Still no "green shoots of recovery"

classic Classic list List threaded Threaded
1090 messages Options
1234567 ... 55
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch


Hungry Britain: More than 500,000 people forced to use food banks, warns Oxfam.


Number has trebled in past 12 months

 Nigel Morris   Author Biography ,  Charlie Cooper  
 
Thursday 30 May 2013
 
More than half a million Britons have resorted to using food banks to stave off hunger and destitution, the Government has been warned.
 
Major charities signalled their alarm over a dramatic rise in the nation's "hidden hungry" – families who are forced to ask for help to feed themselves – because of wage cuts, the squeeze on benefits and the continuing economic downturn. The numbers have trebled in the past year alone and are likely to continue rising rapidly despite Britain's status as one of the world's wealthiest nations, according to a joint report by Oxfam and Church Action on Poverty.

They say cuts to welfare payments – including below-inflation rises in benefits, new Jobseeker's Allowance sanctions and reassessment of entitlement to invalidity benefits – are the biggest cause of the surge in demand for food banks in all parts of the country. The charities are also fiercely critical of the numbers of mistakes and delays in benefits payments, which leave claimants without cash through no fault of their own and lead to "food uncertainty" among Britain's poorest families.

The hunger crisis has been exacerbated by the falling living standards of many people in employment, who have seen their wages trimmed or their working hours cut. Rising food and fuel prices are also driving families into poverty, the charities add.

The cost of basic foodstuffs has leapt by 35 per cent and the cost of heating a home has jumped by 63 per cent in the past five years – a period in which many incomes have risen only marginally or not at all.

Mark Goldring, the chief executive of Oxfam, said last night: "The shocking reality is that hundreds of thousands of of people in the UK are turning to food aid. Cuts to social safety-nets have gone too far, leading to destitution, hardship and hunger on a large scale. It is unacceptable this is happening in the seventh wealthiest nation on the planet."
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

What! No recovery in sight?

Deep cuts will continue until 2020, warn economists  

Jill Sherman Whitehall Editor
Last updated at 2:02PM, June 7 2013


The 2020 general election will again be fought on austerity measures, as deep spending cuts are likely to continue for at least another seven years, economic experts warned today. The Institute for Government predicted that rising debt levels, which will peak at 90 per cent in 2017, the difficulty in implementing cuts and demographic pressures were all likely to prolong the pain throughout another parliament. Julian McCrae, of the IfG, said that George Osborne’s plan to balance the budget deficit within four years had been blown way off course. “We are still as far from the target as we were in 2010,” he said. “Indeed, it would not be surprising if not just 2015 but also 2020 were an austerity election.”
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

The Ear
CONTENTS DELETED
The author has deleted this message.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Still no 'green shoots' of recovery no matter what bulls--t the politicians come up with.

Wage cuts for British workers deepest since records began, IFS shows

Thinktank says employees have sacrificed pay to keep their jobs during the 'longest and deepest' slump in a century

Katie Allen

The Guardian, Wednesday 12 June 2013

Britain's workers have suffered more financial pain since 2008 than in any five-year period of the modern age, according to research by a leading tax thinktank that shows employees have sacrificed pay to keep their jobs.

Describing this downturn as the longest and deepest slump in a century, the Institute for Fiscal Studies says workers have suffered unprecedented pay cuts of 6% in real terms over the last five years.

Historically, real wages rise by about 2% a year. This suggests that people are more than 15% worse off than they would have been if the pre-crisis wage trends had continued.

Analysing downturns going back to the great depression, Paul Johnson, director of the IFS, said: "This time really does seem to be different … it has been deeper and longer than those of the 1990s, the 1980s and even the 1930s. It has seen household incomes and spending drop more and stay lower longer."

The report finds that since the start of the recession real wages have fallen by more than in any comparable five-year period. It also highlights an "unprecedented" drop in productivity as output has tumbled faster than employment.

Official figures on Tuesday brought little comfort for ministers looking for a manufacturing revival to turn the tide on productivity. Hopes that a pick-up in industry would lead to better balanced growth in the UK were dented by data for April showing the first decline in factory production in three months.

The Office for National Statistics said factories were producing 10% less than they were in 2007, before the onset of the recession in early 2008.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

RBS chief executive Stephen Hester quits with £1.6m-plus payoff

Hester, parachuted into the bailed bank during the 2008 crisis, will stand down at end of year as RBS prepares for privatisation

Jill Treanor

guardian.co.uk, Wednesday 12 June 2013 17.33 BST

Stephen Hester quits RBS
Stephen Hester will leave RBS with £1.6m in pay and benefits and up to £4m in long-term incentive plan awards over the following three years. Photograph: Getty

Stephen Hester is to quit as the chief executive of bank Royal Bank of Scotland with a pay off at least £1.6m – and up to £5.6m – as the bailed out bank prepares for privatisation.

