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FINANCE - We have recenty been given this information. Are you finding that there is more month than money? 

64% of Brits admit to running out of money before payday, with 28% opting to borrow from friends/family

53% of Brits surveyed couldn’t live for longer than one month with their current savings

7 in 10 people admit to being unhappy with their current level of savings

66% state that money worries have negatively affected their mental health

Money expert Kane Georgiou from TheMoneyPig.com has also provided some top tips on how to track your money. 

ABC Comment, have your say below:

HRH HER MAJESTY - The ABC has written to the Queen and expressed our disgust that Iain Duncan Smith could be considered for a Knighthood.

Here is what we had to say: 

To, Her Majesty the Queen

Re: Knighthood for Iain Duncan Smith

Are you aware of the depth of ill feeling in the country towards giving Iain Duncan Smith a knighthood?

The thousands of deaths of disabled people have been caused by government policies that have slashed benefits by some 30% - set against large tax cuts for Corporation Tax and Inheritance Tax for the wealthy.

MP Debbie Abrahams became very emotional this week in Parliament when reading out details of the disabled who have died because of the government’s policies. The Nazis killed those they saw as ‘useless eaters’ and in the Regan years in the USA money was directed away from those considered to be unproductive.

In your role you have to entertain leaders buying arms from the UK who practise civil rights violations against their own people and even commit genocide, such as happened in Indonesia.

Our government is killing our own people and endorsing Iain Duncan Smith will be a stain on the Monarchy in the eyes of many of your subjects. There are so many worthy people who do incredible work - picking this man is an afront to decent people and it devalues the whole honours system.

I really hope you will reconsider this initiative and I hope you will take note of public opinion.     

Sincerely,

Simon COLLYER

ABC Founder and CEO

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ROUGH SLEEPING - The Prime Minister has announced an extra £236 million to help get people off the streets and appointed an independent adviser to lead an urgent review into the causes of rough sleeping. 

Commenting on this news, Jon Sparkes, Chief Executive of Crisis, said: “As the most brutal and devastating form of homelessness, it’s right that the Prime Minister is focusing on ending rough sleeping and dedicating funding to this. But ultimately, we need this money to translate into real homes rather than paying to keep people homeless in hostels and night shelters.

“We look forward to working with Dame Louise Casey on the issues that are forcing people to sleep on our streets, particularly given her experience and personal commitment to tackling homelessness. Any review must also look at the wider picture of homelessness and focus on stopping people rough sleeping in the first place through providing truly affordable homes and ensuring housing benefit covers the cost of rent.” 

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IAIN DUNCAN SMITHS KNIGHTHOOD - More than 150,000 people have signed a petition to prevent Iain Duncan Smith – the architect of universal credit and the “bedroom tax” – from receiving his knighthood.

The recent outpouring of emotion in a speech by Debbie Abrahams in the House of Parliament has highlighted the issue of benefit claimant deaths and today it has been revealed by the Independent newspaper that the DWP have shredded records of claimants who have died. 

Campaigners are arguing that DWP destroyed reports into people who killed themselves after benefits were stopped

 Iain Duncan Smiths inclusion into the New Year’s Honours list sparked a furious response from those who argued his reforms to the welfare system had pushed thousands into poverty and contributed to premature deaths.

A petition launched by NHS psychiatrist Dr Mona Kamal Ahmed on Friday, claims Mr Duncan Smith is “responsible for some of the cruellest, most extreme welfare reforms this country has ever seen” according to the Independent.

It referenced the United Nations inquiry into Britain’s welfare system during his stewardship of the Department for Work and Pensions (DWP), which concluded the government was responsible for “grave and systemic violations” of the rights of disabled people.

Dr Ahmed branded his ennoblement “an insult to the hundreds of thousands of vulnerable individuals across this country who are suffering as a result of his policies and to those who have tragically lost loved ones as a direct result”.

ABC Note: The ABC is writing to Her Majesty the Queen to complain. Simon Collyer who is currently heading a campaign to have a leading journalist, author and broadcaster recognised in the New Years Honours list, said you cannot have people receiving honours who have in effect been responsible for the mass deaths of our citizens, standing next to people who are truly worthy of an award. This award must be stopped.

