Clips
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IN THIS WEEK'S MONEY WATCH JUSTIN MEETS ENTREPRENEUR ANGEL MOORE AND CLIENT
The first of the series, presented from Birmingham, tackles jobs and pay. BBC Personal Finance Correspondent Andy Verity travels to Banbury in Oxfordshire, where he discovers that although some have had a tough time in the downturn, others have done much better than expected – with new jobs on offer and rises in real incomes. The outlook, though, in the so-called “recovery” is pretty bleak.
Read: How recession and recovery really affect your income, BBC News
Andy also investigates why unemployment failed to rise in the recession as far as expected. The answer is that employees up and down the country were expected to work more flexibly – in return for keeping their jobs. It could mean more time to pursue interests outside work, but the harsh reality for many was reduced pay and uncertain working patterns. Andy concludes that we’d better get used to it, because with our current economic troubles, the trend looks unstoppable.
Financial reporter Libby Potter, meanwhile, investigates why top earners have seen their pay rise so much faster than the rest of us – even during the downturn. But with pressure building to curb top pay in the public sector, can the boardroom bonanza continue? Marketing boss Sir Martin Sorrell, who earns hundreds of times more than his average employees, says he’s not a fat cat. “We have created jobs, we haven’t destroyed jobs, we’ve created. So we took a risk.”
At the other end of the scale, Justin Rowlatt meets two people who decided to go it alone during the depths of recession: Angel, a dog groomer and Reiki practitioner, and Kerstin, who runs a restaurant in her living room. Why has there been such a surge in micro businesses? What are the benefits – and the pitfalls? And can they survive in the tough times ahead?
And for those who can’t go it alone, but are still worried about their pay and employment prospects, money saving expert Martin Lewis weaves his financial magic. Like so many families, the Merrimans have taken a hit in the downturn. Their income has slumped, and there are worries about savings, debt and retirement plans. Over the series, he’ll attempt to transform their finances. This week, how can they boost their income? -
THE MONEY WATCH FAMILY
Money saving expert Martin Lewis puts the Merriman/Lathwell family through a gruelling budget calculator that looks at absolutely everything they earn and spend their money on.
Watch: Money Watch Family
Martin will then work out who’s spending more than they should and will reveal their personal spending secrets.
Once he knows who’s over spending he’ll be offering some income boosting ideas - which could work for just about anyone.
The family will also be discussing whether it’s time for Anne-Marie to return to work, but will the high cost of childcare put a stop to this? -
ALSO ON THIS WEEK'S MONEY WATCH
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TOP PAY
In 2009 Britain's top bosses earn 81 times the average worker’s salary - 10 times more than in the 1970s. Moneywatch speaks to Sir Martin Sorrell, CEO of WPP, who was paid £20m last year, about why Britain's bosses get such huge pay rewards, and whether their salaries should be limited.
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FLEXIWORK
Andy Verity reports on why Britain's unemployment rate hasn't rocketed as much as the experts predicted during the recession. The UK economy shrank by 6% in 2009 but unemployment only rose by 2%, meaning that employers were able to hold onto more staff than was expected. He speaks to people who've made big compromises on their wages, and been prepared to work flexibly, in order to keep working. For some, the change of lifestyle was welcome. But others paid a heavy price in order to avoid becoming an unemployment statistic.
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ENTREPRENEURS
Justin Rowlatt sets off to meet the people who are helping to kickstart Britain's economy. In Manchester, he meets a man who gives Reiki to dogs, and hears how finding a niche market can produce profits – even in a downturn. In London he cooks with a supper club hostess and sees her experiment with a farmers market – held in her own flat. She is one of the growing army of part-time female entrepreneurs to emerge from the recession. Former Dragon's Den star Doug Richard makes clear the risks that face any entrepreneur, but also explains why the current downturn is producing such an explosion of entrepreneurial activity across Britain.
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MARTIN LEWIS' INCOME BOOSTING TIPS FOR THE MONEY WATCH FAMILY
1. Get a cash-back credit card, setup a direct debit to pay it back every month so there is no interest every time you spend, and get up to 5% back in cash.
2. Go through your house, sell what you don't use on Ebay or Amazon.
3. Rent out your driveway.
4. Rent out your car.
5. Offer your house as a set/filming location.
6. Online market research - do surveys when you have a spare hour - some people make up to £250 a year doing this.
7. Enter hundreds of competitions.
8. Setup an ironing service.
9. Become a party planner.
10. Be a pet or plant sitter.
11. Be a TV extra.
12. Get a job – work pays better than anything else.
Credits
- Presenter
- Sophie Raworth
- Participant
- Martin Lewis
- Reporter
- Justin Rowlatt
- Reporter
- Libby Potter
- Reporter
- Andrew Verity
- Director
- Joanna Burge
- Producer
- Joanna Burge
- Producer
- Martin Small
- Producer
- Lucie Hass
- Executive Producer
- Lucy Hetherington
