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recession news

The typical household will see its disposable income fall by 2 per cent this year, the equivalent of £780, an economist warned today. Roger Bootle, a former government adviser who now works with Deloitte, the accountancy firm, predicted that 2011 would be the worst year for household finances since 1977 – and added that if interest rates were to rise, British families would not have seen conditions deteriorate so badly since 1952.

Said Mr Bootle. "I think this year will see falling real earnings, falling real house prices and rising unemployment."

Who Pays for the Crisis ?

A 100,000 people have taken part in protests in Dublin to vent their anger at the Irish government's handling of the country's recession. They oppose plans to impose a pension levy on 350,000 public sector workers. Reports say the plan could cost the 350,000 public sector workers between 1,500 euros and 2,800 euros (£2,500) a year.
Ireland, which was once one of Europe's fastest-growing economies, has fallen into recession faster than many other members of the European Union. The country officially fell into recession in September 2008, and unemployment has risen sharply in the following months. The numbers of people claiming unemployment benefit in the Irish Republic rose to 326,000 in January, the highest monthly level since records began in 1967.
Trade union organisers of the march said workers did not cause the economic crisis but were having to pay for it.

"I've a mortgage to pay, I've children to put through school, and now I'm being told I have to take…

more pay cuts loom

About 3% of the UK's workforce have seen basic pay fall in the past year and those in the construction sector have been hardest hit, it said, with 10% in that industry seeing pay fall according to this report .Thousands of workers have negotiated lower pay packets hoping to avoid redundancy.
"We're predicting next year that we're going to see more organisations making more and more redundancies." said the Chartered Institute of Personnel and Development