Credit deflation and the reflation cycle to come (part 3)

[spygirl]

16 minutes ago, Axeman123 said:

Luke Gromen's words spring to mind; something like emerging market crisis requires emerging market solutions. The BoE need to actively burn cable shorters through rate rise warfare, and cultivate a culture of intimidation through unpredictable snap rate rises.

If you give forward guidance then youll get traded against.

You need to have a shock/surprise therapy . FED has.

UK/BoE problem is that £ is being used as a risk trade, which is amplifying the current issues.

BoE needs to move against this and remove that trade.

 

[marceau]

2 minutes ago, spygirl said:

No, people adapt.

Just slash benefits and theyll adapt.

 

Oh they'll adapt, just not in the way the govt wants them to. 

[spygirl]

Just now, marceau said:

Oh they'll adapt, just not in the way the govt wants them to. 

Nah. Peopl always go - If you cut benefits youll spend more oncrime ...

You wont.

And you just need to be more creative on crime - remove access to housing.

Bump housign entitlement to the worse, smallest crappiest high rise. No pets.

 

 

 

[marceau]

Just now, spygirl said:

Nah. Peopl always go - If you cut benefits youll spend more oncrime ...

You wont.

And you just need to be more creative on crime - remove access to housing.

Bump housign entitlement to the worse, smallest crappiest high rise. No pets.

 

 

 

You are never going to see a return on most of these people, no matter what you do with them. The thrown-away English are broken for their whole lives. The non-English don't give a shit about this place and are never going to make any kind of sacrifice for it.

Then you have the army of parasites, leeches, subverters and outright enemies that have their claws in at the highest level of the British state. Rooting that lot out is beyond the means of liberal democracy.

[ThoughtCriminal]

12 minutes ago, marceau said:

More likely we won't recover from it at all. People aren't robots. They're not interchangable, reprogrammable or unemotional. For some reason the govt seems to think they are and just a few changes to a policy or process can get things back on track. They're very, very wrong.

Imo this is the real killer we face further down the line. A govt in trouble, falling back to pull on old forgotten levers, and finding they no longer work. You can't make a large UK city do the things it could do during the 1970s, let alone WW2, the people there are different now. It'll be the same with reshoring, infrastructure renewal etc. For all our millions in population growth there just isn't enough human clay.

Agree completely.

 

It's like when people speak of blitz spirit etc, I just think "Where the fuck do you think you are?". Most people don't know their next door neighbours name now, they used to live in each others houses and leave doors unlocked.

 

There's a big shock coming for most people. Maybe even for us, cynics though we are.

 

We're approaching the Ayn Rand moment: you can ignore reality but you can't ignore the consequences of ignoring reality.

[Virgil Caine]

10 minutes ago, spygirl said:

No.

We have a very large governance sector which just fail to govern.

Governments need to make decisions.

 The more people a government employ, the slower n worse the decisions are.

There was this crap on the radio -

https://www.bbc.co.uk/news/health-62598309

The NHS Confederation said the UK was facing a "humanitarian crisis".

A large part of the fix is - remove access to benefit s to migrant.s

Poof! ~5m cold brown n black people will fuck off home

Its down to the lobbying and bling eye turning in the public sector that so many migrants are drawing down vast sums from UK tax payers.

 

 

Governments need to make the big strategic decisions and to set up the mechanisms to push them through. What they don’t need to do is micro manage peoples lives. We have the exact opposite. The political class like to elevate relatively trivial issues to front of stage because failure there has little or no consequences while neglecting the big issues until they smack them in the face. 

[Yadda yadda yadda]

2 minutes ago, marceau said:

You are never going to see a return on most of these people, no matter what you do with them. The thrown-away English are broken for their whole lives. The non-English don't give a shit about this place and are never going to make any kind of sacrifice for it.

Then you have the army of parasites, leeches, subverters and outright enemies that have their claws in at the highest level of the British state. Rooting that lot out is beyond the means of liberal democracy.

