Premier Foods, one of the UK's biggest manufacturers, has been asking its suppliers for payments to continue doing business with the firm.
Robert Peston, BBC : "Well you may recall that the Office for National Statistics recently recalculated the size of our national income to take account of unreported or under-reported parts of the economy, such as research and development, illicit drugs and prostitution. So thanks in part to the inclusion in the official economy of our productive sex workers, our EU membership fee has been augmented." - The BBC's economic editor's take on the UK's new, increased (by £1.7 billion) EU subscription. [more inside]
Recession prompted 'unprecedented' fall in wages - Wages have fallen more in real terms in the current economic downturn than ever before, according to a report. On top of the rising cost of living, a third of workers who stayed in the same job saw a wage cut or freeze between 2010 and 2011, said the Institute for Fiscal Studies (IFS). "The falls in nominal wages... during this recession are unprecedented," said Claire Crawford from the IFS. Labour said the figures showed there was a "living-standards crisis".
"This is an intriguing little video summarizing the hypothesis of a new study by Vamsi Vakulabharanam. It looks at the puzzle of why China and India are exceptions to the Kuznets curve, that economic development at first increases income inequality but then starts to produce less disparity. But that did not occur in India and China. Vakulabharanam argues that the difference lies in changes in institutional arrangements, and the inflection point was roughly 1980."
A presentation by Dr. Heiner Flassbeck, a former deputy secretary in the German Ministry of Finance and currently chief economist the UN agency for World Trade and Development in Geneva. He talks about EMU and interest rates, and then links it all to class war and America.