George Osborne says the Bank of England's quantitative easing makes the rich richer. The former chancellor, George Osborne, has said that money printing by the Bank of England has made the rich richer and that interest rate cuts have hurt savers.
Speaking from Washington in an interview with Bloomberg TV, Mr Osborne said: “We need to offset the very necessary loose monetary policy and the distributional consequences that it is having. Essentially it makes the rich richer and makes life difficult for ordinary savers.” “There’s a role for government policy not in stopping that monetary policy which keeps the economy strong but in mitigating its impact. I’m unemployed and ashamed. The idea that people don’t want to work is a ridiculous myth. Last year I made a decision I’d been struggling with for a few years: I walked away from the business I was running, the business I’d sacrificed most of my 20s and numerous friendships and relationships to, the business I had dreamed of running since my primary school years.
To say this was a difficult choice would be a massive understatement but it was what was right for me, or so I believed. I wanted a social life, a regular job and a regular paycheque, and most of all I wanted to feel like a regular person. For too long I had felt like someone who was tied to her business, who was constantly overworked, overstressed and over budget, but I’d lost track of who I was outside the business. I ran a small thoroughbred farm breeding and breaking in horses for racing, and it was my life for a long time. Landlord adverts posted online 'target young for sex' Media playback is unsupported on your device Young, vulnerable people are being targeted with online classified adverts offering accommodation in exchange for sex, a BBC investigation has found.
The deals, which are legal, are on classified ad sites such as Craigslist. Charities have described the adverts as exploitative and Hove MP Peter Kyle wants them made illegal. Craigslist, which on one day carried more than 100 such adverts, has not commented. Australian governments’ decade-long cultural wrecking operation. By Richard Phillips and Linda Tenenbaum 22 February 2017 Over the past decade, Australian governments have drastically reduced the country’s already-limited public funding to the arts.
In the last three years alone, the Liberal-National coalition government—first under Tony Abbott and now Malcolm Turnbull, who previously postured as a “friend of the arts”—has cut more than $300 million from federal arts spending. Thousands of jobs have been eliminated in every sector and the career hopes dashed of hundreds of young people in the visual and performing arts, literature, film and music. Force Majeure dance company, one of scores of arts organisations denied federal government funds last year. Kent landlord bans 'battered wives' and single mothers from renting properties. One of the UK's biggest landlords has instructed agents acting on his behalf not to let his properties to "battered wives", single parents, low income workers, people on zero-hour contracts, or plumbers.
Fergus Wilson, along with his wife Judith, is among the UK's most prolific buy-to-let investors, owning a Kent property empire believed to consist of around 1,000 homes in the Ashford and Maidstone areas. The 69-year-old defended his "latest criteria" for tenants, telling local media he does not want to risk "bully" ex-husbands or boyfriends returning to destroy his houses, and he dislikes plumbers because they "always rip him off". When asked about the eleven stringent rules, which were distributed to agents in December and quickly leaked online, Mr Wilson told Kent Online he "wasn't worried" about the backlash. As a businessman, he said it was fair enough for him to be concerned about protecting his properties from abusive partners who might smash his doors down. Why the Rich Stay Rich and the Poor Stay Poor. This article first appeared on the Wilson Quarterly.
Income inequality is rising in the United States, and the gap between the wealthiest 1 percent of Americans compared to the majority of income earners is now at unprecedented heights. The young father who was fired for attending the birth of his first child can tell us a lot about modern employers. There can’t be many more frightening experiences for a new father than receiving a message just hours after the birth of your child to inform you that you’ve been fired.
But that’s what happened to Lamar Austin, who was in the middle of a 90-day trial period with Salerno Protective Services, a private security group in the US, when his wife went into labour. He was unable to attend his weekend shifts, and later received a text message informing him that his employment “terminated” as a result. This is neither illegal nor, sadly, particularly unusual business practice in the US. While maternity and paternity rights are protected by law in the UK, there is little legal support for working families across the Atlantic.
The Wealth Gap Between Rich And Poor Is The Widest Ever Recorded. By Joaquim Moreira Salles The wealth disparity between upper and middle income Americans has hit a record high, according to a new Pew Research Center Report.
