In the mid 1970’s there was soaring inflation in the U.K. thanks to the soaring price of oil imposed by the oil producing countries in the Middle East.
However the U.K. Government introduced a simple solution which kept workers pay in step with the rising inflation rate which from memory reached over 20% at one stage.
Sadly most of our current politicians and union leaders will not be old enough to remember the mid 1970’s and as a result they will not have the savvy to even suggest this solution.
Before the oil price hike in 1973 I can remember purchasing petrol at 50p per gallon.