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FOODBANKS CRISIS - Global Foodbanks are calling for help due to the effects of the COVID-19 impact on food banks across Asia-Pacific.The food banks in the Asia-Pacific region are already affected by wild fires, social unrest and other challenges first-hand however they are also struggling due to a lack of manpower. 

This what Global Foodbanks has to say: 

Right now, our food banks need a variety of support, but especially financial. Every dollar makes a difference. Help keep food bank warehouses open, trucks on the road and food assistance running to the most vulnerable people in those communities that too often are forgotten.

Please consider sharing the Asia-Pacific food bank websites with your supporters.  

Green Oasis Food Bank - Shanghai

Feeding Hong Kong
Foodbank Singapore
Foodbank Australia
Korea National Food Bank
Taiwan People's Food Bank Association

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UNITED STATES - Decades Old Rule Updated to Reflect Today’s Workforce

Social Security Commissioner Andrew Saul announced a new final rule today, modernizing an agency disability rule that was introduced in 1978 and has remained unchanged. The new regulation, “Removing the Inability to Communicate in English as an Education Category,” updates a disability rule that was more than 40 years old and did not reflect work in the modern economy. This final rule has been in the works for a number of years and updates an antiquated policy that makes the inability to communicate in English a factor in awarding disability benefits.

“It is important that we have an up-to-date disability program,” Commissioner Saul said. “The workforce and work opportunities have changed and outdated regulations need to be revised to reflect today’s world.”

A successful disability system must evolve and support the right decision as early in the process as possible. Social Security’s disability rules must continue to reflect current medicine and the evolution of work.

Social Security is required to consider education to determine if someone’s medical condition prevents work, but research shows the inability to communicate in English is no longer a good measure of educational attainment or the ability to engage in work. This rule is another important step in the agency’s efforts to modernize its disability programs.

In 2015, Social Security’s Inspector General recommended that the agency evaluate the appropriateness of this policy. Social Security owes it to the American public to ensure that its disability programs continue to reflect the realities of the modern workplace. This rule also supports the Administration’s longstanding focus of recognizing that individuals with disabilities can remain in the workforce.

The rule will be effective on April 27, 2020.

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Job Fair - The Braintree are bringing back the Braintree Job Fair this year on Saturday 7th March.

The Job Fair is run in partnership with Job Centre Plus, and proudly sponsored by Braintree Village, to enable people from across the district to find out about job opportunities and speak directly to employers.

It’s open to job-seekers of any age, including those who are unemployed, those who have recently been made redundant, those looking for their first job, or those who are simply looking to change their career.

The event will run from 10am-2pm at Braintree District Council offices, Causeway House with free parking for those attending.

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United States - On Tuesday, the Department announced investments in 28 public-private apprenticeship partnerships totaling nearly $100 million through the Apprenticeship: Closing the Skills Gap grant program.

These grants will support the training of more than 92,000 individuals in new or expanded apprenticeship programs in advanced manufacturing, healthcare, and information technology—including cybersecurity and artificial intelligence. U.S. Secretary of Labor Eugene Scalia made the announcement during a visit to North Carolina State University, one of the grantees.

President Donald J. Trump's Executive Order on Expanding Apprenticeship in America called for increasing the number of apprentices in the United States across all industries. There are more than 6.4 million job openings reported in the United States and expanding apprenticeships will help individuals gain the skills necessary to fill these vacancies.

"These grants will further the Administration's efforts to expand apprenticeships. For Americans who want an alternative to the traditional bachelor's degree, apprenticeships are a way to learn valuable skills that lead to good paying careers," said U.S. Secretary of Labor Eugene Scalia. "Companies across the country tell me that their greatest challenge today is finding the skilled workers they need. This funding will bolster America's competitiveness by adding more skilled workers to fill millions of open jobs today and in the future."

Secretary Scalia made the announcement during a trip to North Carolina State University, one of the grantees.

The Apprenticeship: Closing the Skills Gap grant program will support the training of more than 92,000 individuals in new or expanded apprenticeship programs for a range of employers, including small and medium-sized businesses, veterans, military spouses, service members re-entering the civilian workforce and groups underrepresented in current apprenticeship programs, including women and Americans reentering the workforce from the justice system.  

The grant program supports apprenticeships that include a paid, work-based learning component and a required educational or instructional component that results in the issuance of an industry-recognized credential; and which meet appropriate quality assurance standards. 