On average, today’s upper-income families are almost seven times wealthier than middle-income ones, compared to 3.4 times wealthier in 1984. When compared to lower income family wealth, upper income family wealth is 70 times larger. It has come to the point where only the top 10 percent of Americans are seeing their wealth grow while the bottom 90 get less and less of the pie each year. The driving force of this wealth chasm are the top 0.1 percent, who have seen their share of the nation’s wealth grow the most over the past decades, from 7 percent in 1979 to 22 percent today. DWP must end harmful welfare conditionality, policy unit set up by Downing Street says. The Government should stop forcing benefit claimants to jump through hoops like attending Jobcentre meetings in order to claim benefits, a policy unit set up by Downing Street has recommended.
The Behavioral Insights Team, set up by David Cameron in 2010, said piling unemployed people with responsibilities on pain of sanction might actually be making it harder for them to get jobs. The so-called Nudge Unit, which was part-privatised in 2014, warned that some Government policies were reducing so-called “cognitive bandwidth” or “headspace” of the people they were designed to help. “There is evidence that welfare conditionality in the UK – mandatory behavior requirements such as attending meetings with work coaches or providing repeated evidence of disability in order to receive benefits – is associated with anxiety and feelings of disempowerment,” the policy unit said in a report released on Thursday.
Children of Thatcher era have half the wealth of the previous generation. The children of the Thatcher era have reached adulthood with half as much wealth as the previous generation, finds a major study published today.
The report from the Institute of Fiscal Studies concludes people born in the early 1980s are the first post-war generation to suffer smaller incomes in early adulthood than those born 10 years before. A toxic mix of low interest rates and the calamitous crash of 2008 mean it is much harder to accumulate wealth, leaving them with meagre pensions and a lower rate of home ownership. The report crystallises the new reality facing thirtysomethings in Britain today, not to mention the political battleground on which Theresa May and Jeremy Corbyn will now fight for power. At the Labour conference this week Mr Corbyn declared the answer is “21st-century socialism” – taxing the super-rich, pouring public money into council house-building and creating a National Education Service.
The 6 most important issues Theresa May needs to address Play Video. Wealth of people in their 30s has 'halved in a decade' Farm subsidies: Payment to billionaire prince sparks anger. Stephen Hawking: You Should Support Wealth Redistribution. 10 corporate welfare programs that will make your blood boil. Fossil fuels subsidised by $10m a minute, says IMF. Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.
The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.
British people are happier to be in work despite increased stress, research finds. The majority of British people are happy and grateful to be in work and would still choose to have a job even it they did not need the money, according to research. About 62 per cent of people in the UK say they would like to be employed in a job they enjoyed rather than simply staying at home – despite also saying they were suffering from increased stress due to longer working hours. People also said they feel under more pressure than ever to perform in their jobs, and feel they have less job security than in the past. Employed people do however feel more attached to their careers beyond simply the money they bring in, and are now more likely to remain in a job even if they won the lottery.
The survey showed graduate workers were among the most likely to say they would like a job even if it was not financially necessary. A million more youngsters to live with parents, says Aviva. A million more young people are likely to find themselves living with their parents over the next decade, according to the insurance company Aviva. The main reason is the affordability of housing, the company said. The study forecasts that 3.8 million people aged between 21 and 34 will be living at home by 2025, a third more than at the moment. The number of households containing two or more families is also expected to rise, from 1.5 million to 2.2 million. Its figures assume house prices will continue to rise at the same rate they have done over the last ten years.
New report: The tax gap is £119.4 billion and rising. A new report by PCS, the union for most staff at HMRC, issued this morning, reappraises the UK tax gap and suggests it was £119.4 billion in 2013/14, and is rising steadily. I wrote the report on PCS’s behalf. Building on work I published earlier this year, funded by Oxfam and the Joseph Rowntree Charitable Trust, this new report reviews the three main components of the tax gap and in the process replaces the estimates I made of the tax gap for PCS in 2010.
