| The Pound 13:57 - Sep 24 with 100567 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 20:27 - Sep 30 with 2764 views | kensalriser |
| The Pound on 20:04 - Sep 30 by Superhoops2808 |
No point explaining to the other one but your posts I normally respect. The 'I had to laugh' was a figure of speech. In the 80's I watched my Mum crying her eyes out as rates hit 15% and then my wife very upset in 2007 at the thought of us not meeting our mortgage payments as they hit 5.75%. We searched out ideas to gain extra income.
They are not even at that level yet and people are asking for government help. My point is that every time something gets tough people cannot look towards the government for help. Where does it stop? Because we have to pay that money back in some way eventually. Someone has mentioned earlier that this generation are not so keen to cut their cloth accordingly, cut out the luxuries like Sky, Netflix etc. And they are also not keen to look for another source of income either. People who though that rates would stay as low as they were for ever were very naive.
There are many that do take on multiple jobs, but others look to the easy option. |
The narrative of blaming the younger generation for being feckless and entitled is completely absurd when it's older generations - with their historic affordable property purchases with tax relief, index linked pension schemes, free higher education, trade union negotiated beneficial employment conditions, retirement at 60 or 65, hoovering up privatised state assets on the cheap, abundant low rent social housing which many then bought at knock down prices, etc - who are largely responsible for creating the current mess.
But no, because 20 somethings don't want to give up a 6.99 a month Netflix subscription they can't buy a property because obviously you can get a really nice des res for a mortgage repayment of 6.99 a month. |  |
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| The Pound on 20:29 - Sep 30 with 2736 views | Benny_the_Ball |
| The Pound on 22:12 - Sep 29 by BazzaInTheLoft |
Generation with cheap houses, free health, free education, telling the youth to stop asking for handouts. |
Houses were not cheap, that's a complete myth. As someone pointed out earlier, you also have to take wages and other prices into account when making comparisons across different eras. Houses were particularly expensive in the 1970s.
In any event, if you're so concerned about affordable housing for the young then stop championing uncontrolled immigration. Too many folk competing for limited housing equals high prices. It's basic economics. |  | | |
| The Pound on 20:30 - Sep 30 with 2733 views | Benny_the_Ball |
| The Pound on 09:00 - Sep 30 by BazzaInTheLoft |
No economy on a dead planet! |
Now that I agree with. | | | |
| The Pound on 20:49 - Sep 30 with 2702 views | Benny_the_Ball |
| The Pound on 20:27 - Sep 30 by kensalriser |
The narrative of blaming the younger generation for being feckless and entitled is completely absurd when it's older generations - with their historic affordable property purchases with tax relief, index linked pension schemes, free higher education, trade union negotiated beneficial employment conditions, retirement at 60 or 65, hoovering up privatised state assets on the cheap, abundant low rent social housing which many then bought at knock down prices, etc - who are largely responsible for creating the current mess.
