Inflation’s winners are any form of debtor, including governments, companies, mortgage holders and speculators. The losers are anyone with cash holdings, bonds, pension savings and welfare claimants. These represent the vast majority of the population.
In 2014, inflation was transferring around £100bn/year in the UK alone from savers, bond and pension holders to debtors such as governments, companies and mortgage holders.
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Inflation tax was worth £29bn to the UK government in 2014. Other key benefits of inflation to governments include increased tax take (due to fiscal drag) and making GDP appear higher (through downward manipulation of the GDP deflator).
