Easy money
Should Tony Blair’s “education, education, education” mantra be replaced by “money, money, money”?
Academies (introduced by the former Labour PM), and their Michael Gove-initiated Tory hybrid, ‘free schools’, have become cash cows according to the ATL teaching union. Its general secretary recently highlighted the huge amount of dosh being trousered by academy bosses.
For instance, the executive headteacher of the Durand Academy Trust in West Sussex, Sir Greg Martin, earned over £200,000 last year and £160,000 from a company that runs the trust’s sports and fitness centre. The trust’s director, Kevin Craig, is also quids-in after being paid £580,000 for media and lobbying work.
Breadline Britain
Children are going to school hungry, tired and sometimes sick, according to the NASUWT teaching union. Its survey also found that 25% of teachers questioned had brought in food themselves to give to hungry pupils.
Back to 1948
The UK economy is back to the level of output last seen in 2008. This figure (which now includes the estimated contribution from the illicit drugs trade and prostitution) has been hailed as an achievement by millionaire posh boy Tory chancellor, George Osborne. And adding to his cheer, the Office for National Statistics has revised 2014’s last quarter of economic growth upwards, from 0.5% to 0.6%.
But apart from being the slowest recovery in living memory, what George omitted from his crowing was that output per head of population is still 1.2% below its pre-recession level. Moreover, net national disposable income for UK residents remained 5.1% below the 2008 level. Adding to the gloom, the country’s trade deficit last year was the largest since records began in 1948.
Bleak future
Before rushing to buy that Lamborghini with their liberated pension pot, it’s worth noting only a small minority of asset-rich retirees can benefit from the government’s private pension changes.
According to the insurance industry, millions of over-55s have no pension, no savings and large debts. Relying on credit and loans to survive, 20% exist on less than £750 a month, around £25 a day.
15% haven’t a penny of savings or investments, and a further 29% have less than £2,000.
Under the Con-Dems people will have to work longer, pay more in pension contributions and then retire on less.
Pension cuts
Hundreds of thousands of women now turning 60 will no longer get inflation-linked increases on a part of their employer’s pension
Those affected were in an employer’s defined-benefit pension scheme that was ‘contracted out’ of the state system between 1978 and 1997. Inflation increases would be paid for by the state after they reached state pension age, but now the government has reneged on the deal.
