Tuesday, 8 November 2011

More evidence of insecurity

The resolution foundation has conducted a opinion poll with MORI, the poll confirms fewer people feel secure in their employment, part time workers feel even less secure than full time workers.

32% of people have cut back on their spending this year and a further 20% of people expect to continue cutting their spending next.

With dismal unemployment figures and latest official statistics also showing dramatic falls in consumer spending and the proportion of overall household income that is saved rising again, the signs are that households are preparing themselves
for the worst as they batten down the hatches financially.

An Office for National Statistics (ONS) report that VAT takes more from the poor than the rich has merely contributed to the growing impression that we are not all in this together.

Much of the current weakness in the economy is due to a generalised loss of confidence in the ability of policymakers to put in place appropriate responses. It is therefore imperative to act decisively to restore confidence and to implement appropriate policies to restore longer-term fiscal sustainability at a pace that depends on the size of the fiscal challenge as well as the state of the economy and to strengthen long-term growth, this translate to Plan A isn't working.

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