When the Government tries to deport criminal foreigners from inner city London or, from memory, Glasgow they back down to a moronic mob who take to the streets. That doesn't get fixed quickly. Things don't go back to how they were. Even prosperous small towns and cities are infected with this crap. It will take generations to turn around and the destination won't be the same as the departure point.

[Yadda yadda yadda]

Of course the UK isn't uniquely fucked. Germany is fucked, France is fucked, the EU is fucked although Eastern Europe could dump it and come out ok. Australia is fucked, New Zealand has a talent for fucking itself rapidly, Canada is very fucked despite having resources on its side, the USA could power through economically but is completely fucked culturally. The UK is probably fucked to the average extent of that lot.

A lot of the world has pretty much always been fucked and doesn't look like unfucking itself any time soon.

[M S E Refugee]

Can anyone shed any light on why Jupiter is performing so badly?

It's now yielding 15%.

[Don Coglione]

9 minutes ago, Yadda yadda yadda said:

Of course the UK isn't uniquely fucked. Germany is fucked, France is fucked, the EU is fucked although Eastern Europe could dump it and come out ok. Australia is fucked, New Zealand has a talent for fucking itself rapidly, Canada is very fucked despite having resources on its side, the USA could power through economically but is completely fucked culturally. The UK is probably fucked to the average extent of that lot.

A lot of the world has pretty much always been fucked and doesn't look like unfucking itself any time soon.

Poetry.

[Harley]

1 hour ago, ThoughtCriminal said:

Yup 

 

But I don't think we will recover. The problem is that whereas once we were governed by pragmatism, the thing that propelled us to governing over a third of the earth's service, we're now governed by ideology. 

 

Energy policy, ideology. Criminal justice, ideology. NHS, ideology. Foreign policy, ideology. The list goes on.

 

The West doesnt have a God given right to rule, we got to where we are on the back of our ancestors who were pragmatists. They'd be building nuclear power stations and opening coal mines like there's no tomorrow.

 

Our governing class are STILL talking about platitudes of "Green revolution, Green jobs etc". Even after seeing where it's got Germany they persist. It's a death cult.

 

 

We're governed by ideology because the problems are too big for little them to fix.  Such ideology is where you go when all else fails.  It's a symptom, a canary, a dead one.

[Lightscribe]

2 hours ago, ThoughtCriminal said:

Police, prisons, paramedics etc, all suffer from the same problem: not getting the right people anymore. Is it pay? Is it just the quality of the pool they're drawn from has diminished?

You can get away with this bullshit for so long, then one day everything just breaks.

It’s all down to the 40 year disinflation cycle which will never be repeated again.

It’s wealth flowing upwards in assets, pulling up the ladder and kicking the legs of any support at the bottom for anything to sustain it. 

Trillions in QE money printing and resulting zero interest rates. People retiring at 50 on golden index linked final salary pensions. Bubble P/E ratio tech/FAANGs. Retirees owning multiple houses. UK Ltd turning a blind eye to  property being used as dodgey money laundering playground for foreign investment.

RTB being used to produce council house millionaires. Lucrative benefits that outweigh work paid from having the first child until 50-odd.

Unfettered immigration of cheap labour to cover up the fact that no one works anymore, ever cheaper outsourcing of manufacturing to ensure the same. 

Foreign influences with stakes steering direction from education to politics, filtering down to public services that take orders from above. Puppets and narratives put in place to gaslight society into line using education and media as a weapon.

Blowing up bureaucracy and non-jobs making a public sector black hole which then means cuts from elsewhere that actually matter and are vital for a functioning society.

