A message from Harriet Harman - Minister for Women and Equality - how is the credit crunch/recession is affecting you and how do you think Government can help?

[JustineMumsnet]

Harriet Harman writes:
We want to protect families from the credit crunch with real help. And we want to hear what Mumsnet are concerned about during this recession; what you want us to be doing about it; and what you want to see changed for the future. Prime Minister Gordon Brown is hosting an international Economic Summit in London (which President Obama will be coming to) in April to agree with other countries how we work together to get the global economy back on its feet and growing again. I want to hear from you and feed your views in to this summit.

Opinion polls tell us that women are more concerned about the impact of the recession than men, is that your view?
Is the recession affecting your family life and if so how?
Are you getting the advice and information you need if you ask for help?
What do you want to see government doing to help with that?
What do you think about bonuses?
How can we help women who want to start their own businesses?

Get the bankers to save up and pay back the govt bail out

Actually more than anything I'd like the government to start laying down the law to the banks that we now own to make sure they don't withdraw credit from any more businesses. You own them - make sure they are working for GB UK, not against it which is what they're doing right now.

I am concerned (as a very interested party) about the perception that childcare is expensive and that is an area in which a family can economise. Post EYFS there appears, already, to be an increase in the use of unregistered carers.

There is also a discrepancy in how tax credits for childcare is worked out - as a minder with no children under 8 it doesn't affect me, but if you have a child under 8 you reduce your potential earning capacity. If you worked out of your home you would be able to claim tax credits to help with childcare costs but you are actually penalised - a 'tax allowance' would help in cases like this.

Increasing the salary sacrifice might help a large number of families - but making it 'not affect' their pension/payrise/maternity pay needs to be sorted.

I think everyone is as worred as everyone else, tbh
Recession not really affecting our family life thus far, tbh
Am annoyed that those who have fixed rate mortgages and savings, trying to be prudent and budget, are in effect being punished by the very low interest rate.
The bankers bonuses (particularly those who are in the bailed out banks) are beyond the pale, absolutely disgusting, I thought performance related pay meant a positive performance, not almost bringing the economy to it's knees.
Have started mine, better/cheaper childcare would be a start, as would better access to training

Is the recession affecting your family life and if so how?

• dh is public sector, a police civilian so feels job is secure, plenty of overtime available etc. i'm in retail, am seeing changes to my hours coming in which are less family friendly. i used to work late evenings, now the store is quieter at that time, and we have smaller deliveries as we're selling less stock, our hours are moving into the daytime, so consequently no longer back to back with my husband's...so need to pay out more for childcare. thankfully our daughter is nearly 3 so we will be getting subsidised for this and i'm happy for her to be in nursery longer, it will be 4 afternoons rather than 3 now. we aren't feeling the 'pinch' as such though. we're on a tracker mortgage with another year to run on it, so have seen monthly repayments drop from £900 a month to about £350.

What do you think about bonuses?

• having previously worked as a bank manager i've seen first hand what a sales and bonus and misselling culture it is. this is from top down. i had many fabulous holidays on those bonuses i earned, knowing i had been encouraged to sell sell sell above anything else. all about the shareholders, no concern for the customer.

-there is surely always a clause which states bonuses are discretionary. in this instance the banks should not be paying them out.

Sorry, too many "Tbh's" and worried

Opinion polls tell us that women are more concerned about the impact of the recession than men, is that your view?

Only because I see all the little ways in which we are impacted. Dh hasn't seen the shopping bill for years. But I see men who are in fear of losing their jobs, and they are very concerned.

Are you getting the advice and information you need if you ask for help?

It is almost impossible to get through to organisations such as CAB on the phone. And it is difficult to feel that you're getting good advice from the Benefit helplines. Govt department still don't seem to talk to one another so a simple change of circumstances which affects a number of benefits results in numerous calls.
Email advice would be great too.

What do you want to see government doing to help with that?
Train up call centre staff. Spend more on making sure that websites have full FAQs.
Have a rethink about the interaction between JSA and tax credits - if someone loses their job this month then potentially they still won't get any tax credits as they've earned too much through the year, yet JSA won't feed the whole family.

What do you think about bonuses?
It is just an issue for newspapers.

How can we help women who want to start their own businesses?
The idea of women starting their own businesses makes me think of all the niche childrens product catalogues, manay of which have just gone bust.

Isn't that a rather micro answer to a macro problem? What should the UK economy look like in 5, 10 years time? Are we really going to replace manufacturing jobs with loads of smaller businesses run by women from home? We operate in a global economy, so we had better get serious in our aspirations. Building lots of small businesses which earn GBP may not help in the long term.