But no, because 20 somethings don't want to give up a 6.99 a month Netflix subscription they can't buy a property because obviously you can get a really nice des res for a mortgage repayment of 6.99 a month. |
It's population density (and therefore demand) that drives up housing prices. There are nearly 70 million people in the UK. This is a rise of 20 million since 1950! There are around 10 million people in London alone, the same as the populations of Portugal and Sweden. By comparison, Greater Manchester has 2.8 million, Birmingham 1 million. The UN projects that UK population, particularly London, will continue to rise at a rapid rate. Grown up conversations need to be had about the sustainability of this population boom going forward. | | | |
| The Pound on 20:55 - Sep 30 with 2690 views | Benny_the_Ball |
| The Pound on 15:15 - Sep 29 by Watford_Ranger |
I was thinking more the de facto lending rates on mortgages. That’s if you can find someone willing to give you a rate at all. |
I hear you but there's nothing de facto about lending rates. They follow the BoE base rate. | | | |
| The Pound on 22:12 - Sep 30 with 2605 views | JimmyR |
| The Pound on 20:18 - Sep 30 by Benny_the_Ball |
Agreed, perception is key. However, if you follow the chain back you will note that I was answering a specific point made by a few posters who claimed that Liz's mini-budget caused inflation and interest rates to rise. It didn't, it was a response to those events. What it did do is cause temporary panic in the market which saw the GB pound fall against the US dollar. It has since regained these losses. |
And there’s and extra £100bn to pay on gov debt now. Every. Year. | | | |
| The Pound on 22:18 - Sep 30 with 2598 views | CamberleyR |
| The Pound on 20:18 - Sep 30 by Benny_the_Ball |
Agreed, perception is key. However, if you follow the chain back you will note that I was answering a specific point made by a few posters who claimed that Liz's mini-budget caused inflation and interest rates to rise. It didn't, it was a response to those events. What it did do is cause temporary panic in the market which saw the GB pound fall against the US dollar. It has since regained these losses. |
"What it did do is cause temporary panic in the market which saw the GB pound fall against the US dollar. It has since regained these losses. "
Which is down to the Bank of England's £65bn intervention buying up gilts to prevent many pension funds collapsing. |  |
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| The Pound on 23:29 - Sep 30 with 2533 views | PlanetHonneywood |
| The Pound on 20:29 - Sep 30 by Benny_the_Ball |
Houses were not cheap, that's a complete myth. As someone pointed out earlier, you also have to take wages and other prices into account when making comparisons across different eras. Houses were particularly expensive in the 1970s.
In any event, if you're so concerned about affordable housing for the young then stop championing uncontrolled immigration. Too many folk competing for limited housing equals high prices. It's basic economics. |
You do realise that both the NHS; private medical services; and elderly care systems are totally reliant on immigrants. Indeed, if it wasn't for foreigners, the UK could not have coped with the surge in demand occasioned by the pandemic.
Tomorrow filthy foreigners will likely fill positions - that will deliver you three points - at goalkeeper, left back, centre halves, holding and attacking midfielders. [Post edited 1 Oct 2022 7:18]
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| The Pound on 10:11 - Oct 1 with 2267 views | Sonofpugwash |
The first coin with the new monarch's head on it has just been released.
Traditionally(and appropriately) it is looking the other way. |  |
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| The Pound on 10:17 - Oct 1 with 2287 views | GloryHunter |
| The Pound on 23:29 - Sep 30 by PlanetHonneywood |
You do realise that both the NHS; private medical services; and elderly care systems are totally reliant on immigrants. Indeed, if it wasn't for foreigners, the UK could not have coped with the surge in demand occasioned by the pandemic.
Tomorrow filthy foreigners will likely fill positions - that will deliver you three points - at goalkeeper, left back, centre halves, holding and attacking midfielders. [Post edited 1 Oct 2022 7:18]
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I was in Moorfields Eye Hospital yesterday for my annual check up. Carried out by three health professionals, one from Nigeria, second from Columbia, third from India. It's sad that they couldn't be helping treat patients in their own countries, but my god the NHS in London would be lost without them. |  | | |
| The Pound on 10:24 - Oct 1 with 2279 views | LythamR |
| The Pound on 22:18 - Sep 30 by CamberleyR |
"What it did do is cause temporary panic in the market which saw the GB pound fall against the US dollar. It has since regained these losses. "
Which is down to the Bank of England's £65bn intervention buying up gilts to prevent many pension funds collapsing. |
It also made a small % of people a shed load of money, it couldn't have worked out much better for those people if it had been deliberate! |  | | |
| The Pound on 10:50 - Oct 1 with 2229 views | derbyhoop |
| The Pound on 23:29 - Sep 30 by PlanetHonneywood |
You do realise that both the NHS; private medical services; and elderly care systems are totally reliant on immigrants. Indeed, if it wasn't for foreigners, the UK could not have coped with the surge in demand occasioned by the pandemic.