How does it end? Look at Oxford street, hardly any different from Croydon now. This is the end result of the cycle and we haven’t even entered the ‘hard times’ yet. This is the result of the 40 year rape and pillage of what grandparents fought and died for.

https://www.ft.com/content/534dc8ab-d8f3-4f6d-bfca-e817c03655f9
 

https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2F534dc8ab-d8f3-4f6d-bfca-e817c03655f9

This is all because if a 40 year disinflation cycle and ever more hands grabbing all the cookies they could from the jar. That’s why boom and bust cycles exist as greed is human nature.

Only this time money masters knew how it would end so made sure the dead horse could be flogged until the end game plan was put in place accordingly.

[AlfredTheLittle]

2 hours ago, ThoughtCriminal said:

Police, prisons, paramedics etc, all suffer from the same problem: not getting the right people anymore. Is it pay? Is it just the quality of the pool they're drawn from has diminished?

 

Anyone see the RAF bollocks this week? Going to pause recruitment of heterosexual white men until ethnics, gays and women catch up.

 

Who are the competent people that fly the planes and keep them up there? Straight white men.

 

They even sent a memo asking for the pilot that went to the Top Gun premiere not to be a straight white male.

 

You can get away with this bullshit for so long, then one day everything just breaks.

 

My boss in the prison service once made three women form a cell extraction team when a con had made weapons and threatened to kill first officer through the door. Took me off the shield, my usual role as I'm a big lump, and said "These fuckers get paid the same as him. They can do it".

 

Two started crying. They went in and he threw them out the cell, one by one, they literally went skidding across the floor of the wing like a cartoon. Point was made, so then we went in and put him through the wall.

 

Don't ever forget that this country isnt what you think it is. The whole facade can come down at any time.

 

Off topic? Maybe, but I'd argue it applies across the board. This is a tired, creaking country and the rot runs deep. Most of us are on the Right and patriotic so it's easy to overlook things.

 

I maybe didn't frame my point that well as it pisses me off just thinking about what's been done to this country.

 

As was just said by (I think) JMD, who is confident of having all of their eggs in the UK basket? My confidence in the UK making it out the other side of this turning point (as history will judge it) diminishes by the day.

 

I lean more and more to what DB said about having exposure to foreign earning stocks. 

It's because they're unsackable (at least on the basis of competence). If you don't sack the lazy and useless it just drags the whole organisation down because everyone sees it and thinks why bother. I think that's the problem throughout the public sector, and it also leads to some seriously incompetent people being promoted to high positions, to then make more bad decisions.

[DurhamBorn]

1 hour ago, Jay said:

I hope you are exaggerating..80% ..but probably not..you talk of collapse….would collapse mean a within Britain or would you classify the break up of Britain as a collapse..I think cable was 1.7 during the last referendum.. would make sense for the scots to try again..the possibility of independent Scotland seem to be increasing imo especially as I think we get to deflation..even the welsh go there own..that for me would a collapse and not for others…that would mean England gets the bulk of the problems economically.. would have no choice but to cut benefits, pensions etc..be lucky..

No,80%+ get bennies or public sector workers in my home town.

[Starsend]

2 hours ago, ThoughtCriminal said:

Police, prisons, paramedics etc, all suffer from the same problem: not getting the right people anymore. Is it pay? Is it just the quality of the pool they're drawn from has diminished?

 

Anyone see the RAF bollocks this week? Going to pause recruitment of heterosexual white men until ethnics, gays and women catch up.

 

Who are the competent people that fly the planes and keep them up there? Straight white men.

 

They even sent a memo asking for the pilot that went to the Top Gun premiere not to be a straight white male.

 

You can get away with this bullshit for so long, then one day everything just breaks.

 

My boss in the prison service once made three women form a cell extraction team when a con had made weapons and threatened to kill first officer through the door. Took me off the shield, my usual role as I'm a big lump, and said "These fuckers get paid the same as him. They can do it".

 

Two started crying. They went in and he threw them out the cell, one by one, they literally went skidding across the floor of the wing like a cartoon. Point was made, so then we went in and put him through the wall.

 

Don't ever forget that this country isnt what you think it is. The whole facade can come down at any time.

