| The Pound 13:57 - Sep 24 with 96982 views | Stanmiguel |
Well, the money markets didn't like the mini budget.
I met Liz Truss in a hotel in Monmouth a few years ago.
She said her solution to pensioner poverty would be to feed them on Pedigree Chum.
Not only would this save a lot of money, it would give them shiny coats and a nice cold nose. |  | | |  |
| The Pound on 22:45 - Sep 24 with 2514 views | BazzaInTheLoft |
| The Pound on 19:53 - Sep 24 by nix |
But as said by PP, they know the next election is probably lost anyway. Why not give a hospital pass to Labour, with the economy screwed, public services on their knees and then reap the benefits when Labour inevitably f uck up because they have no hope of doing anything else. Then we get another ten years of them. |
Labour plans are not too dissimilar from what I’ve heard is coming at conference next week.
Gaping hole in the market for an anti austerity / cost of living crisis policy right now. No one seems to want it lest they be labelled Corbynites. |  | | |
| The Pound on 23:03 - Sep 24 with 2465 views | CliveWilsonSaid |
| The Pound on 22:45 - Sep 24 by BazzaInTheLoft |
Labour plans are not too dissimilar from what I’ve heard is coming at conference next week.
Gaping hole in the market for an anti austerity / cost of living crisis policy right now. No one seems to want it lest they be labelled Corbynites. |
Only one person in politics who doesn't care about that. |  |
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| The Pound on 08:15 - Sep 25 with 2265 views | traininvain |
| The Pound on 22:45 - Sep 24 by BazzaInTheLoft |
Labour plans are not too dissimilar from what I’ve heard is coming at conference next week.
Gaping hole in the market for an anti austerity / cost of living crisis policy right now. No one seems to want it lest they be labelled Corbynites. |
This looks sensible to me and I’m a floating voter: https://www.theguardian.com/politics/2022/sep/24/keir-starmer-unveils-green-grow
We’re surely heading for a Labour / Starmer government. |  | | |
| The Pound on 09:04 - Sep 25 with 2198 views | Wilkinswatercarrier |
| The Pound on 19:25 - Sep 24 by Hunterhoop |
I think this mini budget is truly stupid, or at least truly bad for uk civilians.
I took out a 5 yr fixed rate mortgage a couple of months back at 2.24%. It’s a pretty big sum, but we didn’t max out because I was focussed on what the repayments meant as a % of our joint income and we’re just south of 30%. I think rates will have reduced in 5 years time, but if they’re double we could probably make I work, presuming I haven’t lost my job, and clearly life would be painful.
But I don’t want to think what it going to happen who have bought in the last 5 years on interest rates south of 2%, whose fixed term is ending in the next 12 months, especially those who did max out their borrowing and who have seen wage stagnation. Put simply they will have to sell. The market is surely going to take a big big dip.
I know our timing is bad (to be investing in property and taking out big loans!!), but it’s not as bad as others, and we had a baby, two of us soon to be working from home, and a small rented two bed flat just didn’t have the space. We had to commit. I’m glad we had our mortgage approved at the rate we did. By the time we exchanged it was already 3.5%. Some people are going to come to remortgage and go from 1.2% to 5%. I know interest rates aren’t that of 1992 or the 70s yet, but that is a brutal rise.
I get the hedge fund conspiracy. I get the Tory donor conspiracy.
But I don’t understand how this won’t lose them the next election. By then the middle income, swing voters will have been battered by inflation, by rising interest rates, potentially by negative equity, and wage growth being sluggish for many. Surely they’ll turn against the Tories and they’ll lose the next election?! It feels like electoral suicide.
Inflation must be tackled as the no. 1 economic priority. It hits the poorest the hardest and living standard far more than a few % back on your income tax. And the uk govt is going to be borrowing an obscene amount as money gets expensive to do all this.
I just find it bizarre. |
My late Dad was a bank manager (old school, interview you if u wanted a credit card) so I was very lucky as he was always offering sensible financial advise to me as I grew up. It was, now realising, just plain old common sense, something seriously lacking due to the greed culture.
1 - never borrow what u can't afford to pay back, except on your mortgage. You wages should increase as you get older and move up the job ladder.