Opinion polls tell us that women are more concerned about the impact of the recession than men, is that your view?

No, both me and DH equally concerned about this. Thinking about this this is also true of all my male friends particularly one who is trying to get a business going and having a really tough time getting the finance.

Is the recession affecting your family life and if so how?

Yes, although less than some people. We are in the fortunate position of having savings rather than debt and so the reduction in interest rates is having a big impact. Also not sure whether interest rates are actually working in getting money back into the economy.
Obvious concerns about employment, although presently both mine and DHs co seem secure.
Increasing costs of food and energy are impacting on the family budget and changing our spending.

Are you getting the advice and information you need if you ask for help?

Yes, although so far not required.

What do you want to see government doing to help with that?

More publicity? What do the agencies providing support want?

What do you think about bonuses?

Fair enough to reward performance and hitting targets...however

1. these should be proportional to salary ie capped at a % of salary rather than what seems to be unlimited many multiple amounts.
2. be in response to delivering real value. Like others have said I'm astounded that ANY bank is paying a bonus this year. Unless the target was to be nationalised, destroy shareholder value and generally screw up our economy.

How can we help women who want to start their own businesses?

Help with childcare costs particularly at the start.

As others have said thanks for asking...ps need some action or come election time there might be a lot of angry people voting...

Fuel costs have been astronomical for some time.
The recession has affected us more in terms of stress and pressure, even though we havent been to harshly affected atm.

Food costs have shot up, and undoubtedly, over a period of time, this will impact our long term finances. Some food items have increased by almost 40% on their cost this time last year. For the first time since I started looking at Organic Fruit & Veg delivery, it actually works out almost the same cost for your average (not specifically organic) supermarket stuff.

It amazes me that such huge corporations are attaining such huge profits, and yet there are jobs being cut left right and centre. Something's not right.

People should get bonuses. If they've earned them. And I mean earned. But, it shouldnt just be for bosses and highfliers.

Something that worries me (& I will admit it makes me sound selfish) is that people in huge amounts of debt may get this debt 'written off' in some way so that they can 'move on'

I try to be frugal and save money- I only take credit when I have to & I know I can pay it off

I would deeply resent help being given to people who have spent recklessly which would enable them to go & do it again

"Is the recession affecting your family life and if so how?"

Not really. DH has freelanced for years and we already do the feast and famine thing. I just hope there's work when he comes out of this contract.

"What do you think about bonuses?"

I've thought the financial packages offered to 'top' businesspeople (men, usually) have been out of control for years. Golden hellos, golden goodbyes or whatever they're called, regardless of results are utterly ridiculous. Make a loss, take a million, move on. What could be worse?

Oh yeah I know what could be worse - be in some govt-appointed committee to look into something and get paid for bog all. E.g. there was something on the news recently about how the govt is looking into dance as a way to beat obesity and the Strictly judges being involved. Fee-free? Doubt it! More public money down the drain.

Or how about the vast amounts of public money paid over to IT companies for systems for the Inland Revenue, NHS etc that have barely got off the ground?

How about the stupid amount of time people in public service seem to spend in meetings discussing what might be done instead of doing it?

How about the huge amounts of public consultation which don't actually happen because the meetings aren't properly publicised or are held in obscure venues and no-one turns up (but what the heck, we did our best?)

Or the lip-service to consultation because we've made up our minds and actually we're here to inform you of the three options we considered but we already know which one we're doing?

How about the ridiculous expenses that our MPs can claim? Buy a flippin' hotel in London and convert it to apartments. Or buy some of those recently-built apartments that no-one else wants. MPs should have a govt-owned asset which goes with their seat of office. Not line their pockets with our taxes.

A review of the Benefits system.

I, and others on here, have all been stuck in the "you don't qualify for anything except £60pw JSA until next April". If you are made redundant/unemployed in March, you can claim in April, but DH lost his job part way through the year - between us we earned over the threshold for benefits this year (as I am still woking 28hpw) but our outgoings are based on 2 incomes and savings don't last very long. We cannot claim Council Tax benefit as I work (never mind how low my salary is) or EMA for the children as also based on last years wages. As a mortgage payer we get no help with that.

Hopefully, by April, we will have 2 incomes again (please God) but if we had no savings or family to help we would have serious Mortgage arrears, debts or worse.