Tomorrow filthy foreigners will likely fill positions - that will deliver you three points - at goalkeeper, left back, centre halves, holding and attacking midfielders. [Post edited 1 Oct 2022 7:18]
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Don't forget the Scotstralian CF. |  |
| "Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one's lifetime." (Mark Twain)
Find me on twitter @derbyhoop and now on Bluesky |
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| The Pound on 14:41 - Oct 1 with 2104 views | Sonofpugwash |
Here we go again,the demonisation/scapegoatism of the Oldies.
You don't know anything about them apart from some statistics scribbled on a piece of toilet paper.
To know someone you have to walk a mile in their shoes as they say.
The upside being..
a) You're a mile further away
b) You've got their shoes. | |
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| The Pound on 14:52 - Oct 1 with 2116 views | DylanP |
| The Pound on 14:59 - Sep 24 by Match82 |
Genuinely interested, hadn't heard that about the US - do you have a link? |
You haven't heard it because it is absolutely bollox. Absolutely laughable. A famous bloke once said, there are lies, damn lies and statistics, This falls into that category.
Housing prices in the US are beginning to moderate, which means that whereas 6 months ago they were rising at insane rate, they are no longer rising as fast as they were. The statistic misquoted is that the rate of increase is, on average, 50% less than what it was -- that is, housing prices are still going up, they are just going up 50% less quickly than they were a few months ago. |  |
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| The Pound on 17:08 - Oct 1 with 2034 views | themodfather |
one week for truss to bowlocks the economy , kwasi is inept. tories are inept. shares, stocks and the pound collapsed and if the bank of england hadnt stepped in, pensions would have disappeared. the IMF have for the first time criticised a UK budget plan!!!!!!! | | | |
| The Pound on 17:25 - Oct 1 with 2007 views | Lblock |
| The Pound on 23:29 - Sep 30 by PlanetHonneywood |
You do realise that both the NHS; private medical services; and elderly care systems are totally reliant on immigrants. Indeed, if it wasn't for foreigners, the UK could not have coped with the surge in demand occasioned by the pandemic.
Tomorrow filthy foreigners will likely fill positions - that will deliver you three points - at goalkeeper, left back, centre halves, holding and attacking midfielders. [Post edited 1 Oct 2022 7:18]
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Why does anyone's observations on immigration immediately cause some to instantly hit back that people are anti-foreigner and basically insinuate racism?
I saw no reference to filthy foreigners yet..... I dunno
You can be in favour of controlled immigration, against illegal economic migrants and.... sit down when you read this some of you.... not a black shirt, jackboot wearing, frothing at the mouth racist. [Post edited 1 Oct 2022 17:27]
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| Cherish and enjoy life.... this ain't no dress rehearsal |
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| The Pound on 21:18 - Oct 1 with 1847 views | slmrstid |
Apologies for bumping this again on a day of a great win for QPR, but this has annoyed me so much I've actually emailed my local MP.
Being an accountant, and a nerd, I run a set of accounts each month for the household because it just enables me to plan and understand where we are.
Updating my workplace pensions and ISA savings, the losses they have incurred this month following the mini-budget when annualised equate to:-
- Old workplace pension - 76.68%
- New workplace pension - 73.28%
(I changed jobs 12 months ago and intend to keep them separate for now)
- Stocks & Shares ISA with Lloyds/Scottish Widows - 81.26%
Now, hopefully, over the years these will recover. I'm lucky to be young enough for that to be hopefully be the case.
But I know lots of others on here aren't so lucky to be miles off retirement - some are close, some are already there. No matter which side of the equation you are from, left, right, centrist, whatever, we are all ordinary working people on here working ordinary people's jobs and I imagine all of your pensions and ISAs have just been as robbed as mine have and in this regard we are all in the same boat.