2 - plan for interest rates at an average of 5% over the life of the mortgage.
3 - invest in bricks and mortar, your house will go up in value over the life of the mortgage. It will however fluctuate, just like interest rates.
4- prepare to sacrifice holidays etc to keep out of debt.
5- those that look like they have the most, usually have the least (turning up in flash cars, suits etc when he knew they were up to their eyeballs in debt).
6- differentiate between 'want' and 'need'.
And number 7 - remember your house is your home, nothing more nothing less.
This advise has served me well. It may seem boring to most (few holidays, 2nd hand car, no designer labels), but I'm debt free, almost mortgage free on my house, and quit my high pressure job at 40 to work in a paint shop 10 minutes from my house.
Successive governments over the past 40 years, Tory, Labour and Lib Dem, have built growth on getting people into more and more debt, it is utter bullsh$t.
It's not been helped either by social media and those God awful home improvement programs. I blame it all on Changing Rooms back in the 90s!
Oh, and congrats on the new house and baby. You sound sensible so you'll be fine. | | | |
| The Pound on 09:05 - Sep 25 with 2189 views | colinallcars |
An article in the Sunday Times saying the PM's chief of staff is being paid through his lobbying company rather than by the government as is normally the case. This results in him paying less tax than in the orthodox fashion.
The sleaze just goes on and on. Boris looks like an angel compared to these despicable people. |  | | |
| The Pound on 09:11 - Sep 25 with 2185 views | R_from_afar |
Absolutely, thanks for posting.
"The idea at its core is to build a self-sufficient power system run entirely by cheap, homegrown renewables and nuclear, by the end of the decade. This, they argue, would also allow the country to become a major energy exporter".
This is one of the most exciting and promising plans I have ever seen from a politician. Leaving the climate change related benefits to one side, what this would do for our energy security is huge and having a steady supply of local and green energy could attract businesses to the UK
There would also be health benefits due to improved air quality, helping reduce the current 40,000 premature deaths due to that problem and reducing the burden on the NHS.
For balance, there are plenty of people who vote Conservative and LibDem who are also in favour of this sort of approach.
One last thing: It's quite possible that some of the people posting concerns on here are not "lefties". There are factions and disagreements in all political parties. The Sunak group, for example, had very different ideas about growing the economy, inflation, tax, and debt. |  |
| "Things had started becoming increasingly desperate at Loftus Road but QPR have been handed a massive lifeline and the place has absolutely erupted. it's carnage. It's bedlam. It's 1-1." |
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| The Pound on 09:19 - Sep 25 with 2177 views | wood_hoop |
It could well be a great idea ,but will the R/Wing media ever do anything else that only mocks the opposition parties.
IMO the UK well most of it has always been majority Conservative with a small C, now and again Labour/Liberal come up with policies that don't frighten the horses, usually after the Tories have ripped the shi** out of our land.
Now maybe that time, but is still an uphill battle, latest polls on average have LP about 8 points in front, you can be sure our' non dom owning media' will not go down without a fight. |  | | |
| The Pound on 09:26 - Sep 25 with 2165 views | PunteR |
| The Pound on 09:04 - Sep 25 by Wilkinswatercarrier |
My late Dad was a bank manager (old school, interview you if u wanted a credit card) so I was very lucky as he was always offering sensible financial advise to me as I grew up. It was, now realising, just plain old common sense, something seriously lacking due to the greed culture.
1 - never borrow what u can't afford to pay back, except on your mortgage. You wages should increase as you get older and move up the job ladder.
2 - plan for interest rates at an average of 5% over the life of the mortgage.
3 - invest in bricks and mortar, your house will go up in value over the life of the mortgage. It will however fluctuate, just like interest rates.
4- prepare to sacrifice holidays etc to keep out of debt.
5- those that look like they have the most, usually have the least (turning up in flash cars, suits etc when he knew they were up to their eyeballs in debt).
6- differentiate between 'want' and 'need'.
And number 7 - remember your house is your home, nothing more nothing less.
This advise has served me well. It may seem boring to most (few holidays, 2nd hand car, no designer labels), but I'm debt free, almost mortgage free on my house, and quit my high pressure job at 40 to work in a paint shop 10 minutes from my house.
