Onaran, Özlem ORCID: 0000-0002-6345-9922 (2023) The political economy of the cost of living crisis in the UK: what is to be done? [Working Paper]

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Abstract

This paper analyses the political economy of the cost of living crisis in the context of the UK. The paper presents the long-term trends in the wage share, wealth inequality, labour’s bargaining power, and the real wages in the UK. The first and second waves of inflation in 2021-22 are discussed presenting the trends in the profit margins. The policy responses by the conservative governments and the Bank of England are analysed, and their limitations are assessed. The paper concludes with short-run and medium-run policy alternatives to the cost of living crisis.

Item Type:	Working Paper
Uncontrolled Keywords:	cost of living crisis; UK, profit-margins; wage share; real wages; fiscal policy; monetary policy; distribution; conflict inflation
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory J Political Science > JA Political science (General)
Faculty / School / Research Centre / Research Group:	Faculty of Business
Last Modified:	06 Oct 2023 12:42
URI:	http://gala.gre.ac.uk/id/eprint/38604

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