Recession :: Was it Hard for You?

You might have thought the recession was quite hard, think again.
There is a lot more to come, with companies following the government’s lead of Slash and Burn. Already a lot of supermarkets have put up their prices as they did in the recession. The fear of customers spending less has prompted price increases to generate extra profits. Fuel has gone up since the Emergency Budget, which will further increase prices.


600,000 public sector jobs are to go under the Coalition, some of these jobs will be filled by recruiting new, lower grade staff, and promoting them more slowly. At the same time it is expected increase of 2.5million extra jobs being created, with 1.95 million in the Private Sector. According to Channel 4 News A leaked Treasury document today suggested 1.3 million jobs will be lost as a result of the budget, by 2014/15. The Office of National Statistics showed an increase in the jobless total of 281,000 in the last 3 months, giving a total figure of people out of work at 2.38 million

Research by the Oxford Economics consultancy this month shows that 2.3m private sector jobs were dependent on state contracts in areas like IT, defence and hospitals. As public spending falls, those employees are in jeopardy.

Harriet Harmen the acting labour Leader attacked David Cameron over the leaked Treasury Document Cameron later said: "You don't seem to understand. Unemployment is going to be falling during this Parliament. We've published the full figures. But it's not now us publishing the figures. It's the OBR."[I think that’s called Passing the Buck]”

The head of the OBR, [Office of Budget Responsibility] Sir Alan Budd is to step down to enjoy his retirement, Reuters reported. [I suspect there will be more to come on this story]

We could be following in Ireland’s footsteps as they introduced their Austerity Package, with high inflation and 25% unemployed in Ireland, record house repossessions, and many companies struggling to fight off bankruptcy. And we still have the possibility of the debt crisis in the Euro Zone countries impacting on our economy, and our banking system.

As I said, “You might have thought the recession was quite hard, think again.”

Vic Farron RFT Express.

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