Nannapat1
Mollygo
I think that you are right. I should have written '......Keir Starmer and the Labour Party feel that those who were once workers and are now pensioners, are expendable.'
Well we were the first in the firing-line.
But of course there is the two-child benefit cap which is going to remain.
I don't know if its just rumour but I believe that single-occupancy council tax reduction is on the cards - as well as an increase in the council tax itself, which will of course, hit hardest those on lower incomes.
The pattern emerging is clear.
Starmer and Reeves, as Dominic Alexander (historian and activist) says:
Another move, suggested by a number of commentators, including the Guardian’s Larry Elliott, is to cease paying as much interest on the banks’ deposits at the Bank of England. The interest paid by the BoE on these savings is used as a mechanism to engineer interest rates in the wider economy. However, the same could be achieved by only paying interest on a fraction of these savings held by the BoE. Both the Bank of Japan and the European Central Bank do this, so there is no reason why the BoE could not do the same. If it paid interest on just a third of the amount in these deposits, the whole £22bn ‘black hole’ would simply disappear, and the national debt would be reduced by £400bn at the same time.
However, the Keynesians who advocate it miss one important aspect: instituting it involves a confrontation with major capitalist institutions, who would, of course, kick up a fuss about their consequent loss of profits. As a skirmish in the class struggle, it would be an easy one to win, since there is not a lot of public sympathy for banks and their profits. Any Labour government confidently committed to advancing the public good could make the argument that banking profits are much less important than the wellbeing of society, and of prostrate public services which are crying out for investment. It would be easy to make a centre-left argument that borrowing to invest in public services is necessary for economic recovery after fourteen years of austerity, and that the borrowing would be repaid through a healthier economy a few years down the line. However, even such a moderate, social-democratic class argument is clearly beyond the capacity of Starmer and Reeves.
In other words, Starmer and Reeves are committed to the usual Tory ideology of asking those with the least to tighten their belts another notch. And then they'll go for the middle-income demographic. What they won't do, is go further up the tree. They won't attempt to change the status quo which has resulted in the very wide wealth gap, stagnating wages, devastated public services, under-investment, and an overall sluggish economy. Basically, we're going into austerity again.