BANK of England governor Sir Mervyn King yesterday spelled out the high price many of us are having to pay while our economy is in his words “rebalanced”.

In his assessment we really are all in it together with savers, workers and the increasing numbers of unemployed all feeling the pinch.

On the day unemployment hit a 16- year high and it was revealed that a record number of people are now working part time because they simply cannot find full-time positions, Sir Mervyn revealed that it is not only the jobless who are feeling pain.

Tough employment conditions and high living costs are combining to make life in Britain incredibly tough.

But let’s not forget the plight of savers and those nearing retirement who will continue to find themselves at the heart of a storm for the foreseeable future with the value of their investments being wiped out through no fault of their own.

All in all it’s not a very rosy picture.