70% of the UK’s working population “chronically broke”

Economic insecurity has become the “new normal” in the UK with at least 70% of the UK’s working population “chronically broke”, according to a study by the thinktank the Royal Society of Arts.

Thriving, striving or just about surviving, the RSA/Populus survey of more than 2,000 workers, found that while about 30% of respondents said they lived comfortably, 40% said their finances were permanently precarious. The remaining 30% said they were not managing to get by. Continue reading

£280bn Global Arms Sales in 2016

Global sales of weapons and military services have risen for the first time in five years, helped in part by an increase in sales by British companies.

Weapons – many of which are fuelling deadly conflicts in the Middle East – are now being bought and sold at the highest level since 2010, with sales up more than a third (38 per cent) since 2002.

Military kit worth $374.8bn (£280bn) was sold in 2016 by the industry’s top 100 companies, an annual review by the Stockholm International Peace Research Institute (Sipri) found.

The findings came as UK firm BAE Systems signed a $6.7bn deal with Qatar to buy 24 Typhoon fighter jets.

British arms sales rose 2 per cent last year and now amount to almost 10 per cent of global sales, researchers found.

Germany’s arms sales jumped 6.6 per cent while South Korean companies notched up 20 per cent more sales than a year earlier. …

Sales by Lockheed Martin – the world’s largest arms producer – rose by 10.7 per cent in 2016, the report found, linked to the sale of F-35 combat aircraft. Continue reading

Destruction Of Black Wealth During The Obama Presidency

Between 2007 and 2016, the average wealth of the bottom 99% decreased by $4,500. This decline was particularly
concentrated among the housing wealth of AfricanAmericans. Outside of home equity, black wealth recovered its 2007 level by 2016. But average black home equity was still $16,700 less. Meanwhile, over the same period, the average wealth of the top 1% increased by $4.9 million. Much of this decline in wealth, we argue, was the direct result of policies enacted by President Obama. His housing policies, particularly regarding foreclosures, were a disastrous failure that led to millions of families losing their homes, with black families suffering especially harsh losses. What’s more, Obama had power—money, legislative tools, and legal leverage—that could have very sharply ameliorated the foreclosure crisis, if not largely prevented it. He chose not to use them.

In the following essay, we shall examine the circumstances that led to the housing bubble, and its eventual collapse in Part I. In Part II, we shall take a close statistical look at the decline in black housing wealth. And in Part III, we shall outline an approach that would have halted the foreclosure crisis, had President Obama chosen to pursue it.

http://peoplespolicyproject.org/wp-content/uploads/2017/12/Foreclosed.pdf

New report on securitisation of aid

  • Syria case may be ‘tip of the iceberg’ for fund backing some of world’s worst security forces
  • Secretive Conflict, Stability and Security Fund uses £500m of aid money
  • Government accused of using loophole to fund discredited consultancy

The controversial cross-government fund behind the British aid project in Syria which has today been suspended amid claims that money was reaching jihadist groups should be shut down, according to campaign group Global Justice Now, which has released a new report on the fund.

The report lifts the lid on one of the British government’s most secretive funds, which is behind military and security projects in around 70 countries including Bahrain, Egypt, Sudan, Ethiopia, Iraq and Nigeria. The billion-pound pot, known as the Conflict, Stability and Security Fund, spends over £500 million of British aid and is overseen by the National Security Council, chaired by the Prime Minister. Neither the public nor MPs are able to properly scrutinise the fund due to a serious lack of transparency, the report finds.
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