H-1B fees fund the Apprenticeship: Closing the Skills Gap grant program. Awards ranging from $500,000 to $6 million each will go to 28 public-private apprenticeship partnerships led by institutions of higher education; state systems of higher education; nonprofit trade, industry, or employer associations; labor unions; or labor-management organizations partnering with businesses ready to train apprentices. This grant program places a heavy emphasis on private sector partnership, with a corresponding 45% match of federal funds awarded. 

A list of grantees and award amounts is below:

Learn more about grant eligibility and how to apply for funds.

The Employment and Training Administration administers federal government job training and dislocated worker programs, federal grants to states for public employment service programs and unemployment insurance benefits. These services are provided primarily through state and local workforce development systems.

The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.

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UK EMPLOYMENT - For the three months ending December 2019, the highest employment rate estimate in the UK was in the South West (80.1%) and the lowest was in the North East (71.1%).

ABC Note: an ONS report for February 2020 estimates that a record 974,000 people are in employment on “zero-hour contracts” in their main job.

For the three months ending December 2019, the highest unemployment rate estimate in the UK was in the North East (6.1%) and the lowest was in Northern Ireland (2.4%).

For the three months ending December 2019, the highest economic inactivity rate estimate in the UK was in Northern Ireland (25.8%) and the lowest was in the South East (17.4%).

Between June and September 2019, the largest estimated increase in workforce jobs in the UK was in the South West at 42,000, while the largest decrease was in the South East at 51,000.

In September 2019, the region with the highest estimated proportion of workforce jobs in the services sector was London at 91.8%, while the East Midlands had the highest proportion of jobs in the production sector at 13.6%.

The highest average estimated actual weekly hours worked, for the 12 months ending September 2019, was in London at 34.0 hours and the lowest was in the North East at 31.0 hours; for full-time and part-time workers it was highest for both in Northern Ireland, at 38.6 hours and 17.2 hours respectively.

Commenting on today’s productivity figures, ONS deputy chief economist Richard Heys said:

“UK productivity has moved very little over the past 18 months, with quarterly fluctuations broadly cancelling each other out. Over the longer term, growth in productivity remains much slower than before the economic downturn of 2008-09.”

ABC Comment, have your say below:

NATIONAL SAVINGS - It has today been announced that National Saving has slashed its interest rates and Premium Bond prizes dealing yet another blow to the nation’s savers who have already suffered due to continuously low interest rates. 

Founder and MD of Sourced Capital, Stephen Moss, commented:

"Yet another blow for those trying their best to accumulate any kind of savings pot and perhaps the final nail in the coffin for the vast array of savings based products available to the consumer, as more and more are opting to move away from these traditional options due to the pitiful returns they now provide.

While extremely low interest rates are all well and good when it comes to stimulating spending to boost the economy, they have created a very tough landscape for those that are unable to tuck away enough money to spend in the first place.

The Bank of England must do something to encourage more people to accumulate a stable financial foundation for their future and while we certainly don’t want a return to the double-digit rates of the eighties and early nineties, many will be hoping for a boost via an increase in interest rates in next month’s budget.”

ABC Note: The value (purchasing power) of money diminishes over time. This is called the Rule of 72. The rule of 70 and the rule of 72 give rough estimates of the number of years it would take for a certain variable to double. When using the rule of 70, the number 70 is used in the calculation. Likewise, when using the rule of 72, the number 72 is used in the calculation. It can also show when your money has halved in value (purchasing power) due to inflation.

To accumulate money in the long term you need to invest in real assets, like land or property or a portfolio of shares. Gold is an excellent store of value in times of high inflation, it can be held as physical investment or you can invest in gold shares.  'Invest your money' in land said author Mark Twain, 'they are not making any more of it'.

Whilst money accrued interest the actual principal diminishes in value. If there is 2% inflation in Germany and 3% in the UK, the purchasing power of your money will shrink faster in the UK. This is why hot money flows from one place to another and countries raise or lower interest rates to attract inward investment. Cash however is more liquid that land which might not sell in a recession.

Deflation causes prices to fall, but that means people defer purchases as a good might be cheaper in future. Modest inflation reduces debt over time. However very high inflation can destroy a currencies value altogether.

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