| Interest rates going up again 12:24 - Jun 22 with 5439 views | Joesus_Of_Narbereth |
To combat inflation apparently. Because the previous recent thirteen attempts were incredibly successful.
It’s got a bit of the Blackadder battlefield tactics about it now. Doing the same thing we’ve done 13 times before is the last thing inflation would expect us to do this time.
How much do these idiots get paid for making these asinine decisions? |  |
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| Interest rates going up again on 13:04 - Jun 22 with 3401 views | jojaca |
They are f**ked whatever they do now, the can has been kicked too far now. |  |
| Even when you know, you never know? |
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| Interest rates going up again on 15:09 - Jun 22 with 3334 views | controversial_jack |
| Interest rates going up again on 13:04 - Jun 22 by jojaca |
They are f**ked whatever they do now, the can has been kicked too far now. |
Not sure what else can be done to combat inflation |  | | |
| Interest rates going up again on 15:32 - Jun 22 with 3335 views | Joesus_Of_Narbereth |
| Interest rates going up again on 15:09 - Jun 22 by controversial_jack |
Not sure what else can be done to combat inflation |
Fuel and energy prices are the main driver. A and end to these pointless “green taxes” a decrease in fuel duty or VAT would help massively.
Pricing people out of mortgages and giving them less money in their pockets to be able to live is never the answer. I doubt the British people have been squeezed this much since the time of king John. | |
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| Interest rates going up again on 15:35 - Jun 22 with 3332 views | majorraglan |
| Interest rates going up again on 15:09 - Jun 22 by controversial_jack |
Not sure what else can be done to combat inflation |
It’s a bit of a mess to be honest.
I suspect the reason the BoE didn’t raise interest rates earlier was because the economy wasn’t in particularly great shape post Brexit, post Covid and with the Ukraine war raging. Whatever people say about the economy, the bottom line is that it took our economy a lot longer to recover the ground it lost during the pandemic than all the other major economies and I suspect the BoE were worried raising interest rates would choke off growth.
As it is now, with most people having fixed rate mortgages on lower rates they will be protected from the rises until their deals end, the impact will only be felt by the smaller number of borrowers on Standard Variable Rates and those who’ve come off a fixed term deal relatively recently. My deal came to an end and the cheapest deal I could get would see my mortgage go up almost 5 times what I’d been paying - mental. People with bank loans and credit card borrowings will also be exposed to increased payments.
The whole purpose of interest rates is to take money out of peoples pockets so they can spend less which impacts on the economy etc, I’d argue this adversely impacts on the younger people more than the older people because the latter have paid off their mortgages etc. There is another way to share the pain out a bit more and that is to increase taxes, almost everyone would be affected and it would deliver the same result which is less money in people’s pockets, but it would be political suicide go whoever did it.
I suspect the triple lock on pensions will be binned after the next GE whoever wins. It’s too expensive and the country is struggling to afford it. I also think work needs to be incentivised. [Post edited 22 Jun 2023 20:58]
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| Interest rates going up again on 18:17 - Jun 22 with 3274 views | Whiterockin |
They should have thrown absolutely everything at subsidising fuel when it went up, I know they helped but not enough. The fuel cost is the cause of inflation, it is now costing more to pay public employees than it would have to take the hit on fuel prices. |  | | |
| Interest rates going up again on 19:05 - Jun 22 with 3232 views | Kilkennyjack |
Well done Johnson. |  |
| Beware of the Risen People
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| Interest rates going up again on 19:20 - Jun 22 with 3215 views | max936 |
I fixed my deal earlier in the year only got a couple of years left on it anyway. |  |
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| Interest rates going up again on 19:35 - Jun 22 with 3207 views | Togg |
| Interest rates going up again on 15:35 - Jun 22 by majorraglan |
It’s a bit of a mess to be honest.
I suspect the reason the BoE didn’t raise interest rates earlier was because the economy wasn’t in particularly great shape post Brexit, post Covid and with the Ukraine war raging. Whatever people say about the economy, the bottom line is that it took our economy a lot longer to recover the ground it lost during the pandemic than all the other major economies and I suspect the BoE were worried raising interest rates would choke off growth.