Hester, parachuted in during the 2008 banking crisis, did not want to remain for another five years to see through the return of the 81% government stake back to the private sector.

"We are now in a position where the government can begin to prepare for privatising RBS. While leading that process would be the end of an incredible chapter for me, ideally for the company it should be led by someone at the beginning of their journey. I will therefore step down at the end of this year to allow a new CEO to lead the group in this next stage," Hester said.

Describing the role as "bruising and difficult" Hester added: "It is a sensible thing for the board to look forward to privatisation and I can completely understand that a fresh face with an ability to commit many years into the future may be a good thing for privatisation."
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Update 1945:

The Treasury won't be amused RBS's Sir Philip Hampton said in today's conference call that the chancellor is determined the bank is in a state to be privatised at the end of 2014.

Earlier today a Treasury official was urging me not to draw any conclusion on the privatisation timetable from Hester's departure.

 Business editor Article written by Robert Peston

 
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Government to crack down on payday loan sharks.  (perhaps)


How the fruits of financier’s high-cost loans found their way into Tory coffers.

Conservative party grandee controls firm which charges interest at 75 per cent APR


 Simon Read   Author Biography
 
Wednesday 12 June 2013
 
Related articles

Payday lenders have 12 weeks to clean up their act or face being shut down, says Office of Fair Trading

A top Conservative Party funder is revealed today as the man behind one of Britain’s biggest high-cost lenders.
 

Financier Henry Angest – a friend of the Camerons and a former Tory Treasurer – gave the Conservatives a £5m overdraft facility shortly before the last General Election at an attractive interest rate of just 3.5 per cent.

The high-cost credit company Mr Angest controls, Everyday Loans, charges members of the public interest at an average 74.8 per cent APR.

The news – uncovered following analysis of accounts by the Bureau of Investigative Journalism – will prove awkward for the Conservatives, as Mr Angest becomes the second high-profile Tory donor profiting from the growing high-cost credit industry.

The Conservative donor and government adviser Adrian Beecroft has a major stake in Wonga, Britain’s best-known payday lender, which charges borrowers more than 4,000 per cent APR.

Mr Beecroft has given almost £800,000 to the Tories in the last seven years, contributing more than £100,000 last December.

Last October, Jonathan Luff, a senior adviser to David Cameron, quit Downing Street to become a lobbyist for Wonga.

The Government claimed earlier this year to be cracking down on high-interest lenders.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

More good news!

Business
Royal Bank of Scotland

RBS shares fall 6% as investors digest Stephen Hester's shock resignation.

Outgoing chief executive describes axing of another 2,000 investment bank jobs 'regrettable'.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Well done Mr Osborne!

RBS shares plunge as chief Stephen Hester quits with £5.6m deal after 5 years

THE FUTURE of Royal Bank of Scotland has thrown into CONFUSION after it announced that its chief executive is leaving.

By: Nathan Rao
Published: Thu, June 13, 2013

Shares in the bank plunged 5 per cent as the City reacted badly to the departure of Stephen Hester.

Hester was brought in five years ago to sort out the chaos at RBS following the reign of Fred Goodwin and make it fit to return to the private sector after it had to be rescued by a huge taxpayer bailout.

Uncertainty about the future of the 81 per cent-taxpayer-backed bank saw its price plunge 17.5p to 308.1p as analysts at Shore Capital downgraded the stock to a "sell" rating.

Gary Greenwood of Shore Capital said: "Overall, we think this announcement increases the uncertainty around the shares and potentially delays further any return of the bank to private ownership."

Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch
 Everybody seems to have forgotten that the EU is behind this sell off, and Osborne is just dancing to their tune.

Remember this?

The Collapse of the RBS Sale to Santander

by Martin from money.co.uk

The proposed £1.65bn sale of 316 Royal Bank of Scotland branches to Santander has imploded in spectacular fashion. We look at what’s caused the collapse and what it means for your finances.

The Collapse of the RBS Sale to Santander

If you’re an English or Welsh based RBS customer or a Scottish based NatWest customer, then you’ll have been prepared for your banking to move to Santander in the near future.

However, despite over 2 years of planning - to the extent that Santander has already closed some of its existing branches in towns where there are existing RBS or NatWest branches - the sale has folded like a pack of cards.

Here’s what you can expect in the coming months if you’re one of the thousands of RBS customers left in limbo by the collapse of the Santander takeover:

Why did Santander pull out?

The £1.65bn sale of 316 RBS branches to Santander was announced in August, 2010.