I suggest a period of say 12 weeks, then if you are earning under a minimum household wage and don't have milions in the bank, you can claim WHATEVER month of the year it is.

Rant over.

Ok, after reading SueW's, get Labour MP's to share with the bankers in paying back tax payers money for the bank bail out as the Labour govt are just as culpable with their dereg of the City

My husband works for an international company and is working hard to reduce his department's budget and is facing the need to reduce staff. He is concerned that his own job may not be secure. It is all hugely stressful.

We are relocating soon and instead of buying a bigger house - which we can reasonably comfortably afford with a smallish mortgage -we are now considering something smaller with no mortgage, just to be safe in case he loses his job.

Today we decided to sell all our shares (roughly 50K's worth) as we don't feel they are a good investment and are concerned about a really bad stock market crash.

We are financially comfortable but not complacent and foresee some serious times ahead for the country. I really sympathise with others who are already suffering.

In my opinion calling a National Day of Prayer would be helpful. This crisis is a timely wake-up call for everyone - individuals, companies, the government, banks etc - to examine our attitudes to money, greed and materialism, and the lack of Christian values in our decision-making.

It's time to decide whether to serve God or money.

_ Opinion polls tell us that women are more concerned about the impact of the recession than men, is that your view?

I'm not sure how sex is relevant to the issues.

_Is the recession affecting your family life and if so how?

Yes. I am a freelance writer and stylist and work has dried up massively.

_Are you getting the advice and information you need if you ask for help?

Only from mumsnet

_What do you want to see government doing to help with that?

CAB's that are not voluntarily led

_What do you think about bonuses?

What bonuses and for what? My exH has worked his arse off, yet his bonus has been cancelled and he has taken a paycut. It has messed up our divorce proceedings and I feel bad for him as his bonus was always factored into his 'slary'. He's in real trouble now.

_How can we help women who want to start their own businesses?

Why just Women? more investment in local business rather than national /multinationals

'It's time to decide whether to serve God or money'

That's the first time I've laughed out loud all day, thanks.

Agree with BCN that you dont get support if you are a working family as you ar enot 'in the system'. Plus the system is mostly open when you are at work so not practically easy to access. Mind you i dont particularly feel like i need advice type support, i have mumsnet for that!

Agree also childcare childcare childcare....on that note please dont let DEFRA close their HQ nursey in York!! That definitely wouldnt be government support!

Not knowledgable enough to say what the government should be doing re c. crunch. My gut feeling though is that now banks have to make a profit for shareholders, then this is the priority and raison d'etre so how can you even expect them to behave responsibly for the public good. I fel the building society model seems inherently better. FWIW same gut feeling applies to nuclear industry, rail anything safety related and also to utilities.

Bonuses...totally immoral. Govt needs to take a tough line...whole system needs changing.

Women starting businesses...a red herring, should be the same for men and women. Hubby has recently gone self employed and there is lots of help, businees link, hmrc also v good with advice.

Agree with BCN that you dont get support if you are a working family as you ar enot 'in the system'. Plus the system is mostly open when you are at work so not practically easy to access. Mind you i dont particularly feel like i need advice type support, i have mumsnet for that!

Agree also childcare childcare childcare....on that note please dont let DEFRA close their HQ nursey in York!! That definitely wouldnt be government support!

Not knowledgable enough to say what the government should be doing re c. crunch. My gut feeling though is that now banks have to make a profit for shareholders, then this is the priority and raison d'etre so how can you even expect them to behave responsibly for the public good. I fel the building society model seems inherently better. FWIW same gut feeling applies to nuclear industry, rail anything safety related and also to utilities.

Bonuses...totally immoral. Govt needs to take a tough line...whole system needs changing.

Women starting businesses...a red herring, should be the same for men and women. Hubby has recently gone self employed and there is lots of help, businees link, hmrc also v good with advice.

KatyMac I agree with you I would resent writing off debt too...don't punish those who have been careful, considered what they spent / borrowed and saved to make their future better.

One last thing I'd like the govt to do, get rid of Peter Mandelson (again)

For example to receive help with mortgage payment I think you should provide the gov with a percentage of your house - that you could 'buy' back with repayment of the money they used to bail you out

I am 4 months pregnant with my second child and DH was made redundant in November as a direct result of the credit crunch (falling order books).
The maximum cap on statuatory redundancy is ridiculously low - DH got no where near his weekly wage for the paltry amount of weeks redundancy he was paid. I am shocked that this maximum is in place under a labour government.
My work is looking for budget cuts and I have found out today that my direct report is at risk from redundancy.
I am praying my job is safe, as although thank god we took out mortgage protection, it would just cover the mortgage, not bills, food, etc.
We had just got to a stage after 20 odd years of working where we could start to save, have the odd holiday etc and now it is all up in the air again.