Successive governments over the past 40 years, Tory, Labour and Lib Dem, have built growth on getting people into more and more debt, it is utter bullsh$t.
It's not been helped either by social media and those God awful home improvement programs. I blame it all on Changing Rooms back in the 90s!
Oh, and congrats on the new house and baby. You sound sensible so you'll be fine. |
And now no young people can afford to buy a house. Brilliant. [Post edited 25 Sep 2022 9:27]
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| The Pound on 09:28 - Sep 25 with 2159 views | stevec |
Well the wealth is, and always will be, in energy export.
Something we basically turned our backs on, something many of you no doubt supported, and now you complain about the mess this country is in.
There will be an interim period before Starmers green mission is achievable, probably 20 years more like than the 8 he has suggested. Chances are it’ll be ready about the time a new ‘climate solution’ has been dreamt up by another bunch of chancers.
Meanwhile Russia continues to export vast quantities of fossil fuels right across the whole Southern Hemisphere as that part of the world recognises our stupidity. They also recognise that certain fossil fuels will always be essential. Still, keep burying your heads in the sand.
As for the Tories, they fcked up and have given up. Before them, Labour fcked up and gave up. We are finally paying the price and we’re all complicit. [Post edited 25 Sep 2022 9:32]
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| The Pound on 09:35 - Sep 25 with 2144 views | BazzaInTheLoft |
This is bullshit (from the Labour Party not you)
No specifics, just general sound bites. It’s all spin.
In reality the Labour Party blocked Green policy last week:
‘Labour for a Green New Deal blamed party staff for keeping the Green Jobs Revolution motion off the agenda, while other less radical proposals were allowed to go through’
https://www.independent.co.uk/climate-change/labour-conference-green-climate-cha [Post edited 25 Sep 2022 9:37]
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| The Pound on 09:57 - Sep 25 with 2116 views | Dazhooopa |
Doesnt anyone get that the destruction of the housing market is what they want the collapse of the economy to "build back better" dont u think its strange how most of our mps have come from well paid backgrounds from banking to pharmacy and gone to get menial pay as members of parliament unless they all doing it for alteria motives.oir democracy is just an illusion to pull us one way then the next when u finally realise that the people we vote for arnt in it for us they are under control.if u look around the world their is ab agenda going on to lower everyones standard of living this last generation will b the last to know what it is is to own things houses,cars, etc,if uve heard the expression "you will own nothing and be happy"and who young global leaders are and who companies like blackrock are who the w.e.f and who klaus schwab is u might understand a bit more of which direction the world is travelling.remember quantative easing after the banks collapsed all in it together it is all going to end with the getting rid of fiat money and everything going electronic and the control of lives and just constant hand outs to us plebs as long as u tow the line.it is all going to become very distopian. | | | |
| The Pound on 10:04 - Sep 25 with 2098 views | R_from_afar |
| The Pound on 21:04 - Sep 24 by hubble |
What *is* the US model, precisely? No one truly knows, and none of them know what they're doing. Never put ideologues in charge of an economy. Having political parties run our country is a ludicrous idea when you think about it, given that politicians rarely have any clue about business, efficient administration, or anything else, for that matter.
You could say years of Keynesian gobbledygook and associated dark arts like quantitative easing, interspersed with so-called (as in they never actually were) free-market policies have led us to this pass, but the malaise is deeper: inflation is robbery by governments and banks and the people of this country have been fleeced and fleeced again. I laugh when I recall that twit Gordon Brown saying 'we've ended the cycle of boom and bust' when his entire success was built on cheap credit. And then he sold most of our gold reserves off. And then when the bust did happen, he gave gazillions of tax-payers money to bail out the failed banksters, who promptly did it all again. The West has been teetering on the edge of a sovereign debt crisis for years, and most financial policies could be summed up as 'kicking the can down the road.' Norway did very well out of North sea gas and oil, the UK just squandered it. We never should have come off the gold standard, never allowed fractional reserve banking, but that probably requires a lot more explanation than I can summon the will to provide...
