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".
Last One Falling - photographer Amy Connolly documented the last days of a Liverpool branch of HMV whilst working there in 2011, a stark contrast to the images of the flagship store in the sixties and seventies (previously). The chain yesterday announced it was entering administration after 91 years on the high street. [more inside]
As the UK coalition government plans swingeing cuts and students take to the streets to protest, one mother asks us to remember the 'Nouveau Pauvre'. Some commentators react unfavourably to her impending 'austerity Christmas'. [more inside]
Standard & Poor’s changed the UK's credit outlook from stable to negative a few days ago, and warned that there is a chance the UK could lose its AAA rating. Meanwhile, Moodys, another of the big 3 rating agencies, has warned that the US might also eventually lose its AAA rating. The UK announcement caused sterling to drop by 1% and the FTSE by 2%. However, many blame the same rating agencies for their part in triggering the subprime crisis. The irony of this is not lost on the Wall Street Journal, who note that "After all, those governments are jacking up spending, in part, to bail out the financial firms who gobbled up those 'AAA' asset backed securities duly blessed by the credit ratings firms." [more inside]
What do the following cars have in common? The Chrysler Neon. The Daihatsu Charade. The Dodge Viper SRT-10. The Ferrari SuperAmerica. The Fiat Croma. The Hummer H2. The Hyundai Terracan. The Hyundai Trajet. The Rover 75. The CityRover. The Smart Cabrio. The Tata Safari. Give up? Each one of the cars listed above sold exactly one new (as in, not previously registered) unit last year in the UK, according to the Daily Telegraph. This makes them the most exclusive cars of 2008.