middle classes living standards
Middle classes living standard squeezed
Britain's middle classes face the biggest financial squeeze for decades that will drastically affect their living standards, according to new research.
The findings show the typical family will face a decline in their income of around £300 - or 2.4 per cent - next year through higher taxes, mortgages and rises in the costs of food and other goods.
The richest in society will also see their spending power cut by up to nine per cent - which amounts to almost £5,000 a year.
They may be hit even further by this week's Pre Budget Report, which is expected to tighten the screw on higher earners.
But the less well-off are expected to actually see their spending power rise next year. A single mother who receives around £10,000 a year is due to have an extra £130 annually.
Accountants PricewaterhouseCoopers calculated the amounts based on the Government's current tax rules and future plans
Categories: Uncategorized Tags: living standards, middle classes
unemployment 2010
Unemployment in 2010
Unemployment will continue to rise in the new year, Work and Pensions Secretary Yvette Cooper predicted.
With figures showing almost 2.5 million people out of work in the three months to September, Ms Cooper said that total would keep growing in 2010.
The Government does not make formal forecasts on jobless figures, she told Sky News Sunday Live, but added: "We do expect unemployment to keep increasing in the new year."
As Chancellor Alistair Darling puts finishing touches to Wednesday's Pre Budget Report, Ms Cooper also said she hoped youth unemployment would fall in the second half of 2010.
The number of 16 to 24-year-olds out of work has reached a record high of 943,000, meaning almost one in five are not employed.
But recent figures have shown a slowing in the rate of rising unemployment, and Ms Cooper said: "I think if we see current trends continue and if we have a big further push to help, particularly on youth unemployment, and if we see employers also helping us and that's what I think should be our priority now. I do think we should be aiming, particularly for youth unemployment, to try and get youth unemployment falling in the second half of next year rather than see it rising for four or five years after the recession which is what happened in the 1980s. "We must never go back to that."
Categories: Uncategorized Tags: 2010, jobless, unemployed
bernanke blames brown
Bernanke blames Brown
Gordon Brown's decision to strip the Bank of England of its supervisory role caused 'major problems' for the British economy, the head of the American Federal Reserve said yesterday.
Ben Bernanke regarded by many as the world's most powerful banker claimed the UK was ill-prepared to deal with the crisis in the wake of decisions made by Mr Brown when he was chancellor.
In an extraordinary attack, Mr Bernanke said the Prime Minister's measures which included stripping the BoE of its powers to regulate banks had been responsible for the ' destructive run' on Northern Rock.
His comments will embarrass Mr Brown, who has refused to concede his decisions may have contributed to the economic crisis.
Mr Bernanke told the U.S. Senate: 'The government of Britain removed from the Bank of England most of its supervisory authorities. Read more...
Categories: uk Recession Tags: Bernanke, Brown