[Post edited 24 Sep 2022 21:16]
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I've always wondered about Gordon Brown and the gold he sold so I looked into it and here's some insight. The Independent also has a piece about whether the sell-off was sensible but it's behind a pay wall
https://www.mirror.co.uk/news/ampp3d/final-word-gordon-browns-gold-5614853
NB: "Between 1970-71 the Bank of England sold nearly half of our gold reserves. Just like the Brown sell-off it was sold at a historic low of about $42.5/oz in October 1971". That was the Heath government. | |
| "Things had started becoming increasingly desperate at Loftus Road but QPR have been handed a massive lifeline and the place has absolutely erupted. it's carnage. It's bedlam. It's 1-1." |
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| The Pound on 10:07 - Sep 25 with 2095 views | Antti_Heinola |
| The Pound on 09:35 - Sep 25 by BazzaInTheLoft |
This is bullshit (from the Labour Party not you)
No specifics, just general sound bites. It’s all spin.
In reality the Labour Party blocked Green policy last week:
‘Labour for a Green New Deal blamed party staff for keeping the Green Jobs Revolution motion off the agenda, while other less radical proposals were allowed to go through’
https://www.independent.co.uk/climate-change/labour-conference-green-climate-cha [Post edited 25 Sep 2022 9:37]
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Even Greenpeace disagrees with you on this baz. Loads of specifics in there and more to come. |  |
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| The Pound on 10:08 - Sep 25 with 2092 views | traininvain |
| The Pound on 09:35 - Sep 25 by BazzaInTheLoft |
This is bullshit (from the Labour Party not you)
No specifics, just general sound bites. It’s all spin.
In reality the Labour Party blocked Green policy last week:
‘Labour for a Green New Deal blamed party staff for keeping the Green Jobs Revolution motion off the agenda, while other less radical proposals were allowed to go through’
https://www.independent.co.uk/climate-change/labour-conference-green-climate-cha [Post edited 25 Sep 2022 9:37]
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Obviously they will need to go into more detail on the specifics but it’s a good starting point and if they can do that it’ll get floater voters like me onside. Something the previous leader was unable to do. | | | |
| The Pound on 10:09 - Sep 25 with 2091 views | traininvain |
| The Pound on 09:28 - Sep 25 by stevec |
Well the wealth is, and always will be, in energy export.
Something we basically turned our backs on, something many of you no doubt supported, and now you complain about the mess this country is in.
There will be an interim period before Starmers green mission is achievable, probably 20 years more like than the 8 he has suggested. Chances are it’ll be ready about the time a new ‘climate solution’ has been dreamt up by another bunch of chancers.
Meanwhile Russia continues to export vast quantities of fossil fuels right across the whole Southern Hemisphere as that part of the world recognises our stupidity. They also recognise that certain fossil fuels will always be essential. Still, keep burying your heads in the sand.
As for the Tories, they fcked up and have given up. Before them, Labour fcked up and gave up. We are finally paying the price and we’re all complicit. [Post edited 25 Sep 2022 9:32]
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I don’t think we need another thread on whether climate change is real or not. It’s been done to death and no one’s changing their opinion on either side of the argument. Have a good day! | | | |
| The Pound on 10:41 - Sep 25 with 2054 views | BazzaInTheLoft |
| The Pound on 10:07 - Sep 25 by Antti_Heinola |
Even Greenpeace disagrees with you on this baz. Loads of specifics in there and more to come. |
Where’s the industrial strategy? Will it be a government endeavour? How much carbon removal will it do?
All this is covered in the GND motion and they’ve destroyed it.
I can’t see Greenpeace approval of this article but I’m sure it’s there. | | | |
| The Pound on 10:42 - Sep 25 with 2049 views | BazzaInTheLoft |
| The Pound on 10:08 - Sep 25 by traininvain |
Obviously they will need to go into more detail on the specifics but it’s a good starting point and if they can do that it’ll get floater voters like me onside. Something the previous leader was unable to do. |
It’s not a good starting point to remove seven years worth of existing policy! | | | |
| The Pound on 11:05 - Sep 25 with 2013 views | traininvain |
| The Pound on 10:42 - Sep 25 by BazzaInTheLoft |
It’s not a good starting point to remove seven years worth of existing policy! |
Maybe I’ve misunderstood but this seems illogical. Surely the biggest changes usually require a big movement away from existing policy. Otherwise things wouldn’t change!
