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The UK’s inflation-fuelled cost-of-living crisis is set to “cut lives short” and “significantly widen the wealth-health gap”, according to a study published by open access journal BMJ Public Health on Monday. world news
Modelling conducted for the study predicted that the proportion of people “dying before their time” (under the age of 75) will rise by nearly 6.5 percent due to the sustained period of high prices.
The most deprived households will experience four times the number of extra deaths than the wealthiest households, it forecast, with the poorest having to spend a larger proportion of their income on energy, the cost of which has soared.
The researchers studied the impact of inflation on death rates in Scotland in 2022-3, with and without mitigating measures such as government support to help cut household bills.
The collected data was then used to model various potential future outcomes on life expectancy and inequalities for the UK as a whole if different mitigating policies were implemented.
Without any mitigation, the model found that inflation could increase deaths by five percent in the least deprived areas and by 23 percent in the most deprived — coming down to two percent and eight percent with mitigation, with an overall rate of around 6.5 percent.
Overall life expectancy would also fall in each case, it added.
“Our analysis contributes to evidence that the economy matters for population health,” said the researchers.
“The mortality impacts of inflation and real-terms income reduction are likely to be large and negative, with marked inequalities in how these are experienced.
“Implemented public policy responses are not sufficient to protect health and prevent widening inequalities,” they added.
UK inflation unexpectedly slowed in August to 6.7 percent from a high of 11.1 percent, but remains the highest in the G7, fuelled by coronavirus lockdowns, Brexit and the war in Ukraine.
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Notes from APS Radio News
Reportedly because of what was being called a “pandemic”, a number of the world’s central banks embarked on massive programs of monetary expansion, starting in late February and early March of 2020.
For its part, between the early part of March of 2020 to over a year later, the US Federal Reserve added over $4 trillion to its holdings, by purchasing billions of dollars’ worth of Treasury bonds and corporate bonds each month during that period.
As well, at that time it kept interest rates rather low.
Other central banks, including the Bank of Japan and the European Central Bank, followed similar policies.
In addition, during that period many countries engaged in lockdowns; many small and medium-sized businesses and enterprises were shuttered by way of orders issued by public health officials, politicians and various administrators.
One of the direct causes of those shutdowns was the development of shortages.
According to a number of economists, the combination of shortages of various goods and services and massive programs of “quantitative easing” led to substantially higher rates of inflation.
In consequence of shuttered economies and higher rates of inflation in the first world, less developed countries suffered greatly, due, in part, to shortages of supplies and due to lowered demand.
For some time, in its articles about China, The Wall Street Journal has pointed to “covid” related lockdowns as being one of the major causes of China’s downturn in its economy.
In the US, by October of 2020, over 100,000 businesses had been shuttered by way of lockdowns
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