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Marks & Spencer ‘to increase prices by up to 15%’ despite making post-Brexit promise


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Old 02-01-2017, 20:21
MargMck
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Penny Crayon might fancy that beret.
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Old 02-01-2017, 20:56
ShaunIOW
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Prices haven't gone up in supermarkets in recent years. They've been static or falling.
Some things have as I notice it with things i buy regulary eg. some ready meals that were 3 for £6 became 2 for £5, some mineral water was 5 bottles for £1.50 became 4 for £1.50, and there are other things. The reason its said supermarket prices have fallen is because only certain items are monitored and included, and the supermarkets put up the other prices to offset things that they reduce.
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Old 02-01-2017, 20:58
Penny Crayon
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Penny Crayon might fancy that beret.
Penny Crayon has a beret of her own thank you very much

https://i.ytimg.com/vi/OY5zQXYYMaw/hqdefault.jpg
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Old 02-01-2017, 20:58
ShaunIOW
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Market forces.

British business puts its prices up, loses customers to Lidl & Aldi.

British business closes stores making staff redundant.

German businesses Aldi & Lidl open more stores and take on more staff.

Money drained from the British economy in the form of payments to senior staff, dividends etc.
As Aldi and Lidl import some of their food from Germany, won't their prices go up as well?
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Old 02-01-2017, 21:10
MargMck
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Penny Crayon has a beret of her own thank you very much

https://i.ytimg.com/vi/OY5zQXYYMaw/hqdefault.jpg
Stick with that one Penny - it suits you!

And don't worry about being the over-emotional Izzard of the forum... I'm clearly mad Kate Hoey.
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Old 03-01-2017, 07:43
Aurora13
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The desperation from the Brexit lot on economic issues is reachung fever pitch. Right wing / pro Brexit think tanks are churning out daily projections of what the brave new world!! In the meantime anyone with O level economics knows a sterling crash like we've just suffered leads to souring inflation. Every single time in history. Ignoring or just trying to deflect with the latest tripe isn't going to work any longer. People in 2017 will be worse off.
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Old 03-01-2017, 07:59
Maxatoria
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The desperation from the Brexit lot on economic issues is reachung fever pitch. Right wing / pro Brexit think tanks are churning out daily projections of what the brave new world!! In the meantime anyone with O level economics knows a sterling crash like we've just suffered leads to souring inflation. Every single time in history. Ignoring or just trying to deflect with the latest tripe isn't going to work any longer. People in 2017 will be worse off.
Its the same in both camps basically, both hard core fans are foaming at the mouth and willing to draw on anything if it even remotely helps their cause.

And as for those right wing predictions we've got TheEngineer guaranteed along with his friend tahiti to give some doom and gloom to everything as well.
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Old 03-01-2017, 08:58
Parker45
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Some things have as I notice it with things i buy regulary eg. some ready meals that were 3 for £6 became 2 for £5, some mineral water was 5 bottles for £1.50 became 4 for £1.50, and there are other things. The reason its said supermarket prices have fallen is because only certain items are monitored and included, and the supermarkets put up the other prices to offset things that they reduce.
I don't buy ready meals or mineral water, both of which in my opinion are a waste of money, but you are always going to find some items which have gone up in price. On the whole, however, prices in recent years have not risen overall.
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Old 03-01-2017, 09:00
Doctor_Wibble
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Thanks - stuff like this - even if we remember some of it - is always worth a link because we all have a tendency to put things like that to one side as exaggerations.

Looking at one or two though, it seems nuts from all over are going via Italy, so from the point of view of an Italian nut packager/wholesaler it makes perfect sense and one can claim diversity of supply, a wide client base (etc). One is reminded that when the word 'fresh' isn't used, there's the question of how long these things sit in the iced warehouse before anything even thinks of putting a 'best before' stamp on them.

And I remembered the expression, 'Food Miles', though according to this http://www.bbc.co.uk/food/0/26257794 it is not so clear-cut though there is a hint of the proverbial reductio-ad-absurdum in the article.
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Old 03-01-2017, 11:00
TheEngineer
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Thanks - stuff like this - even if we remember some of it - is always worth a link because we all have a tendency to put things like that to one side as exaggerations.

Looking at one or two though, it seems nuts from all over are going via Italy, so from the point of view of an Italian nut packager/wholesaler it makes perfect sense and one can claim diversity of supply, a wide client base (etc). One is reminded that when the word 'fresh' isn't used, there's the question of how long these things sit in the iced warehouse before anything even thinks of putting a 'best before' stamp on them.