More to the point, Labour have lost election after election over the past seven years so changes are clearly needed to get back to the business of winning elections and forming a government. | | | |
| The Pound on 11:15 - Sep 25 with 1995 views | stevec |
| The Pound on 10:09 - Sep 25 by traininvain |
I don’t think we need another thread on whether climate change is real or not. It’s been done to death and no one’s changing their opinion on either side of the argument. Have a good day! |
Fair enough, but tell the masses to get used to being poor. | | | |
| The Pound on 11:26 - Sep 25 with 1973 views | nix |
| The Pound on 21:04 - Sep 24 by hubble |
What *is* the US model, precisely? No one truly knows, and none of them know what they're doing. Never put ideologues in charge of an economy. Having political parties run our country is a ludicrous idea when you think about it, given that politicians rarely have any clue about business, efficient administration, or anything else, for that matter.
You could say years of Keynesian gobbledygook and associated dark arts like quantitative easing, interspersed with so-called (as in they never actually were) free-market policies have led us to this pass, but the malaise is deeper: inflation is robbery by governments and banks and the people of this country have been fleeced and fleeced again. I laugh when I recall that twit Gordon Brown saying 'we've ended the cycle of boom and bust' when his entire success was built on cheap credit. And then he sold most of our gold reserves off. And then when the bust did happen, he gave gazillions of tax-payers money to bail out the failed banksters, who promptly did it all again. The West has been teetering on the edge of a sovereign debt crisis for years, and most financial policies could be summed up as 'kicking the can down the road.' Norway did very well out of North sea gas and oil, the UK just squandered it. We never should have come off the gold standard, never allowed fractional reserve banking, but that probably requires a lot more explanation than I can summon the will to provide...
[Post edited 24 Sep 2022 21:16]
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In this context the US model for these massive companies like Amazon is to pay low corporation tax in the countries where they're not necessarily creating the business using massive service charges for dubious intangible services. Meanwhile having low paid jobs with poor terms and conditions and basing the higher level jobs either in the US or in countries where they can pay low salaries. If I wanted to live in a country where you barely get any holiday entitlement or maternity pay, and they don't believe in state provision of services, then I'd have moved there. Unfortunately it seems to be being brought in by stealth here. |  | | |
| The Pound on 11:28 - Sep 25 with 1964 views | Sonofpugwash |
Here's a thing....Hedge Funds.
They've been buying up "premium" properties on both sides of the pond either to monopolise a future market or for rental.Over here said properties don't actually get on advertising hoardings or Zoopla etc,sold to "agents".
My gf's late father in law's gaff(a prime bungalow in Canterbury) got sold without being advertised.
But largely the hedge funds are going to take a massive haircut when the market crashes - and it will. |  |
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| The Pound on 11:33 - Sep 25 with 1964 views | BazzaInTheLoft |
| The Pound on 11:05 - Sep 25 by traininvain |
Maybe I’ve misunderstood but this seems illogical. Surely the biggest changes usually require a big movement away from existing policy. Otherwise things wouldn’t change!
More to the point, Labour have lost election after election over the past seven years so changes are clearly needed to get back to the business of winning elections and forming a government. |
It’s not existing policy, it’s proposed policy, from people like Naomi Klein. It would have been policy had Labour won in 2017 or 2019. | | | |
| The Pound on 12:04 - Sep 25 with 1887 views | traininvain |
| The Pound on 11:33 - Sep 25 by BazzaInTheLoft |
It’s not existing policy, it’s proposed policy, from people like Naomi Klein. It would have been policy had Labour won in 2017 or 2019. |
‘It’s not a good starting point to remove seven years worth of existing policy!’
Splitting hairs a bit here and you called it existing policy. | | | |
| The Pound on 12:28 - Sep 25 with 1853 views | CamberleyR |
| The Pound on 14:40 - Sep 24 by Sonofpugwash |
That's if you can afford hatches to batten down.
They're determined to destroy the middle classes.Next up a housing price crash,it's already happening in the States - up to 50% off in some places.
Merry Christmas everyone! |
Pound is falling, all around me
People starving, heating none
It's the season
Prepare for a crash landing
Merry Trussmas everyone |  |
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