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UK Government Warned of “Civil Unrest” Over People Being Unable to Pay Energy Bills

Yet Boris Johnson insists support for Ukraine should be prolonged.

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Energy executives in the UK have warned the government that the country faces the prospect of mass civil unrest as a result of people being unable to afford their heating and electricity bills this winter.

The government is being asked to approve “radical” COVID-style bailouts for small businesses which face total ruination as a result of soaring energy costs.

“Energy company bosses have warned ministers they fear civil unrest if nothing is done to cushion the blow of rising bills,” reports the Telegraph.

One senior industry figure said that when people “realize how bad this is going to get,” they could take their anger to the streets in the form of violent demonstrations.

The comments are similar in nature to those made by campaigner Tom Scott, who is urging people to refuse to pay their bills, and says social disorder is on the horizon.

“There was a major riot in London [in 1990],” said Scott, referring to the poll tax riots. “That’s not something I would like to see, but I think it’s almost inevitable that unless the Government does take much more effective action to help people, there will be widespread civil unrest.”

Despite the warnings, Prime Minister Boris Johnson continues to insist that Brits should maintain their support for ‘the current thing’ – by prolonging the war in Ukraine.

“We also know that if we’re paying in our energy bills for the evils of Vladimir Putin, the people of Ukraine are paying in their blood,” said Johnson.

“And that’s why we know we must stay the course. Because if Putin were to succeed, then no country on Russia’s perimeter would be safe, and… (that) would be a green light for every autocrat in the world that borders could be changed by force,” he added.

Even as many Brits struggle to pay for basic necessities, with food inflation also soaring, Johnson just approved a further £54 million of taxpayer money to be sent to Ukraine to buy new weapons systems.

Energy bills are set to soar to £6,522 by next April, a level that threatens to push a third of the country into poverty.

“Consultancy Auxilione said the price cap will be three times the current limit of £1,971-a-year,” reports the Daily Mail, with bills having been closer to £1,000 a year before the start of the war in Ukraine.

Meanwhile, the UK continues to pursue disastrous ‘net zero’ green energy policies that are unfit for purpose while refusing to allow fracking, which would solve the country’s energy crisis in a heartbeat.

Perhaps many Brits will choose to keep warm this winter by lighting fires on the streets instead of paying their heating bills at home.

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Economy

Video: Amid Banking Collapse, White House Says “We See A Strong Economy”

Strange choice of words

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Steve Watson

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As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”

CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. 

“We understand what the American people are feeling, that is why we have made it a priority to do everything that we can to lower costs for Americans,” Jean-Pierre responded.

Then came the kicker.

“We do not see a recession or pre-recession. We see a strong economy and it’s because of the work that this president has done,” Jean-Pierre declared.

You don’t see it or there isn’t a recession?

Strange choice of words.

Keep saying it and it might become reality:

When asked if there will be an economic downturn owing to two giant bank collapses, KJP had no answer, other than to quote the Fed chairman saying the economy is sound:

Powell claims that rampant money printing isn’t driving inflation:

Treasury Secretary Janet Yellen claims that just growing debt forever is sustainable:

Are they wilfully ignorant or just flat out lying?

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    Economy

    Elon Musk Responds To Biden’s “Pay Your Fair Share” Tax Tweet

    “I paid more income tax than anyone ever in the history of Earth”

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    Steve Watson

    Hannibal Hanschke-Pool/Getty Images

    The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.

    Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.

    Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.

    Musk also called for a fact check on Biden’s three percent claim.

    Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

    Others chimed in on Musk’s comments:

    While others had some choice responses for Biden:

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    Economy

    SVB’s London Bankers Received Up To $36 Million In Bonuses Days After BoE-Orchestrated Bailout

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    Zero Hedge

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    Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1Sky News reports.

    Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.

    It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.

    One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky

    What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.

    The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.

    According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.

    “The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”

    “[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”

    The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.

    They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

    The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky

    “Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.

    This post was originally published at Zero Hedge

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