 

Off topic? Maybe, but I'd argue it applies across the board. This is a tired, creaking country and the rot runs deep. Most of us are on the Right and patriotic so it's easy to overlook things.

 

I maybe didn't frame my point that well as it pisses me off just thinking about what's been done to this country.

 

As was just said by (I think) JMD, who is confident of having all of their eggs in the UK basket? My confidence in the UK making it out the other side of this turning point (as history will judge it) diminishes by the day.

 

I lean more and more to what DB said about having exposure to foreign earning stocks. 

All the Russians will have to do is hit us during the school run and we'll be fucked.

[Yadda yadda yadda]

13 minutes ago, Lightscribe said:

It’s all down to the 40 year disinflation cycle which will never be repeated again.

It’s wealth flowing upwards in assets, pulling up the ladder and kicking the legs of any support at the bottom for anything to sustain it. 

Trillions in QE money printing and resulting zero interest rates. People retiring at 50 on golden index linked final salary pensions. Bubble P/E ratio tech/FAANGs. Retirees owning multiple houses. UK Ltd turning a blind eye to  property being used as dodgey money laundering playground for foreign investment.

RTB being used to produce council house millionaires. Lucrative benefits that outweigh work paid from having the first child until 50-odd.

Unfettered immigration of cheap labour to cover up the fact that no one works anymore, ever cheaper outsourcing of manufacturing to ensure the same. 

Foreign influences with stakes steering direction from education to politics, filtering down to public services that take orders from above. Puppets and narratives put in place to gaslight society into line using education and media as a weapon.

Blowing up bureaucracy and non-jobs making a public sector black hole which then means cuts from elsewhere that actually matter and are vital for a functioning society.

How does it end? Look at Oxford street, hardly any different from Croydon now. This is the end result of the cycle and we haven’t even entered the ‘hard times’ yet. This is the result of the 40 year rape and pillage of what grandparents fought and died for.

https://www.ft.com/content/534dc8ab-d8f3-4f6d-bfca-e817c03655f9
 

https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2F534dc8ab-d8f3-4f6d-bfca-e817c03655f9

This is all because if a 40 year disinflation cycle and ever more hands grabbing all the cookies they could from the jar. That’s why boom and bust cycles exist as greed is human nature.

Only this time money masters knew how it would end so made sure the dead horse could be flogged until the end game plan was put in place accordingly.

I haven't been to Oxford Street for a long time. Didn't realise the "candy" shops had expanded so much. Or that they operated like department stores with concessions. Surprised that they make enough money to continue even without paying rates. Utility firms will have to put pay as you go meters into these shops. Only way they will get paid this winter.

The solution is simple. Lower rates. Much lower.

I have driven through Croydon recently. Oxford Street can be revived. Sweet shops aren't in the interests of the landlords or the council or the wider City. Croydon is a dumping ground and very unlikely to improve. The new inner cities are some of the peripheral towns/suburbs.

[HousePriceMania]

4 minutes ago, Yadda yadda yadda said:

I haven't been to Oxford Street for a long time. Didn't realise the "candy" shops had expanded so much.

Even money launderers dont think London property is the way to go!!!

[Harley]

2 hours ago, DurhamBorn said:

Its all down to state pensions in payment and bennies.Too much tax being paid by companies and workers so the reward to the workers and the owners of capital too low.The Scottish share a prime example.The government pushed their margin so low they couldnt invest.I worked out the difference to have a much stronger industry was around £12 a month on a bill,so then £120 instead of £108.Instead government chose to hammer them and give half the country not producing anything that saving.Now of course that £12 is £300 due to those actions.All consumption ends up destructive,the key is how much investment alongside it.We tilted for 20 years to where over 50% of the population was simply consuming,not producing.Imagine if 1/3 of the welfare budger and 1/3 of the in payment state pensions had gone into energy,water etc,£50 billion a year,or £1 trillion over the 20 years.Instead it was consumed and the only place the money used was saved was into houses and foreign countries where we bought the goods.

