From BBC News: The prediction that average UK earnings in 2022 could still be less than in 2008 is “astonishing”, according to an independent economic think tank.
Paul Johnson, director of the politically independent Institute for Fiscal Studies, added that the economic forecasts published in the Budget made for “pretty grim reading”.
He highlighted that since 2014 growth in earnings has been “choked off”.
“We are in danger of losing not just one but getting on for two decades of earnings growth,” he said.
The narrative of the Tory press is that the UK’s debt issues are all Gordon Brown’s doing, and #ToryCompetence (LOL) is saving the day.
This infographic from the Press Association tells an ever-so-slightly different reality.
#UKNationalDebt: The narrative of the Tory press is that the UK's debt issues are all Gordon Brown's doing, and…
Posted by Stop the Tories Channel on Saturday, November 25, 2017
From The Guardian: Employers and unions have called for a rethink of the Tory government’s apprenticeship policies after a 59% fall in those taking up trainee posts since a new scheme was launched in April.
Just 48,000 people started an apprenticeship in the final three months of the educational year to July 2017, compared with 117,800 in the same period a year before. The biggest drop came in the lowest level “intermediate” apprenticeships, which dived by 75%, compared with a 48% drop in the most advanced training courses.
Critics of the scheme say the increased costs and complexities are deterring employers from creating apprenticeship posts.
[Read full article on Guardian website…]
From The Guardian: Students appear to be paying a heavy price for the UK’s inflation surge after the Brexit vote, which will drive the interest rate on their loans up by a third to 6.1%.
The rise in inflation, driven by a decline in the value of the pound since June, means students will be charged substantially more interest on their loans, despite the fact that many other consumers are benefiting from record low interest rates. Personal loans from high street banks have rates starting at 2.8%, while five-year fixed-rate mortgages are available from 1.29%.
Student loan interest rates are tied to March’s retail price inflation figure, published on Tuesday. At the moment, new starters and current students are charged 4.6% – the March 2016 RPI figure of 1.6%, plus 3% – on their loans. But from September this will rise to 6.1%, made up of the March 2017 figure of 3.1%, plus 3%.
From Daily Telegraph: High youth unemployment is costing the British economy £45bn per year, according to research from PwC, as well as blighting the careers of workers who miss out on a job in their teens and twenties. The proportion of 16- to 24-year olds not in education, employment or training – known as NEETs – is also uncomfortably high at 17pc.
[Read full article on Telegraph website…]
From BBC News: More than 16m people in the UK have savings of less than £100, a study by the Money Advice Service (MAS) has found.
In five areas of the country, more than half the adult population has savings below that level.
[Read full article on BBC News…]
From The Guardian: Britain has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece, research shows.
A report by the TUC shows that real earnings have declined more than 10% since the credit crunch began in 2007, leaving the UK equal bottom in a league table of wages growth. Read more
From Daily Mail: The plight of first-time buyers has reached a new level as new research suggests they now need a deposit worth £33,000 on average, while the amount they pay for a home has never been higher.
[Read full article on Daily Mail website…]