Any spare cash?

DISPOSABLE INCOME, the amount of money a household has available to spend after all the must-pay bills – taxes, utility bills, food, transport, clothing, communication, TV licence fees, insurance and housing – has reached its lowest level for a decade.

Price comparison website uSwitch.com says the growing cost of utility bills is a major reason – water and heating bills have risen on average by 33% and 46% respectively over the past decade.

Taxes, mainly indirect, and housing also hit finances. Housing costs still take the biggest chunk of household income after what some surveys say is a 231% average increase in house prices and a 44% average rise in rents over the past decade. Average household incomes have grown since 1997, but disposable income dropped 2% over the decade.

Retired and insolvent

THE NUMBER of insolvencies in Britain rose from 30,587 people who became bankrupt or took out an individual voluntary arrangement in 2002 to 113,445 in the year up to June 2007. Around 7% of these were retired people. One in five retired homeowners - 1.1 million people - are still paying off a mortgage as they enter retirement.

A confusing tax and pension credits system leaves many elderly people unaware of the benefits they are entitled to. Age Concern estimates that more than 50% of pensioners are not receiving all the benefits available to them. Some Ł4.2 billion of benefits are left unclaimed, Ł2.5 billion of it in pension credits that top up pensioners' incomes.

Child poverty growing

THE SAVE the Children charity says an extra Ł4 billion is needed from the government if its stated aim of halving child poverty by 2010 has any chance of being met. Otherwise the process would take at least until 2024.

At the same time, the Institute for Public Policy Research says that the number of children in working households in poverty has risen by 20,000 to 1.2 million since 1997. The incomes of the poorest 10% in society have fallen by 2.2% in the past year.

Tory bag Ł950

BUT OF course life's all right for some. A new fashion handbag is now one of the must-have accessories for the woman about town. The 'Nancy bag' costs up to Ł950. The bag, adored by Madonna and Halle Berry, was designed by Samantha Cameron, wife of 'caring, sharing' Tory leader Dave.

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Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.

Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.

We therefore urgently appeal to all our viewers to click here to donate to our Fighting Fund.