Entirely true.

But what is more annoying is how Tories etc are trying to suggest it was not expected.

We live in a capitalistic society. Even the most left wing politician. In no way expects corporations to choose reductions in profit.

The labour may not like it. But they fully expected this to happen. When companies start to increase prices above the % amount, the wages increased. Making employees worse off over all. That is the point things can be said to have failed. Rather than all the crappy biased telegraph and times articles claiming Labour has destroyed the economy.

And if that happens. It is the companies that are to blame for their own choice to price themselves out of the market. Not tax rate or wage levels.