Economic crisis Follow

An astounding 80,000 jobs were axed in Britain, Europe and the US in just one day on Monday.

The recession in Britain is deepening and ordinary people are paying the price – with hundreds more losing their jobs every day. But not everyone is suffering. For some the economic crisis represents a huge opportunity to make a cheap buck from other people’s misery.

The government is committed to £5 billion in "efficiency savings".

"The anger and bitterness of workers at the Royal Bank of Scotland (RBS) is intense.

The latest bailout of the banks will cost at least £200 billion according to the government’s own figures – and we will get nothing in return.

Gordon Brown’s bailout for the banks reflects a growing sense of panic among the ruling class as the economic crisis deepens.

As economic recession tears into Britain, millions of us spend our nights fearing for the future. More than half of all workers are worried that they might be on the dole by the end of the year.

The economic crisis that swept the globe in 2008 provoked debate about whether individual states or trade blocs could insulate themselves from the international turmoil through "protectionist" economic measures.

Gordon Brown pledged this week that up to 100,000 jobs could be created by planned public works in the coming years.

The last 200 Woolworths stores were closing down as Socialist Worker went to press.

The average household debt increases by over £6.30 every daySome 2,430 Consumer County Court Judgements (CCJs) for debt are issued every dayOn average 124 properties were repossessed every day during the last three months. The Council of Mortgage Lenders estimates this will increase to approximately 205 a day this yearGovernment figures say that 44 percent of mortgage holders are worried about being able to meet their payments and 47 percent of local authority and housing association tenants are worried about being able to pay their rent Some 422 mortgage possession claims are issued and 323 mortgage possession orders are made every day

To read the papers in recent weeks you might be forgiven for assuming that car workers' wage levels and public sector pensions caused the financial crisis currently wreaking havoc across the globe.