That should be something we can all agree on and frankly there should be accountability for that between Kwarteng and Truss and the current iteration of government. What has happened is outrageous - an enormous wealth transfer has just taken place from the British public to the ultra wealthy. |  | | |
| The Pound on 22:01 - Oct 1 with 1800 views | BazzaInTheLoft |
| The Pound on 20:29 - Sep 30 by Benny_the_Ball |
Houses were not cheap, that's a complete myth. As someone pointed out earlier, you also have to take wages and other prices into account when making comparisons across different eras. Houses were particularly expensive in the 1970s.
In any event, if you're so concerned about affordable housing for the young then stop championing uncontrolled immigration. Too many folk competing for limited housing equals high prices. It's basic economics. |
Sorry missed this earlier.
On every single indicator, since records began, houses were cheaper both relatively and actually compared to wages anytime prior to 2022.
I’m going to skip the rest of what you said. [Post edited 2 Oct 2022 15:40]
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| The Pound on 11:59 - Oct 2 with 1551 views | derbyhoop |
If there is a correction (slump) in the housing market, coupled with a massive hike in mortgage payments, it is likely to push the UK into a deep and long lasting recession.
Any tax cuts will be swallowed by rising costs.
I see the revised figures for Q2 was that there was growth of 0.2%, revised from -0.1%; Nothing to write home about. | |
| "Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one's lifetime." (Mark Twain)
Find me on twitter @derbyhoop and now on Bluesky |
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| The Pound on 12:21 - Oct 2 with 1493 views | Sakura |
| The Pound on 22:01 - Oct 1 by BazzaInTheLoft |
Sorry missed this earlier.
On every single indicator, since records began, houses were cheaper both relatively and actually compared to wages anytime prior to 2022.
I’m going to skip the rest of what you said. [Post edited 2 Oct 2022 15:40]
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Agree with Baz about something... must still be in a good mood after yesterdays fun
More sobering news. Credit Suisse and Deutsche Bank look as though they are very close to folding.
Trading at a price to book value of 24% and 23.4%.
Also Barclays next most likely trading at a price to book value of 34%
Eeeeeeeeek
Think I've seen this movie before doesn't end well... | | | |
| The Pound on 12:32 - Oct 2 with 1463 views | BazzaInTheLoft |
| The Pound on 12:21 - Oct 2 by Sakura |
Agree with Baz about something... must still be in a good mood after yesterdays fun
More sobering news. Credit Suisse and Deutsche Bank look as though they are very close to folding.
Trading at a price to book value of 24% and 23.4%.
Also Barclays next most likely trading at a price to book value of 34%
Eeeeeeeeek
Think I've seen this movie before doesn't end well... |
What do your other identities think?
Can’t let it go mate, even when you agree. Sorry. [Post edited 2 Oct 2022 12:33]
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| The Pound on 13:41 - Oct 2 with 1397 views | kensalriser |
| The Pound on 20:49 - Sep 30 by Benny_the_Ball |
It's population density (and therefore demand) that drives up housing prices. There are nearly 70 million people in the UK. This is a rise of 20 million since 1950! There are around 10 million people in London alone, the same as the populations of Portugal and Sweden. By comparison, Greater Manchester has 2.8 million, Birmingham 1 million. The UN projects that UK population, particularly London, will continue to rise at a rapid rate. Grown up conversations need to be had about the sustainability of this population boom going forward. |
So it's a complete myth that housing used to be cheaper, but at the same time population growth has caused them to be higher now.
I may not be very bright, but something doesn't seem right there. | |
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| The Pound on 13:48 - Oct 2 with 1383 views | Watford_Ranger |
| The Pound on 13:41 - Oct 2 by kensalriser |
So it's a complete myth that housing used to be cheaper, but at the same time population growth has caused them to be higher now.
I may not be very bright, but something doesn't seem right there. |
Housing was infinitely cheaper as a multiple of wages even taking into account relatively high IRs. How is that even a debate? | | | |
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