Britain is spreading goodies in Africa but life is getting harder at home as spending eats up 80% of incomes
British PM, Theresa May responding to traditional South African Vibes
By Adesina Idris
London, August 30, 2018 (AltAfrica)-British Prime Minister, Theresa May is visiting South Africa, Nigeria and Kenya on her first trip since her premiership. In South Africa, she danced to traditional tunes something rarely done at home. In Nigeria, she wore Ankara fabric made in Lagos all in a mission to woo Africa after Brexit
But back home, things aren’t rosy . Britons are getting poorer and have resulted to belt tightening
In the last three days, the cash has been flowing,. From tech to economy and security. In a speech in Cape Towm, Mrs May promised an extra £4bn in direct UK government investment – which she expects to be matched by the private sector – she said while the UK could not match the “economic might” of some foreign investors – such as China or the US – it offered long-term opportunities of the “highest quality and breadth”.
British PM, Theresa May gladly dressed in made in Nigeria Ankara fabric being welcomed to Nigeria (Daily Trust)
In Nigeria and Kenya, it was cash galore. Apart from security training and specialists equipment , She agreed a £10.5m package to help victims of modern slavery. A £70 million to create 100,000 jobs and £2.6 million tech support. For the Kenyans, UK is to build a cyber centre in Nairobi to help Kenyan police stop child abuse images being shared online. This is aside funding for enhanced airport security and a range of other assistance.
But back home, things are getting harder. Britons are getting poorer . A latest Bloomberg report depicts a disturbing trend.
The report reveals that essential spending gobbles up the lion’s share of Britons’ monthly income, leaving many with barely any money for other things.
Forty-one percent of people have less than 6.60 pounds ($8.50) to spend daily after paying their bills, according to a poll from Nationwide Building Society. Spending on things like mortgages, groceries and fuel has risen 6 percent over the past year and now consumes about 80 percent of the average U.K. salary.
Optimism has been hit by the weakening housing market, and there’s no end in sight for the slowdown. Consumer expectations for house values over the next 12 months hit the lowest point since July 2017, according to the CEBR.
“The housing market is set to remain subdued, at least in the immediate future,” said Nina Skero, head of macroeconomics at the CEBR. “This will be particularly problematic for the economy if it encourages consumers to tighten the purse strings and pull back on spending.”