Senate APPROVES fiscal cliff deal after White House and Republicans strike agreement | UPDATED: 15:39 GMT, 1 January 2013 The U.S. Senate has voted in favor of a deal to keep the nation from falling over the fiscal cliff, with only the Republican-controlled House left to vote on the package. The vote came about five hours after the White House and congressional Republicans struck a deal
Nearly half of families are worried about debts as toxic combination of runaway inflation and low wage growth means they struggle to make ends meetAverage household now 22 a month worse off than a year agoHouseholds are cutting spending, looking for extra work or asking for helpBank of England says consumer spending has been 'flat' since end of 2009 | UPDATED: 00:04 GMT, 18 December 2012 Nearly half of all households in Britain are worried about their debts as the squeeze on family finances intensifies, the Bank of England warns today. A toxic combination of runaway inflation and low wage growth has left millions struggling to make ends meet in the run up to Christmas. The average household is now 22 a month worse off than they were a year ago, according to a study from the Bank, blowing a 264 hole in annual family budgets
Fewer than one in ten women stay at home to look after their childrenLatest census figures show 300,000 fewer staying home than thought Concerns for well-being of mothers and impact on toddlers in day careStay-at-home figures dropped from 17 per cent of women 20 years ago | UPDATED: 01:37 GMT, 17 December 2012 Fewer than one in ten woman of working age are staying at home to look after their children and families The stay-at-home mother is fast becoming consigned to history, according to the latest census figures. Returns showed there are 300,000 fewer than officials had previously estimated, with those who devote their lives to bringing up families now reduced to a tiny minority
Millions of families will feel the pinch for two more years as Britain struggles to recover from economic crisis Office for Budget Responsibility said there would be no respite until 2014Chancellor accepted he will miss key debt-cutting target – putting UK's AAA credit rating at risk but Danny Alexander said it wasn't the 'be all and end all' | UPDATED: 00:13 GMT, 6 December 2012 Families were yesterday warned the squeeze on household incomes will continue for two more years as Britain struggles to recover from the economic crisis. The Office for Budget Responsibility said there would be no respite until 2014.
Pensions raid will hit 340,000 high earners: Public sector fat cats among those targeted in the 1bn tax grab Pension tax-breaks to be cut to from 50,000 to 40,000 a year to raise 1bnChancellor insists wealthy must shoulder more of Britain's debt burdenTax-free allowance for pensions cut from 1.5m to 1.25m over a lifetimeExperts say cuts will not just hit fat cats and will discourage savers But basic state pension is to rise by 2.5% next year to 110.15 a weekCritics say that it still leaves one in five pensioners in poverty | UPDATED: 01:55 GMT, 6 December 2012 A 1billion raid on pensions will hit tens of thousands of middle and high-income earners, experts warned last night. George Osborne yesterday announced he was cutting the tax-free amount an individual can put into their pension each year from 50,000 to 40,000. It comes just a year after the annual limit was cut from 255,000
We’ll only win this war if banks lend | UPDATED: 09:21 GMT, 4 December 2012 This was the day a senior executive of the Bank of England spelt out in graphic language the impact of the financial crisis, saying its effects on economic output and incomes were ‘as bad as a world war’.
Millionaires' exodus: Two thirds of Britain's top earners 'deserted the UK' after 50p top tax rate was introduced The number of people declaring incomes of more than 1m slumped from 16,000 to 6,000 after Gordon Brown introduced the new tax rules in 2010The amount of tax paid by top earners fell from 13.4billion to 6.5billion as a resultTopTories describe the tax hike as 'ideological' and claimed that the rich will now pay a greater share of the tax burden under the Coalition | UPDATED: 03:53 GMT, 28 November 2012 Around two thirds of Britain's highest earners deserted the UK after the 50p top rate of tax was introduced, according to figures. While some 16,000 workers declared an income in excess of 1million in the 2009/10 tax year to HM Revenue and Customs, that number dropped to just 6,000 after then Prime Minister Gordon Brown brought in the new tax rules. Tax paid by the top earners fell from 13.4billion before the top tax rate came in to 6.5billion in 2010/11.