The political economy of the cost of living crisis in the UK: what is to be done?

Ozlem Onaran

No 38604, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

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.

Keywords: cost of living crisis; UK; profit-margins; wage share; real wages; fiscal policy; monetary policy; distribution; conflict inflation (search for similar items in EconPapers)
Date: 2023-02-20
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://gala.gre.ac.uk/id/eprint/38604/8/38604_ONAR ... crisis_in_the_UK.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:38604

Access Statistics for this paper

More papers in Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre Contact information at EDIRC.
Bibliographic data for series maintained by Nadine Edwards ().