Whilst the headline unemployment figures aren’t as bad as we feared what they hide is a reduction in earnings for many workers – the 1.3 million people made redundant during the recession have largely managed to find alternative employment in doing so they’ve reduced their pay by over a quarter.

A perfect storm is brewing – workers are seeing there wages eroded and the state is about to cut expenditure – there’s going to be only one outcome – a recession.

Source: The BBC.