This is a problem in depth.  How many of those on bennies are employable?  Parents, schooling, socialisation, and all the rest. 

One of the first things they did in basic training was check people knew how to shower and eat properly.  And the muscle growth, etc they got from the proper nutrition (and the "exercise") was noticeable.  They could not have progressed on their existing diets.  Not all, it was complete mix and most had worked hard just to get there, but that was the beauty (one good thing about conscription) as it challenged and grew your mind too.  We are where we are after decades which has entrenched systematic end to end failure.

But I've also met some top people, all working of course.  Everyone works around here.  Maybe this bennie stuff is a cliche but the numbers are what they are and I talk to some la la polos and see they are the problem.  They like their client state and their position in it.  I've seen unlikely people achieve great things so worst of all its just a total waste far beyond money.

We've recently talked a lot about all this stuff but as I've always said, "it's the political economy stupid"!  And the political economy is a failure.

[Lightscribe]

1 minute ago, Yadda yadda yadda said:

I haven't been to Oxford Street for a long time. Didn't realise the "candy" shops had expanded so much. Or that they operated like department stores with concessions. Surprised that they make enough money to continue even without paying rates. Utility firms will have to put pay as you go meters into these shops. Only way they will get paid this winter.

The solution is simple. Lower rates. Much lower.

I have driven through Croydon recently. Oxford Street can be revived. Sweet shops aren't in the interests of the landlords or the council or the wider City. Croydon is a dumping ground and very unlikely to improve. The new inner cities are some of the peripheral towns/suburbs.

Did you read the article? Oxford street isn’t owned by the crown estate, it’s owned by the Middle East and Asian ‘investors’.

The sweet shops don’t have to make a profit as they are used as a front through a myriad of shell companies for criminality and money laundering.

Look at the end, Westminster council said that without them, they would just have empty shops instead.

The family silver of this country has long been sold and melted down a long time ago.

[Harley]

2 hours ago, Yadda yadda yadda said:

Pound taking a battering today. I wonder how far it can fall over the coming months?

That sounds like me trip wire.  I may have mentioned some ominous looking charts!  I'll take a look ta and take "appropriate action"!

PS:  Focussing on the weekly and monthly charts, completed a retrace from breaking major resistance.  Some onimous looking HA candles on the longer term charts.  Up 2.23% this week alone.  Serious money made there.  Weekly moving out of oversold and the monthly getting more overbought.  Cup and handle?  If "so", she's could blow.  See my earlier chart.

[sancho panza]

2 hours ago, DurhamBorn said:

 

Its all down to state pensions in payment and bennies.Too much tax being paid by companies and workers so the reward to the workers and the owners of capital too low.The Scottish share a prime example.The government pushed their margin so low they couldnt invest.I worked out the difference to have a much stronger industry was around £12 a month on a bill,so then £120 instead of £108.Instead government chose to hammer them and give half the country not producing anything that saving.Now of course that £12 is £300 due to those actions.All consumption ends up destructive,the key is how much investment alongside it.We tilted for 20 years to where over 50% of the population was simply consuming,not producing.Imagine if 1/3 of the welfare budger and 1/3 of the in payment state pensions had gone into energy,water etc,£50 billion a year,or £1 trillion over the 20 years.Instead it was consumed and the only place the money used was saved was into houses and foreign countries where we bought the goods.

I think what stuns me is is that as a scoiety we are spending more on someone who's retired in pension costs from their former job than we are paying the peopel doing the job.

Paramedic starting salary currently £27,000 plus unsocial.It wouldn't surprise me to find that some retired Band 5 Nurses and Paramedics are taking near that home in final salary pension form the older schemes.

But on top of that the new new paramedics are paying £50,000 to get their degree,plus try and buy a hosue on 10 times salary.

