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Household debt growing at an alarming rate as incomes fall

Britain’s household debt mountain has reached a new peak, with UK homes now owing an average of £15,385 to credit card firms, banks and other lenders, according to the TUC.

The study found that household debt rose sharply in 2018 as years of austerity and wage stagnation forced households to increase their borrowing.

The TUC said in its annual report on the nation’s finances that the amounts owed by British households rose to a combined £428bn in the third quarter of 2018. Each household owed £886 more than it did 12 months previously, it said. The figures do not include outstanding mortgage debts but do include student loans.

Top executives earn more in 3 days than most of us earn in a year!

Calculations by the High Pay Centre thinktank and the professional HR body the Chartered Institute of Personnel and Development (CIPD) show top executives are earning 133 times more than the average worker, at a rate of around £1,020 per hour or £3.9m annually. That’s up 11% compared to a year earlier.

It means CEOs working average 12-hour days would only have to clock in for 29 hours in 2019 to earn the median £29,574 of British staff.

It's Official; poor means skint

A recent government report into poverty paints a depressing picture of inequality in Britain.

The Acheson Report on Health Inequality, set up by New Labour, found that working class people die younger, and suffer more from lung cancer, coronary heart disease, strokes, and suicides than the rich. They also suffer more house vandalism, and their children are less well-fed, despite the fact that their mothers often go without. Children are less likely to have any form of pre-school education, and have less access to child care. Not surprisingly, after this start in life, they do less well at school. The list goes on…

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