Rail unions strike
for higher pay and better working conditions.
More industrial
action on the way threatening to stall the economic recover and drive the
country into recession.
The US and China,
the world’s two biggest economies are also stalling, and Germany is facing gas
rationing.
Inflation is at a
40-year high forcing central banks to raise interest rates pushing up the cost
of borrowing for millions of cash-strapped consumers.
Stock markets recovered
slightly after falling sharply last week.
People buying less
at supermarkets as food prices rise, BBC reports.
Interest Free Loans
Launched To Help The Financially Vulnerable
A Treasury-backed scheme
offering interest-free loans to the financially vulnerable is being rolled out
in various parts of the UK to help up to 20,000 people.
The UK government
scheme will be run by credit unions and other lenders, with an aim is to offer
emergency loans to people who would normally be turned down due to the fact
they would be unable afford the interest payments.
The scheme was trialled
in Manchester and is now being expanded in a larger pilot phase to various
locations across the UK which will last for up to two years, after which a
decision will be made on whether to roll it out further.
What will the No
Interest Loan Scheme offer?
·
Only available to people who have been turned
down for normal borrowing
·
Can borrow between £100 and £2,000. The average
amount borrowed is £500
·
Can borrow the money for six to 18 months. The
average length of time is 12 months
·
Customers can only have one no interest loan
Soaring inflation
led interest payments on government debt to hit the highest amount for May on
record.
Interest payments
paid by the government for last month hit £7.6bn, up £3.1bn from a year
earlier.
That’s around
£245,000,000 a day just to cover interest on government debt!
Interest payments
have totalled £14.1bn, up £4.7bn year on year, in the current financial year
since April.
Taxpayers will ultimately
have fund the cost of trillions in debt through higher taxes.
Even the Nasdaq
darling, Netflix, is not immune to the economic slowdown announcing another round
of job cuts as it struggles with slowing growth and increased competition.
The streaming giant
is slashing 300 more jobs - roughly 4% of its workforce - mostly in the
US, after a sacking 150 people in May. The news come after the company
reported its first subscriber loss in more than a decade in April.
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