Strikes, Gas Shortages, Higher Interest Rates and Inflation Point To A Summer of Discontent and Recession

Strikes, Gas Shortages, Higher Interest Rates and Inflation Point To A Summer of Discontent and Recession

Rail unions strike for higher pay and better working conditions.

More industrial action on the way threatening to stall the economic recover and drive the country into recession.

The US and China, the world’s two biggest economies are also stalling, and Germany is facing gas rationing.

Inflation is at a 40-year high forcing central banks to raise interest rates pushing up the cost of borrowing for millions of cash-strapped consumers.

Stock markets recovered slightly after falling sharply last week.

People buying less at supermarkets as food prices rise, BBC reports.

Interest Free Loans Launched To Help The Financially Vulnerable

A Treasury-backed scheme offering interest-free loans to the financially vulnerable is being rolled out in various parts of the UK to help up to 20,000 people.

The UK government scheme will be run by credit unions and other lenders, with an aim is to offer emergency loans to people who would normally be turned down due to the fact they would be unable afford the interest payments.

The scheme was trialled in Manchester and is now being expanded in a larger pilot phase to various locations across the UK which will last for up to two years, after which a decision will be made on whether to roll it out further.

What will the No Interest Loan Scheme offer?

· Only available to people who have been turned down for normal borrowing

· Can borrow between £100 and £2,000. The average amount borrowed is £500

· Can borrow the money for six to 18 months. The average length of time is 12 months

· Customers can only have one no interest loan

Soaring inflation led interest payments on government debt to hit the highest amount for May on record.

Interest payments paid by the government for last month hit £7.6bn, up £3.1bn from a year earlier.

That’s around £245,000,000 a day just to cover interest on government debt!

Interest payments have totalled £14.1bn, up £4.7bn year on year, in the current financial year since April.

Taxpayers will ultimately have fund the cost of trillions in debt through higher taxes.

Even the Nasdaq darling, Netflix, is not immune to the economic slowdown announcing another round of job cuts as it struggles with slowing growth and increased competition.

The streaming giant is slashing 300 more jobs - roughly 4% of its workforce - mostly in the US, after a sacking 150 people in May. The news come after the company reported its first subscriber loss in more than a decade in April.

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