike coincides with train strikes, as well as nurses, ambulances and paramedics strikes that have taken place or were planned for this week." "Strikes have disrupted everything from train services to postal deliveries and hospital care. More workers are expected to take industrial action, as demands grow for better working conditions and pay increases to keep up with rising prices." BBC. "The annual rate of consumer price inflation dropped to 10.7% in November from 11.1% in October, the Office of National Statistics (ONS) said." Reuters. High prices hurt people at the lower end of the earnings scale and especially those living on benefits provided by the state. "In February 2022, 22 million people were claiming some form of benefits, in England, Scotland and Wales." BBC. Retired people get state pension plus occupational pension, wikipedia. The National Health Service is free at the point of care, wikipedia, which means that in a medical emergency an ambulance will collect the person and take her to the nearest hospital where she will receive whatever care is necessary without having to pay anything. The UK government funds all the benefits by deducting National Insurance contributions from all working people earning above a threshold, known as the Lower Earnings Limit. wikipedia. This means that the British do not need to save and if prices rise they find it difficult to finance their lifestyle. The Bank of England has been increasing interest rates to bring down prices. "The benchmark rate has gone up to 3.5% from 3% following the latest meeting of the Monetary Policy Committee." BBC. "It is the ninth consecutive hike since December 2021." "The Bank of England says about four million households face a higher monthly mortgage bill next year." This could have several effects. Extra mortgage payments will immediately reduce other spending by the same amount. First time buyers will postpone their purchases and those who find it difficult to balance their budgets may try to sell and move to a smaller property. This could put downward pressure on real estate prices. "In November, the Office of Budget Responsibility (OBR), which advises the government on the health of the economy - predicted that house prices will drop by 9% over the next two years." BBC. On top of all the problems "Firms are 'banging their heads against the wall' two years after post-Brexit trading began," and the "Centre for European Reform suggests Brexit may have reduced UK trade by around 7%." BBC. Prime Minister Rishi Sunak blamed the unions for causing misery. ET. Sunak's grandparents emigrated from India which makes him a Person of Indian Origin (PIO). MEA. We wish him an easier 2023.