asterisk2a + precarious + code + scheme   4

Cameron responds to Question Time tax credits complaint | Money | The Guardian
[S]he & her four children were entirely dependent on a combination of working tax credits & child benefits because her business did not make a profit. “I get £400 a week in tax credits, child maintenance from my ex-partner & child benefit. And that’s what I live on. What I make from the business goes straight back into it.” Dorrell, who accused the Tories of telling lies to her and others in a similar situation [...] The House of Commons has approved the cuts to tax credits, with only a handful of Conservatives rebelling against the measures. [...] [The] IFS & the Resolution Foundation say the welfare cuts in Osborne’s summer budget will leave some of Britain’s poorest families up to £1,300 a year out of pocket. Paul Johnson, the director of the IFS, has said it is “arithmetically impossible” for workers not to lose out from the cuts. //&! bit.ly/1jsM5AQ - The ‘work penalty’ will hit the strivers of the country & youtu.be/wrbu6NFazfU & bit.ly/1Pn59NQ & bit.ly/1h98H3X
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october 2015 by asterisk2a
Autumn Statement 2014: Osborne's Cuts 'Will See Public Spending Fall To Lowest Level In 80 Years'
Tony Dolphin, senior economist at the Institute for Public Policy and Research, warned that Osborne's planned cuts were "implausible". "Given the scale of cuts in the public sector, [the OBR] can only make its growth forecast add up by assuming that consumer demand is boosted by households taking on more debt - and at an unprecedented pace. "Extraordinarily, the OBR thinks that by 2019 the household sector will have a financial deficit twice as big as in 2007 and 2008 when the financial crisis hit. As result, the household debt-to-income ratio is forecast 2 rise beyond its pre-crisis peak 2 over 180%. "This is pretty implausible. If the next government tries 2 follow the deficit reduction path set out in the Autumn Statement, it can only succeed in the short-term because the household sector takes on debt @ a faster pace than it did before the financial crisis. [this warning was heeded some years ago alrdy that consumer&corp would have to take on debt to spend to keep GDP # up!!!]
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december 2014 by asterisk2a
BBC News - Long, long slog to mend public finances
So the job of mending the public finances is a long way from over. The best performing, big developed economy in the world - that's us by the way, as assessed by speed of GDP growth - is generating far less tax than expected. So this year, the Office for Budget Responsibility expects the harvest for the Exchequer from taxation to be £7.8bn less than it predicted in March. And by 2017-18, it says the shortfall will be an eye-watering £21bn. & the biggest shortfall, roughly half of it, is in income tax, which reflects the creation of lots of new low wage jobs & the absence of meaningful pay rises for millions. [...] reflecting a change in the structure of the economy, rather than a passing phenomenon. [AUSTERITY] The OBR calculates that spending per head in real terms in 2019/20 on the public sector minus health and schools would be £1,290, or 57% less than in 2009/10. [... edu & industrial policy not straight ahead towards econ of the future ...] [in this together?] &! bbc.in/1tqUjGz
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december 2014 by asterisk2a

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