As a society,we have really screwed the incentives up.No wonder people don't want to work when with a couple of kids you're better off not working in most average paid jobs.

3 hours ago, ThoughtCriminal said:

Police, prisons, paramedics etc, all suffer from the same problem: not getting the right people anymore. Is it pay? Is it just the quality of the pool they're drawn from has diminished?

 

You can get away with this bullshit for so long, then one day everything just breaks.

 

My boss in the prison service once made three women form a cell extraction team when a con had made weapons and threatened to kill first officer through the door. Took me off the shield, my usual role as I'm a big lump, and said "These fuckers get paid the same as him. They can do it".

 

Two started crying. They went in and he threw them out the cell, one by one, they literally went skidding across the floor of the wing like a cartoon. Point was made, so then we went in and put him through the wall.

 

Don't ever forget that this country isnt what you think it is. The whole facade can come down at any time.

 

Off topic? Maybe, but I'd argue it applies across the board. This is a tired, creaking country and the rot runs deep. Most of us are on the Right and patriotic so it's easy to overlook things.

 

I maybe didn't frame my point that well as it pisses me off just thinking about what's been done to this country.

 

As was just said by (I think) JMD, who is confident of having all of their eggs in the UK basket? My confidence in the UK making it out the other side of this turning point (as history will judge it) diminishes by the day.

 

I lean more and more to what DB said about having exposure to foreign earning stocks. 

I don't think it's off topic at all.

The corollary of your various points about the decay in management of the personell side of things is that it's refelcted in the decay of the physical infrastructure.

@DurhamBorn has made this point before about the creaking sewage system,others like @Bobthebuilder @Transistor Man have pointed out the problems in the provision of power to homes and businesses both gas/leccy.

The rot is set in at the top of the pyramid and is speedily getting to the base with us as a society having noone/nothing to reverse it.

This is what Schumpeter referred to as creative destruction in capitalsim.Zombie businesses need cleaning out .Adapting that to our scoiety,Zombie political classes/institutions need to destroy themselves before we as a society can begin to rebuild them from scratch.

As DB has often said,the macro leads the politics.

We are here because we've had easy times living off the fat of the land thanks to China/Russia/Cheap oil & gas.The CRCog are now wanting their payback.

Edit to add:Rough storage facility-another DB point.Shut in 2017 because the govt didn't want to pay for it.£44bn on Track n trace later and British gas now getting £1.7 bn grant to refurbsih it

https://www.thetimes.co.uk/article/centrica-gets-licence-to-reopen-giant-rough-gas-storage-facility-qgn7gqs00

 

[Tingles]

Blimey!  All a bit doomy down here this morning.

Chin up, good people!

“The doom of a nation can be averted only by a storm of flowing passion, but only those who are passionate themselves can arouse passion in others.” ~ Adolf Hitler

[Harley]

4 hours ago, Jay said:

I hope you are exaggerating..80% ..but probably not..you talk of collapse….would collapse mean a within Britain or would you classify the break up of Britain as a collapse..I think cable was 1.7 during the last referendum.. would make sense for the scots to try again..the possibility of independent Scotland seem to be increasing imo especially as I think we get to deflation..even the welsh go there own..that for me would a collapse and not for others…that would mean England gets the bulk of the problems economically.. would have no choice but to cut benefits, pensions etc..be lucky..

I don't fully know what collapse looks like but to me it starts with them taking all my money and stuff.  First you have theft by stealth (tick) and then they just take it.  They'll burn the house down before they let the house burn down!

[Starsend]

13 minutes ago, Harley said:

This is a problem in depth.  How many of those on bennies are employable?  Parents, schooling, socialisation, and all the rest. 

One of the first things they did in basic training was check people knew how to shower and eat properly.  And the muscle growth, etc they got from the proper nutrition (and the "exercise") was noticeable.  They could not have progressed on their existing diets.  Not all, it was complete mix and most had worked hard just to get there, but that was the beauty (one good thing about conscription) as it challenged and grew your mind too.  We are where we are after decades which has entrenched systematic end to end failure.