Since the announcement, the planned takeover encountered repeated delays mainly due to the difficulties involved with integrating two separate banking systems.

After it became clear that the takeover couldn’t be achieved by the agreed final deadline of February, 2013, Santander decided to pull the plug on the deal.

What happens now?

RBS will have to look for a new buyer because it is still obliged to sell its branches by 2014.

Under the terms of the European Commission bailout the 81% state owned bank must sell off 316 of its branches by 2014 – something that is looking increasingly unlikely.


Read more: http://www.money.co.uk/article/1009452-the-collapse-of-the-rbs-sale-to-santander.htm#ixzz2W5YAFZOf
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Sir Philip Hampton set to depart as RBS shares slide.

Sir Philip Hampton: said that chairmen usually serve between five and seven years James Glossop
Stephen Hester, the chief executive of RBS


Sam Coates, Chris Johnston  

Updated 1 minute ago
 

The chairman of Royal Bank of Scotland has signalled that he is likely to stand down soon in the latest upheaval involving the taxpayer-owned bank, as its shares tumbled today.

Sir Philip Hampton has strongly hinted that he will depart as soon as a replacement for Stephen Hester is found. The chief executive of RBS was forced out yesterday after a bitter battle with the Treasury over the bank’s direction.


I think I can predict the direction in which the bank is heading, and it isn't up!
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Consumer spending will grow at 'snail's pace' for six years.

Slow down: consumer spending will rise just 1.8% in the next six years

Friday 14 June 2013

The High Street was hit with more bad news today as researchers warned consumer spending is likely to grow at a "snail's pace" for the next six years.

The Centre for Economics and Business Research (CEBR) expects that households will focus on building up savings as they guard against weak pay growth, high unemployment and continued Government austerity.

It is predicting that consumer spending per household will rise by just 1.8% in the period between now and 2018, having fallen 7.1% since 2003.

CEBR's head of macroeconomics Charles Davis said: "Households have had to get used to living within their means as they have been buffeted by the financial crisis, weak economic growth, fiscal tightening and high inflation.

"We think consumer spending will rise only slowly and a sustained recovery will be unable to rely on consumption."
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

A few more for the dole, a sure sign the economy is picking up.

Army Cuts: Thousands Told They Will Lose Jobs
 
Nearly 4,500 Army staff are handed their redundancy notices as the Government seeks to bring the defence budget back in balance.

9:54am UK, Tuesday 18 June 2013

Nearly 4,500 Army staff have been handed their redundancy notices in the latest round of staff cuts, the Ministry of Defence has confirmed.

A total of 4,480 are being axed as the Government tries to reduce the number of regulars by about 20% to 82,000.

Sky's Defence Correspondent David Bowden said those who take voluntary redundancy will be leaving within six months, and compulsory redundancies will be complete in a year.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

More signs the economy is picking up.

Shares rout wipes £50bn off top UK companies: Fears US Central Bank will stop supporting American economy see stock markets tumble

By Hugo Duncan

PUBLISHED: 01:13, 21 June 2013  | UPDATED: 07:37, 21 June 2013  

Nearly £50billion was wiped off the value of Britain’s leading companies yesterday as shares around the world tumbled over fears the US central bank will wind down support for the American economy.

The FTSE 100 index dived nearly 3 per cent in its biggest one-day fall for nearly two years.

The rout was echoed around the world with shares in Germany, France, Italy and Spain all down more than 3 per cent.

There were also heavy losses on Wall Street and in Asia as anxiety spread through global markets.

The Dow Jones tumbled 353 points to close at 14,758, taking the US stock index below the psychologically important 15,000 mark.


Read more: http://www.dailymail.co.uk/news/article-2345521/Shares-rout-wipes-50bn-UK-companies-Fears-US-Central-Bank-stop-supporting-American-economy-stock-markets-tumble.html#ixzz2WpmUA3aH 
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Things picking up for Mervyn.

Anger as former Bank of England Governor Sir Mervyn King walks away with £6.3million pot

RETIRING Bank of England Governor Sir Mervyn King came under attack yesterday over his gold-plated pension worth more than £6.3million.

By: Martyn Brown
Published: Fri, June 21, 2013

Sir-Mervyn-King-did-not-pay-a-penny-into-the-non-contrivutory-pension-pot Sir Mervyn King did not pay a penny into the non-contributory pension pot

The colossal sum comes despite Sir Mervyn not paying a penny into the non-contributory pension pot during his 22 years at the Bank.

He will also enjoy bumper annual increases – unlike ordinary Britons whose retirement packages have been hit by Government cuts.

Pension experts say he is likely to rake in £233,000 a year.

Matthew Sinclair, Chief Executive of the TaxPayers’ Alliance, said: “Sir Mervyn King’s pension is costing taxpayers a fortune.

