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Robert Booth and Patrick Butler – UK austerity has inflicted ‘great misery’ on citizens, UN says

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Just think of all the North Sea oil profits Britain squandered on tax cuts and dole queues and so today we are fiat broke agsin  after bailing out the banks. And banks like RBS deliberately made thousands of small and medium sized businesses bankrupt to boost their profits which further increased poverty. The One Percent are laughing all the way to the bank while it's austerity for the rest of us. The whipping boy has to pay! The UK government has inflicted “great misery” on its people with “punitive, mean-spirited, and often callous” austerity policies driven by a political desire to undertake social re-engineering rather than economic necessity, the United Nations poverty envoy has found. Philip Alston, the UN’s rapporteur on extreme poverty and human rights, ended a two-week

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Just think of all the North Sea oil profits Britain squandered on tax cuts and dole queues and so today we are fiat broke agsin  after bailing out the banks. And banks like RBS deliberately made thousands of small and medium sized businesses bankrupt to boost their profits which further increased poverty. The One Percent are laughing all the way to the bank while it's austerity for the rest of us. The whipping boy has to pay!

The UK government has inflicted “great misery” on its people with “punitive, mean-spirited, and often callous” austerity policies driven by a political desire to undertake social re-engineering rather than economic necessity, the United Nations poverty envoy has found.
Philip Alston, the UN’s rapporteur on extreme poverty and human rights, ended a two-week fact-finding mission to the UK with a stinging declaration that levels of child poverty were “not just a disgrace, but a social calamity and an economic disaster”, even though the UK is the world’s fifth largest economy,
About 14 million people, a fifth of the population, live in poverty and 1.5 million are destitute, being unable to afford basic essentials, he said, citing figures from the Institute for Fiscal Studies and the Joseph Rowntree Foundation. He highlighted predictions that child poverty could rise by 7 percentage points between 2015 and 2022, possibly up to a rate of 40%.
I have also seen tremendous resilience, strength and generosity, with neighbours supporting one another, councils seeking creative solutions and charities stepping in to fill holes in government services,” he said.

On food banks, he said: “I was struck by how much their mobilisation resembled the sort of activity you might expect for a natural disaster or health epidemic.”

The Guardian 

https://amp.theguardian.com/society/2018/nov/16/uk-austerity-has-inflicted-great-misery-on-citizens-un-says?__twitter_impression=true
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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