But I've also met some top people, all working of course.  Everyone works around here.  Maybe this bennie stuff is a cliche but the numbers are what they are and I talk to some la la polos and see they are the problem.  They like their client state and their position in it.  I've seen unlikely people achieve great things so worst of all its just a total waste far beyond money.

We've recently talked a lot about all this stuff but as I've always said, "it's the political economy stupid"!  An the political economy is a failure.

There's always been a small part of the population who are so useless it's cheaper and easier to just pay them to stay at home - but it used to be a very small part.

A lot of the population are pretty thick, these people did all the unskilled work, making sandwiches in a canteen, working in a food factory etc. All of these workplaces providing a lot of jobs for thickies have been overrun by Eastern Europeans who were happy to be treated like shit for minimum wage because it was a fortune to them. The bosses / politicians of course loved it.

Where did all the displaced British people end up - on bennies. I put 100% of the blame on politicians.

[sancho panza]

1 hour ago, M S E Refugee said:

They could have ended the Covid nonsense swiftly if they wanted and we are now seeing the same thing with this climate change bullshit.

We are governed by psychopaths. 

Going to be psoting on this today in the sceptics thread but makes your point about how abysmally run our govt is.Mrs P is a solid corporate Tory type.I jsut can't bring myself to vote for them.Their incompetence and corruption is something to behold.(Won't be voting for the knee takers either mind)

Our gubbermint went into lockdown depsite numerous respected Dr's/Profs of Medicine and Epedemiology warning ti was a bad idea/would be counter productive.

So our politcal elite instead take their lead from a Prof of Physics,with a knackered computer model and here's the result.

 

https://www.telegraph.co.uk/news/2022/08/18/lockdown-effects-feared-killing-people-covid/

Lockdown effects feared to be killing more people than Covid

Unexplained excess deaths outstrip those from virus as medics call figures ‘terrifying’

BySarah Knapton, SCIENCE EDITOR18 August 2022 • 9:30pm

The effects of lockdown may now be killing more people than are dying of Covid, official statistics suggest.

Figures for excess deaths from the Office for National Statistics (ONS) show that around 1,000 more people than usual are currently dying each week from conditions other than the virus.

The Telegraph understands that the Department of Health has ordered an investigation into the figures amid concern that the deaths are linked to delays to and deferment of treatment for conditions such as cancer, diabetes and heart disease.

Over the past two months, the number of excess deaths not from Covid dwarfs the number linked to the virus. It comes amid renewed calls for Covid measures such as compulsory face masks in the winter.

But the figures suggest the country is facing a new silent health crisis linked to the pandemic response rather than to the virus itself.

The British Heart Foundation said it was “deeply concerned” by the findings, while the Stroke Association said it had been anticipating a rise in deaths for a while.

Dr Charles Levinson, the chief executive of Doctorcall, a private GP service, said his company was seeing “far too many” cases of undetected cancers and cardiac problems, as well as “disturbing” numbers of mental health conditions.

“Hundreds and hundreds of people dying every week – what is going on?” he said. “Delays in seeking and receiving healthcare are no doubt the driving force, in my view.

“Daily Covid statistics demanded the nation’s attention, yet these terrifying figures barely get a look in. A full and urgent government investigation is required immediately.”

Figures released by the ONS on Tuesday showed that excess deaths are currently 14.4 per cent higher than the five-year average, equating to 1,350 more deaths than usual in the week ending Aug 5.

Many appointments and treatments were cancelled as the NHS battled the pandemic throughout 2020 and last year, leading to a huge backlog that the health service is still struggling to bring down.

This week, an internal memo from the Royal Albert Edward Infirmary in Wigan, leaked to the Health Service Journal, warned it was becoming “increasingly common” for patients to die in A&E as they waited for treatment.