Millions of Children and Adults Survive in Absolute Poverty .

Unemployment has rocketed up in the three months to August by a phenomenal 110,000, reaching 2.57 million, the highest figure for 17 years. This figure includes 992,000 young people, the so called lost generation.


In addition this, the IFS said that in 2010, nearly 1 in 5 UK children were living in poverty, a total of 2.5 million children and 2.1 million working-age parents were living in "absolute" poverty.

This is expected to rise to an additional 600,000 children being forced into “absolute” poverty, before the government’s planned introduction of the Universal Credit scheme in 2013. The IFS is forecasting that absolute child poverty will fall by 100,000 to three million in 2014 and 2015. The increase in Gas and Electric over the last few years, will have a lot of families making a choice this winter, Eat or Heat. The increased prices to domestic customers comes at the time of falling wholesale prices. The energy companies were caught out by “Which” when they contacted the six biggest companies asking them for their cheapest rates. About a third of the time “Which” Was quoted a higher figure than the energy companies cheapest rate.

According to a report from the Institute for Fiscal Studies, falling incomes will mean the biggest 3 year drop for middle-income families since the 1974-77, following the oil crisis which included a sterling crisis and an IMF bail-out as well as industrial unrest during John Major’s premiership with the Conservatives in power.

There is more optimism for middle earners, with incomes rising slowly after 2013 - although it is projected that 2015 income levels will still be below where they were six years earlier.

The prospects remain uncertain for the poorest in 2015 - with the IFS predicting that the number of working-age adults in absolute poverty will remain at 2.5m for parents and will rise to 4.1m for working-age adults without children. The figure for children is expected to increase to 1 child in every 4 suffering from poverty.

A Department for Work and Pensions spokesman said benefits changes would tackle poverty by "making work pay". Yes maybe it will, the only problem is that the Coalition are creating higher unemployment, to make it much more difficult to get even a low paid job , or part time job.[Definition of JOB: Just Over Broke].

If you do get a job, be warned, the coalition have altered the rules concerning unfair dismissal, and using a tribunal. If you are harassed, abused or bullied at work, you have to endure it for 2 years before you can take it to a tribunal, and then you have to pay up front fees to have your case heard. The Conservative led Coalition is also trying to get rid of the Human Rights act.
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Conservative Conference

There was very little coming out of the Conservative party conference which could inspire the business world. David Cameron wanted business to reach out to new markets in merging countries, he called for the entrepreneuring spirit, but unfortunately the party members were not agreeing. He did say on carbon emissions that the UK WOULD NOT CUT CARBON EMMISSIONS FASTER THAN OTHER COUNTRIES. There was a lot of dissent amongst the so called party faithful, apparently a poll showed 68% wanted to leave the EEC. Most party members were of the mindset that they had lost the election [because they didn’t get a working majority], while the hierarchy were of the opinion they won the election. Party members were not pleased with the suggestion that they scrap the Human Rights act, and the promise that David Cameron would invest £23trillion to get the economy growing, went down like a lead balloon.


Moodys the credit agency has down graded 12 UK banks and building societies, due to the recommendations for ring fencing consumer banking from the riskier investment banking. Cameron had said previously that if banks were failing they should be left to fail. It is this knowledge that we are the only EU country to stop supporting our banks, which triggered the downgrades. This will make it harder, and more costly for our banks to borrow, which in turn will mean less business loans, higher interest rates and higher charges.

Chancellor George Osborne said that the downgrade was a response to the government's move away from guaranteeing Britain's biggest banks and what he called the "too big to fail" problem.

"People ask me, how are you going to avoid Britain and the British taxpayer bailing out British banks in the future?," he told the BBC. "This government is taking steps to do that. Therefore, credit rating agencies and others will say; 'actually, these banks will have to show that they can pay their way in the world'.

"I'm confident that British banks are well capitalised - they are liquid, they are not experiencing the same problems that some of the banks in the Eurozone are experiencing at the moment."

There is still a suspicion that Greece will default, which will be catastrophic for the UK as well as the EU. Although UK banks aren’t heavily exposed to Greek debt, they are to Italy and Spain, which have been downgraded by the Fitch agency.

"Of greater concern to Fitch is the small but no longer negligible tail risk that a further worsening of the Eurozone debt crisis and volatility in the value of Italian government bonds will further erode confidence in the banking system," Fitch said in a statement.

"In such a scenario, concerns about the banks would start to weigh on the sovereign credit profile and a vicious cycle of deteriorating sovereign and bank credit quality could emerge."

The Bank of England have increase ‘Quantitative Easing’ from the original £200bn to £275bn.

In March 2009 George Osborne warned that the Bank of England’s strategy of quantitative easing is a “leap in the dark”.

George Osborne, the then Shadow Chancellor described the decision to effectively print more money as a “last resort”, necessary because of the “complete failure” of Labour’s other measures to tackle the recession.

He told BBC News, "I don't think anyone should be pleased that we have reached this point. It is an admission of failure and carries considerable risk.”

Yesterday George Osborne said "Well, the Bank of England has made an independent judgement that it's right to commence quantitative easing, and that's their independent judgement; but I agree with it and that's why I authorised quantitative easing to proceed.”

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