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When is a bonus not a bonus - 17th of Mar, 2009
A new poll asks: if we all got City-style bonuses, how would we spend the extra cash?
Britain's struggling families would see little, or no, bonus effect from an extra 10%, City-style bonus payment, according to an End Child Poverty poll. Far from a retail splurge, the extra money would be used to make ends meet.
And while City spenders at bailed-out institutions quibble over multi-million-pound perks, nearly four out of ten people say low-income families are the most deserving of Government money.
These are the findings of the poll carried out by ICM to mark ten years since the Government promised to end child poverty in a generation.
Members of the public were asked how they would spend an average City bonus of 10% of their annual income, and who should be next in line for bailing out after the banks.
The research revealed that people on a high income would use the money to increase their assets, while those with much fewer means would spend it on necessities.
Four out of ten people with less than £15,000 a year said the extra money would go on buying food, essential clothes and covering ever-increasing utility bills, while more than four out of ten with over £50,000 said they would save it.
Those on low incomes would also be more likely than those with more money to use their bonus to replace a broken cooker or washing machine, and less able to reduce their liabilities by paying off debts.
Director of the campaign Hilary Fisher said: “The poll highlights shameful inequalities in our society, where those on low incomes really struggle.
“That is why the Campaign to End Child Poverty is calling on the Government to invest at least £3 billion in tax credits and benefits to keep its promise to halve child poverty by 2010.
“The poll shows that investing in low-income families is not only right, but also the best form of reviving the economy as they immediately spend on essentials for their children.
“Is it really too much to ask the Government to help children when banks funded by taxpayers are giving away billions in bonuses?
Notes to editors The Campaign to End Child Poverty www.endchildpoverty.org.uk commissioned the poll to mark the ten years’ anniversary of the Labour Government promise to halve child poverty by 2010 and eradicate it by 2020. There will be a photo opportunity on Tuesday, March 17th, 12.30pm at 10 Downing Street when children will be joining the campaign director, Hilary Fisher, Collette Marshall, UK Director of Save the Children and David Bull, UK Chief Executive of Unicef to hand in a petition asking the Prime Minister to take whatever action is necessary to keep the promise.
For more information, details of events, or an interview with Hilary Fisher please contact Chloë Bryan-Brown 020-7278 3405, media@ecpc.org.uk
ICM interviewed a random sample of 2010 adults aged 18+ by telephone between 27th – 5th March 2009. Surveys were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk
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