News digest 26 November 2012

News digest 26 November 2012

26 November 2012

Today’s digest opens with an explosive report that exposes the scandal of ordinary working people living in poverty. The Rowntree Foundation report said over six million people classed as living in poverty were in households where people work. The economic crisis has seen 1.4 million people take part time jobs because full time jobs are not available and almost five million people have claimed jobseeker’s allowance at least once in the past two years. Unite general secretary Len McCluskey is quoted in the Mirror: “Poverty is a national scandal made worse by the Con-Dem’s cruel cuts. Millions of working families are struggling to make ends meet … yet next year Osborne and Cameron will dish out £40,000 tax cuts to their millionaire chums.” Cameron is probably more focused on trying to extricate himself from two troubles, namely his labelling of Ukip as ‘racist’ over the Rotherham couple that had their foster children taken away – Ukip has declared war saying it will fight every Tory seat after calling off a truce with Tory eurosceptics, although more worrying will be the publication of the Leveson report on Thursday. Will Britain still have a free press by the end of the week or will state regulation snuff out investigate reporting like that on the front page of the Guardian that exposes sham directors and tax avoiders.

Despite these loopholes the Con-Dem cuts continue and a few of the papers cover the report by the Institute for Fiscal Studies which expects austerity to last right through to 2018 and a need to make a further £8 billion in welfare cuts and raise £11 billion in taxes. The Telegraph and Mail both raise the spectre of another increase in VAT, with estimates saying it may need to rise to 25 per cent to help cut the deficit, surely that would just suck even more demand out of the economy.

Then again all sides are complaining about the government’s growth strategy, or lack of one, as business calls for a boost to infrastructure according to the Telegraph while workers continue to fear for their jobs. BAE’s shipyard workers are the latest to face the threat of job losses as the company indicated up to 1,000 jobs may go as the company is considering closing one of its shipyards, Portsmouth is most in peril.

From ships to trains and the Telegraph reports on civil service infighting over the West Coast bid, while if you like fast cars a stake in Aston Martin could be up for sale. The FT also reports that the commercial vehicles sector has defied the downturn, and there could also be a road to recovery for Manganese Bronze as a new supplier has been found for the faulty steering boxes for the iconic London cabs, the campaign to save our black cabs continues…

Morning Star

 Daily Mirror







FT (no links all stories behind paywall)

  • Scandals spark new push on bank risk (p1)
  • Britain’s new workforce – analysis (p2)
  • Cameron urged to resist curbs on press (p3)
  • Hague says EU vote must wait (p4)
  • London council to invest pensions in residential property (p4)
  • Aston Martin bidders lined up (p17)
  • UK fights to build a nuclear legacy (p19)
  • AmBev to launch bars across Brazil (p21)
  • MoD sparks £4 billion race to run its sites (p22)
  • Manganese Bronze’s former supplier aids road to recovery (p22)
  • Commercial vehicles defy downturn (p23)

 Edited by Mik Sabiers