Opinion polls tell us that women are more concerned about the impact of the recession than men, is that your view?

That is possibly because less women are in the position of being the main bread winner, and therefore have less visibility and perceived control over their family income: they are getting all their information from the scaremongering press and hence worry more.

Or alternatively, working women are experiencing more pressure to keep their jobs. Many women work part-time and have always had a "grateful" attitude to having such a job (like the company is doing them a massive favour) and because of this attitude and mistaken gratefulness, they are more vulnerable to redundancy - easy targets. The way in which redundancies are carried out are ruthless and often filled with prejudice - a chance to 'get rid' of those they feel cause them more of a problem.
Tightening up the way in which redundancies are individually selected may relieve the valid fears that women have. We have sexual discrimination laws that have been validated in recruitment but those same laws seem to be forgotten on redundancy programmes. Stricter criteria should be adhered to.

Is the recession affecting your family life and if so how?

Not really. Just getting no interest on savings and the mortgage has gone down ( I think that last one is a positive ssshhhhhhh)

Are you getting the advice and information you need if you ask for help?

N/A

What do you want to see government doing to help with that?

As above on the redundancy procedures - such a good excuse to 'get rid' of the more 'difficult' staff subject to very little legal governance (or at least validated cases)

What do you think about bonuses?

Of course there should be no bonuses to staff in publicly rescued banks. It is completely counter-intuitive and reinforces the greedy and selfish values that have proliferated for too long. It's not the money that is the problem.........it is the values that are being reinforced by giving out bonuses.

How can we help women who want to start their own businesses?

I am starting my own business as we speak. There is some 'help' but it is so tied up in bureaucratic nonsense that it is hardly worth the effort and time. I find the help to be by people who want you more than you want them ( i.e. they want you because you keep them in a job but what they actually offer me is nothing tangible and they verge on being pests). That is my experience of it..........sorry. What can you do? Cut out the non-tangible crap and offer clear incentive schemes and clear training programmes to get the basics of a start-up QUICKLY - we must help women realise their ambitions........because lets face it most women want to set up their own business so they don't have to put up with the discrimination and lack of flexibility available in most organisations. Their motivations are quite simple and clear, it is the process and legalities they need help with........

Can you give Obama one for me?

Thank you for asking

Is the recession affecting your family life and if so how?
It is making us more wary of spending money, when you see 40 work colleagues made redundant it makes you stop and think perhaps we shouldn?t book the holiday yet.

Are you getting the advice and information you need if you ask for help?
I have used the money saving expert website which I think is easy to understand and I trust not to put a spin on it. The FSA website (money made clear) has some useful stuff on it although a little too basic sometimes.

Government Help
Please tell me how I am supposed to save with interest rates plummeting. It really concerns me. I have saved all my life, have a pension but how on earth am I going to build up enough of a value to live off when its my turn to retire? I just don?t understand how it is going to work. I have invested in the stock market only to see my value go down again. I accept it is for the long term but there are limits to how much you can see you value fall before wondering what the point is. I save for via the child trust fund but again with interest rates so low it makes you wonder if it is worthwhile.

What do you think about bonuses?
Staff should be rewarded for good long term performance. Crazy risk taking should not be rewarded. If staff are on final salary pensions I would like you to question if that is a good use of my tax paying money.

Other issues
The tax relief on child care vouchers has really helped so thanks for that.
For stamp duty on houses why do you have to pay the full tax on everything over £175K why not the bit that you are over. OK so you will be short of tax, but if nobody is moving you are not getting anything anyway. We can get a mortgage but I cannot face stumping up such a high level of tax so we have decided to stay put.
I would be happy for the housing market to plummet some more so that perhaps I might be able to afford to move house.

1. A review of the tax credits - especially for Childcare. DH earns a bit over average, I earn very little as only PT. BUT We pay most of my wages in CC for DD (who is under the state age for Nursery fees). This is despite the Childcare voucher scheme (which allows me to work at all) which we both subscribe to.

If I was a single parent there is no way I could/would work whilst she is not at school - and you know what? I want to work and make it worth while.

1. I would also review the work OFSTED do. And the new Early Years requirements - it is so much paperwork, it needs to be simplified so carers have time to care for the Children not sit and fill in paperwork while the children play alone