And I remembered the expression, 'Food Miles', though according to this http://www.bbc.co.uk/food/0/26257794 it is not so clear-cut though there is a hint of the proverbial reductio-ad-absurdum in the article.
In the context of this thread I think it shows that the food chain is far more complex than people think / realise. It often isn't just the food either. The packaging may be made in one country and the labels printed in another.
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Old 03-01-2017, 11:19
Doctor_Wibble
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In the context of this thread I think it shows that the food chain is far more complex than people think / realise. It often isn't just the food either. The packaging may be made in one country and the labels printed in another.
Indeed - and the inks from one place, the paper/card from another, tinfoil from the hat factory and plastics made from petrochemicals...

I think a lot of the problem is the way the carbon footprints are calculated, as though that was the only thing that counts, everything treated as being in its own isolated bubble, rather than anything that looks like the wider issues of transport congestion, where we run the risk of contents in transit from A to B being stuck in a traffic jam because the truck with packaging going from C to D overturned and so neither will ever reach E to be shipped to the distribution centre at F so that someone on holiday in G can buy it and take it home because they don't actually sell it in A any more.
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Old 03-01-2017, 11:21
Mark_Jones9
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In the meantime anyone with O level economics knows a sterling crash like we've just suffered leads to souring inflation. Every single time in history. Ignoring or just trying to deflect with the latest tripe isn't going to work any longer. People in 2017 will be worse off.
I guess Mark Carney failed O level economics.

Mark Carney's ready reckoner currency deprecation to inflation.
a persistent 10% depreciation (or appreciation) of the sterling effective exchange rate (ERI) increases (or decreases) annual consumer price inflation by around three quarters of a percent over the baseline path after two to three years, and the price level by around two and a half percent over four years. Monetary policy is assumed to be held constant in this experiment. The model is linear, so a 20 % change in the exchange rate would double these estimates. This is a "ready reckoner"
https://www.parliament.uk/documents/...s-29-03-16.pdf

Before the referendum result CPI Inflation was 0.5%
Since the referendum result the GBP has lost 17.4% of its value vs the USD.
Using the ready reckoner that is +1.3% to CPI for 1.7% CPI inflation.
Which is still below target the CPI target which is 2% with a range of 1% to 3%.

The Bank of England has also engaged in £60 billion more QE to purchase UK gilts and an additional £10 billion of purchases of corporate bonds. Those moves are also inflationary. Going by the Bank of England's estimate on the effect on inflation of previous QE, the £70 billion injection may cause +0.2 to +0.5% CPI.

Add the effect of deprecation to money injection and CPI may reach 1.9% to 2.3%. Then there is the inflationary effect of reducing base rates from 0.5 to 0.25%. That will add a bit to the 1.9 to 2.3% CPI.

The Bank of England Monetary policy committee predicts inflation will rise to 2.7% in 2018.

Other financial organizations and experts are predicting CPI inflation as high as 3% and possibly as high as about 4%. That is still not soaring, its quite low. Do they all need to take O level economics.
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Old 03-01-2017, 11:39
Shalamara
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Regardless it is going to turn A LOT of people against brexit, so there is some good news to come from this.
Aww bless - totally deluded but you keep on believing
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Old 03-01-2017, 11:48
trevgo
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Haha!

Brexit will touch everyone in 2017, including the masses who stuck two fingers up at the "experts" and their heads simultaneously in the sand. Prices are going to rise significantly and wages stagnate. The bafflement on the faces of the dim will be a joy to behold.

Bring it on.
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Old 03-01-2017, 12:23
Doctor_Wibble
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Phew! For a moment there I thought we were going to see something childishly spiteful, how nice to be so totally wrong
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Old 03-01-2017, 12:34
howard h
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Haha!

Brexit will touch everyone in 2017, including the masses who stuck two fingers up at the "experts" and their heads simultaneously in the sand. Prices are going to rise significantly and wages stagnate. The bafflement on the faces of the dim will be a joy to behold.

Bring it on.
Phew! For a moment there I thought we were going to see something childishly spiteful, how nice to be so totally wrong
Right now I wish I were Irish and could sit aside and watch the whole game unfold and see who is right! Unfortunately I'm stuck here, and if things go wrong I'll suffer like everyone else.

But if it does go belly-up at least my conscience is clear even if the bank balance is empty. If it goes well then I'll doff my cap. Chances are it won't be one thing or t'other and save for a few jobs here and there, extra paperwork travelling and shedloads of worry for people wanting to emigrate (and exporters/importers); in which case why bother??
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Old 03-01-2017, 13:24
Rooks
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I've just been to M&S to get my lunch and they have indeed increased their prices. Not sure they can legitimately blame Sterling though as my lunch is entirely sourced in the UK, they even display the union flag on the packaging. So either it's profiteering or they are simply fibbing about it being a British product.

So I exercised my consumer right, went two doors down the road and picked up an alternative sandwich from another store at a cheaper price. Judging by the number of sandwiches left on the shelf in M&S I suspect I wasn't the only one to do that
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