“It’s ridiculous that he hasn’t had to contribute into his extremely generous retirement pot yet hard- working families are expected to foot the bill.”


Every cloud has a silver lining.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

More evidence the economy is 'picking up'.

26 June 2013

Direct Line set to cut 2,000 UK jobs. Direct Line was spun off from RBS last year
Direct Line Insurance has said that it is planning to cut 2,000 UK jobs as it steps up plans to reduce costs.

The firm announced in August 2012 plans to reduce gross annual costs by £100m a year, but now plans to save more than double this target.

The latest cuts affect about 14% of its 14,400 staff. Direct Line has already cut 1,200 jobs since August.

Direct Line said that it had begun consultations with staff and unions over the job losses.

It said the cuts would affect staff across head office and support functions, but it would try to redeploy those affected where possible.

Direct Line Insurance Group - which also owns the Churchill and Green Flag brands - was spun off from RBS last year as a condition for the bank's £45bn government bailout after the 2008 financial crisis.

It operates in 16 locations across the UK including London, Croydon, Bromley, Leeds, Glasgow and Manchester.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Careers advice in these 'times of austerity'. (earn up to £48,000 per annum).


Earn £48k As A Lap Dancer, Careers Advisers Say
 
An investigation is launched into a Welsh Government-backed scheme that gave careers advice on becoming strippers and lap dancers.

8:47am UK, Wednesday 26 June 2013

Lap dancers and strippers can earn more than £200 for an evening's work

Young entrepreneurs have been offered career advice by a Welsh Government-backed scheme on how to earn up to £48,000 as a lap dancer, stripper or escort.

The "aspirational career opportunities" were featured on the Business Wales website, where those interested in moving into the industry were told they could command an average of £232 an evening - an annual income of between £24,000 and £48,000.

Users interested in setting up escort agencies were advised "the escorts provide companionship to the client when attending events such as a formal dinner or the theatre".

The factsheet went on to explain clients typically included single businessmen and women who hired an escort to "accompany" them to events and holidays.

It said: "Escort agencies usually have several escorts on their books. Agencies charge escorts an 'introduction fee' of between 25% and 55% of what the client pays to the escort."

The guide pointed out it was an offence for an agency to "incite escorts to act as prostitutes" but went on to provide links to websites offering "transsexual post-operation and submissive escorts".

Carwyn Jones, the First Minister of Wales, has now launched an investigation into the gaffe.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch



Ah well. Only 97 weeks to go until we all get to go to the polls again to choose our government.
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Graduates forced to take jobs as window cleaners and road sweepers - and 20,000 are unemployed SIX MONTHS after leaving university.

Nearly one student in ten was unemployed six months after graduating
Women graduates fare better than men in the job market, data suggest
But two-thirds of graduates still make it into 'professional' occupations


By Daily Mail Reporter

PUBLISHED: 18:01, 27 June 2013
Recent graduates are being forced to take jobs as road sweepers, window cleaners and office juniors, in a sign of increasing desperation in the job market.

Figures published today showed 20,000 students were unemployed six months after getting their degrees, with men more likely to be out of work than women.

Thousands more graduates took jobs that do not require a degree.

Is it worth the effort? Figures published today showed 20,000 students were unemployed six months after getting their degrees, with men more likely to be out of work than women
Is it worth the effort? Figures published today showed 20,000 students were unemployed six months after getting their degrees, with men more likely to be out of work than women

Overall, 20,415 UK and EU full-time university leavers were assumed to be unemployed after completing their first degree in 2011/12, according to data from the Higher Education Statistics Agency (HESA).

That's nearly one graduate in ten still languishing in his or her old bedroom.


Read more: http://www.dailymail.co.uk/news/article-2349983/Window-cleaners-road-sweepers-Jobs-graduates-forced--20-000-unemployed-months-leaving-university.html#ixzz2XRjTIrOz 
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Reply | Threaded
Open this post in threaded view
|

Re: Still no "green shoots of recovery"

confused of hornchurch

Gold price falls: £4.2bn hit for Bank of England.
 
Central banks across the globe have seen theoretical losses totalling £429bn from the gold price peak.

Emma Wall By Emma Wall
5:00PM BST 27 Jun 2013

The sharp falls in gold prices have left central banks with theoretical losses of £429bn, it was estimated today.

The price of bullion has fallen a staggering 34pc since its peak in August 2011, when an ounce was worth $1,895.

The total value of gold held in central bank vaults is now worth just £800bn, down from £1.27 trillion at the market peak.

The Bank of England reserves are now valued at £8.2bn down from £12.4bn in August 2011 according to calculations by Banc De Binary, an options trading firm.
1234567 ... 55