Working families are the ‘new poor’, says Britain’s leading economic think-tank, by John Bingham.

Middle income working families are the “new poor” – increasingly dependent on benefits despite ministers’ promises to “make work pay”, Britain’s leading economic think-tank has warned.

Two thirds of children growing up in poverty now live in a household where at least one parent works, according to a new study by the Institute for Fiscal Studies (IFS).

Meanwhile the gap between Britain’s poorest households and those on medium incomes has fallen to the lowest level for 20 years.

Due to the way money is manufactured in our societies, the rich and speculators have captured most of the benefits of the increased productivity since the 1970s.

hat-tip Stephen Neil