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Pope calls for reform of global economy
Pope Benedict XVI released an encyclical with the principles of 'love, truth and charity' in its centre this week, ahead of the G8 summit in Italy, where world leaders have met to discuss the global financial crisis.
In his 144-page encyclical the Pope addressed the global recession and suggests an introduction of a fundamentally different economic model in which access to food and water are declared universal human rights, wealthy nations share with poorer ones, and a "world political authority" is set up to help manage things.
The Pope's views come at a time when many people are open to change, in light of economic events of the previous months.
Here is a review of the other top money stories of the past week commencing 6 July 2009.
Monday 6th July
'Alternative to Redundancy' plan introduced – The Confederation of British Industry (CBI) has called for the introduction of an 'Alternative to Redundancy' (ATR) scheme to keep people employed. The scheme would allow employers to keep staff in a low-paid 'limbo' position rather than letting them go. Workers would receive about £130 a week staying at home, hoping to return to work once the economic conditions improve. It remains to be seen how popular this idea is and whether it will be put into practice across different industries and sectors.
Lone parents to be offered better pay – Work and Pensions Secretary Yvette Cooper has announced plans that unemployed lone parents are to receive a higher salary as an incentive to find or stay in work. The move is designed to protect the family, and will take into account childcare issues, the Secretary said.
In his 144-page encyclical the Pope addressed the global recession and suggests an introduction of a fundamentally different economic model in which access to food and water are declared universal human rights, wealthy nations share with poorer ones, and a "world political authority" is set up to help manage things.
The Pope's views come at a time when many people are open to change, in light of economic events of the previous months.
Here is a review of the other top money stories of the past week commencing 6 July 2009.
Monday 6th July
'Alternative to Redundancy' plan introduced – The Confederation of British Industry (CBI) has called for the introduction of an 'Alternative to Redundancy' (ATR) scheme to keep people employed. The scheme would allow employers to keep staff in a low-paid 'limbo' position rather than letting them go. Workers would receive about £130 a week staying at home, hoping to return to work once the economic conditions improve. It remains to be seen how popular this idea is and whether it will be put into practice across different industries and sectors.
Lone parents to be offered better pay – Work and Pensions Secretary Yvette Cooper has announced plans that unemployed lone parents are to receive a higher salary as an incentive to find or stay in work. The move is designed to protect the family, and will take into account childcare issues, the Secretary said.
Tuesday 7th July
Many miss out on tax credits – Tax credit for childcare pays on average £68 a week, yet many families appear unaware of the scheme. Every three and four year-old is entitled to a minimum of 12.5hours a week of free early learning at a Sure Start Children's Centre. For more information on child tax credits and how you could benefit see this information from DirectGov.
Many miss out on tax credits – Tax credit for childcare pays on average £68 a week, yet many families appear unaware of the scheme. Every three and four year-old is entitled to a minimum of 12.5hours a week of free early learning at a Sure Start Children's Centre. For more information on child tax credits and how you could benefit see this information from DirectGov.
Wednesday 8th July
Britain begins to save again – According to the BBC it was just 12 months ago that we were saving less in Britain than at any time over the last five decades. However, it seems that this is starting to change as more of us cut back and keep money aside for a rainy day. Recent data suggests that one in 10 people are saying they intend to save more in the coming 12 months - and three million people who have never saved before say they will start putting money aside. Regular saving, even if it is a small amount, is a great financial habit to get into, as it means you can save up for a special occasion or purchase, but also have a financial cushion just in case things go wrong. For more information on savings, see this information from moneybasics.
Britain begins to save again – According to the BBC it was just 12 months ago that we were saving less in Britain than at any time over the last five decades. However, it seems that this is starting to change as more of us cut back and keep money aside for a rainy day. Recent data suggests that one in 10 people are saying they intend to save more in the coming 12 months - and three million people who have never saved before say they will start putting money aside. Regular saving, even if it is a small amount, is a great financial habit to get into, as it means you can save up for a special occasion or purchase, but also have a financial cushion just in case things go wrong. For more information on savings, see this information from moneybasics.
Friday 10th July
FSA to adopt 'name and shame' strategy of banks – The Financial Services Authority (FSA) is getting ready to present lists of the worst banks and insurers in the country in a naming and shaming initiative. The plan would force companies to publish data and statistics on customer relation issues and complaints. It is hoped that this new tactic will force banks and insurers to treat their customers well, as they will not want to be shown to have a high level of complaints.
50,000 may be denied place at university this year – Following a record surge in university applications this year, combined with shortfall in budgets, up to 50,000 prospective students may be denied a place to study this year. The large number of mature students looking to improve their qualifications in this time of recession has been given as a reason for the surge in applications.
FSA to adopt 'name and shame' strategy of banks – The Financial Services Authority (FSA) is getting ready to present lists of the worst banks and insurers in the country in a naming and shaming initiative. The plan would force companies to publish data and statistics on customer relation issues and complaints. It is hoped that this new tactic will force banks and insurers to treat their customers well, as they will not want to be shown to have a high level of complaints.
50,000 may be denied place at university this year – Following a record surge in university applications this year, combined with shortfall in budgets, up to 50,000 prospective students may be denied a place to study this year. The large number of mature students looking to improve their qualifications in this time of recession has been given as a reason for the surge in applications.
