An example as to why the offer is woefully inadequate: This from the Daily Telegraph, today in London. As a review of this commentary shows, we can expect inflation of 5% or MORE in the coming year in the UK. This latest pay offer doesn't even address the past TEN years of inflationary erosion of our salaries, never mind the hyper inflation that is about to burst upon us. If we lock ourselves into this inadequate 28 month deal, we will be even further behind by the end of it. We need to demonstrate now that we deserve and demand a proper pay offer.
"As recently as February, the Bank was forecasting CPI inflation of 1.5pc by the end of 2010. That estimate has proved to be woefully wrong. But it was clear a long time ago that would be the case.
Every single month this year, inflation has been either on, or above, the "upper acceptable limit" of 3pc. Measured by the far more accurate RPI measure, inflation has spent several recent months at 5pc or more.
The November inflation number was driven by the high price of food and clothing. What's even more important than the specifics is that, with the Bank's monetary policy committee having down-played repeated inflation over-shoots, the UK's inflation-fighting credibility is now being widely questioned.
Survey evidence shows inflation expectations just surged to their highest level for more than two years, a sign that above-target price increases could become embedded in the minds of consumers.
People questioned during November expect CPI inflation of 3.9pc in 2011, sharply up on previous estimates. And that was before oil prices jumped another $8 a barrel this month – a rise that will soon feed through into motorists' petrol costs, hiking inflation concerns even more".