Untitled. A new study from the Pew Research Center shows that more than four-fifths of US metropolitan areas have seen household incomes decline in the new century. The research is based on data from urban centers that are home to three-quarters of the US population. Pew’s America’s shrinking middle class shows that middle-class household income has declined throughout the population, while at the same time the gap between low- and upper-income households has grown, demonstrating a significant increase in income inequality across the US. A major contributor to economic decline and inequality has been the plunge in manufacturing jobs and wages. The study analyzed data from 229 of the 381 metropolitan areas in the US, as defined by the Office of Management and Budget (OMB).
These areas accounted for 76 percent of the US population in 2014, those that could be identified in US Census Bureau data with statistics available for both 2000 and 2014. Breakfast does feed young minds: evidence grows of link between meals and learning. CES 2016: The toilet you only clean once a year. Image copyright Toto. Child mental health crisis 'worse than suspected' The crisis in children’s mental health is far worse than most people suspect and we are in danger of “medicalising childhood” by focussing on symptoms rather than causes, the government’s mental health champion for schools has warned.
Berlin becomes first German city to make rent cap a reality. Man who made wife live like slave for two years faces jail. Cities begin to challenge a bedrock of justice: They’re paying criminals not to kill. Don’t Go to Music School. Cleveland Heights, Ohio.
Noam Chomsky on Thatcher and Reagan. Chomsky on Margaret Thatcher. Stephen Hawking Says We Should Really Be Scared Of Capitalism, Not Robots. Efficiency up, turnover down: Sweden experiments with six-hour working day. A Swedish retirement home may seem an unlikely setting for an experiment about the future of work, but a small group of elderly-care nurses in Sweden have made radical changes to their daily lives in an effort to improve quality and efficiency. Only 13 percent of people worldwide actually like going to work. Man on the street plays beautifully. A simple guide to land value tax. President Jimmy Carter: The United States is an Oligarchy... Revealed – the capitalist network that runs the world. PLoS One By Andy Coghlan and Debora MacKenzie AS PROTESTS against financial power sweep the world this week, science may have confirmed the protesters’ worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The study’s assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable. The idea that a few bankers control a large chunk of the global economy might not seem like news to New York’s Occupy Wall Street movement and protesters elsewhere (see photo). “Reality is so complex, we must move away from dogma, whether it’s conspiracy theories or free-market,” says James Glattfelder. Sex trafficking: Lifelong struggle of exploited children - BBC News. Wealth doesn't trickle down – it just floods offshore, research reveals. Unintelligent rich kids 35 per cent more likely to be better off than their intelligent, broke peers.
Tax havens: Super-rich 'hiding' at least $21tn - BBC News. You don’t know it, but you’re working for Facebook. For free. Annual income of richest 100 people enough to end global poverty four times over. Debt stress affects health, fuels depression - Health. Suicide rate for middle-age men with mental health issues up 73%, report says. It's time to let national happiness guide political policy - opinion - 26 April 2015. Entrepreneurs don’t have a special gene for risk—they come from families with money.
A Strong Welfare State Produces More Entrepeneurs - The Atlantic. No, billionaires don’t drive economic growth – and crony billionaires strangle it. How Federal Reserve Quantitative Easing Expanded Wealth Inequality. The graph that shows how the poor are paying more than the rich in tax - UK Politics - UK - The Independent. Businessinsider. IMF Report Admits IMF's Obsession with Capitalism Is Killing Prosperity. When the Growth Model Fails. 'Poshness tests' block working-class applicants at top companies. New York's rent regulation fight - BBC News. Rents will go up even more because of the Tories' planned council house sell-off, study finds.
The Pencilsword: On a plate. Number of jobless women soars to record high of nearly a million. Unemployed youngsters want to work. You Owe Us, Corporations: Four Reasons Why, and One Way to Pay. Generous welfare systems actually make people more keen to work, Europe-wide study finds - Europe. We should cash-bomb the people - not the banks. There's a 'record gap' between the rich and poor. What motivates us at work? More than money.
Benefit sanctions: Britain's secret penal system. DWP: £1.3bn was fraudulently claimed. Tax fraud by the super-rich: £60bn. We Could Fix Our Economy by Giving Every Man, Woman and Child £6,000 in Cash VIDEO - Opensource Wikipedia. The Universal Declaration of Human Rights. The Story of Human Rights.