UK workers slide further into poverty

[Pete]

Ignoring the "squeezed" middle classes and the families already identified as living in poverty a new survey has found 7 million working-age adults living in extreme financial stress.

These are people who have jobs but make so little money that something like a high fuel bill could push them over the edge into poverty and begin the unstoppable fall that can result in them losing their houses.

"These figures are a mega-indictment on the mantra of both political parties, that work is the route out of poverty," said Frank Field, the Labour MP for Birkenhead and former welfare minister who is now the coalition's poverty tsar. "What's shocking about this is that these are people who want to work and are working but who, despite putting their faith in the politicians' mantra, find themselves in another cul de sac. Recent welfare cuts and policy changes make it difficult to advise these people where they should turn to get out of it: it really is genuinely shocking."

If the government can find "unlimited resources" to put their online snooping bill into practice, why can't it find money for tax-paying, working folks?

 

http://bit.ly/NGd6z2

[Slacker]

I have heard this article a couple of times on the radio illustrating the Greek austerity measures as how the equivalent would affect us. Supposing our government wants things to get worse so they can take such drastic measures.
http://www.vaguelyinteresting.co.uk/?tag=if-britain-were-greece

[Scimitar]

I'm not an economist, but in this recession (unlike others I remember back in the 80's) the banks seem scared to lend money now, and people are also reluctant to take loans/mortgages out. They simply can't afford it.
Years ago in a recession, bank rates fell, people thought why not take out a cheap personal loan - take advantage of the low rates.But rates are always low now - specially for savers, and surely its savers who provide the banks with funds to lend in the first place? That's how it used to work in my day.
Since Bank of England rates have been kept fairly constantly low, thats good for the homeowner - not for the investor.
In real terms, most peoples everyday expenditure in terms of gas,electricity,petrol,has risen quite dramatically, and certainly outstripped any wage rises they have had. So we have less money to spend all round.
This does not get the economy moving does it? It's stagnant.
When I left school I got a job (1977) with the Halifax Building Society - the largest Building Society in the World (their proud boast). Biggest mortgage lender (beat all the banks), attractive saving rates. Customer service second to none, a very lucrative business with billions of assets, thousands of staff, no dodgy overseas investments, safe as houses, utterly dependable. Then they got greedy and became a bank, floated on the stockmarket, and the rest is history - a giant financial institution reduced to a poor relation of LLoyds TSB.
Are there no savings/lending institutions that could mirror them(The Halifax) in this day and age to restore confidence in, what can loosely be termed as "banking/lending/savings/loans"?

[Scimitar]

Don't forget that we are now predicting that, due to obesity, the planet will not be able to sustain the predicted rise in the world population soon.
Were doomed

[Fly]

due to obesity, the planet will not be able to sustain the predicted rise in the world population soon.

At 6' 3" and 10st 10lb, I'm safe
I don't eat that much, not. 'It's my metabolism' 

[Old Cruser]

@Scimitar it's a waste of time having savings and hoping to gain some interest these days because there's non to gain - may as well stuff it under the mattress. The best return I have had in the past years was the kick out plan with Investec - but even that wasn't brilliant.
I suppose the minimum wage and lack of full time hours which is now the norm in many places doesn't help these people Pete, couple this with the high rate of everything, there is little wonder why people get into difficulties at times.