As it is now, with most people having fixed rate mortgages on lower rates they will be protected from the rises until their deals end, the impact will only be felt by the smaller number of borrowers on Standard Variable Rates and those who’ve come off a fixed term deal relatively recently. My deal came to an end and the cheapest deal I could get would see my mortgage go up almost 5 times what I’d been paying - mental. People with bank loans and credit card borrowings will also be exposed to increased payments.
The whole purpose of interest rates is to take money out of peoples pockets so they can spend less which impacts on the economy etc, I’d argue this adversely impacts on the younger people more than the older people because the latter have paid off their mortgages etc. There is another way to share the pain out a bit more and that is to increase taxes, almost everyone would be affected and it would deliver the same result which is less money in people’s pockets, but it would be political suicide go whoever did it.
I suspect the triple lock on pensions will be binned after the next GE whoever wins. It’s too expensive and the country is struggling to afford it. I also think work needs to be incentivised. [Post edited 22 Jun 2023 20:58]
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Interesting post. So the triple lock would be stopped. Not great for pensioners who rely on the state pension, which is one of the worst in Europe, in one of the most expensive countries in Europe. Would be a huge vote loser as the grey vote ( and they do vote) would have their say. [Post edited 22 Jun 2023 19:38]
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| Interest rates going up again on 19:44 - Jun 22 with 3188 views | Togg |
To me and please excuse my lack of knowledge but pragmatically, high mortgages , less spending. Less money going into the economy. Less tax, businesses closing, people losing jobs. How is this good for the economy or is it just us prols who have to feel the financial pain again. | | | |
| Interest rates going up again on 20:37 - Jun 22 with 3167 views | SullutaCreturned |
| Interest rates going up again on 15:32 - Jun 22 by Joesus_Of_Narbereth |
Fuel and energy prices are the main driver. A and end to these pointless “green taxes” a decrease in fuel duty or VAT would help massively.
Pricing people out of mortgages and giving them less money in their pockets to be able to live is never the answer. I doubt the British people have been squeezed this much since the time of king John. |
Not to try and be a smart alec but a few people (myself included) did say that a long while back.
Cut fuel duty and EVERYTHING else will probably see price drops. When the transport costs rise all other costs rise.
The tories don't care though, Hunt has even said he'll accept forcing a recession to bring inflation down.
Soon we'll see many more people struggling to pay their mortgages, we'll see bankruptcies and the rich will swoop in and vacuum up the bargains, again. | | | |
| Interest rates going up again on 21:07 - Jun 22 with 3135 views | Joesus_Of_Narbereth |
There’s a lot of shameless profiteering going on too. Lots of firms making record profits. | |
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| Interest rates going up again on 21:09 - Jun 22 with 3132 views | builthjack |
| Interest rates going up again on 21:07 - Jun 22 by Joesus_Of_Narbereth |
There’s a lot of shameless profiteering going on too. Lots of firms making record profits. |
The rich get richer, especially with this Government. |  |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| Interest rates going up again on 21:16 - Jun 22 with 3132 views | majorraglan |
| Interest rates going up again on 19:35 - Jun 22 by Togg |
Interesting post. So the triple lock would be stopped. Not great for pensioners who rely on the state pension, which is one of the worst in Europe, in one of the most expensive countries in Europe. Would be a huge vote loser as the grey vote ( and they do vote) would have their say. [Post edited 22 Jun 2023 19:38]
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I agree with your comments, definite potential vote loser, defo a poor pension and we’re certainly an expensive country. We heard a few mumbling from ministers about the cost and I genuinely believe there’ll be changes, we’ve got less people putting in and more taking out. The younger element in our society are getting a poor deal in many ways, they are being priced out of housing, childcare is extortionate, wages aren’t keeping up with inflation, uni graduates have huge loans to service etc etc etc. I can see why some don’t or won’t work, as they get housing benefit, free school meals, and other benefits which give them a better lifestyle than some working families. Work has to pay. There are a lot of pensioners struggling, but equally there are loads that aren’t.
I’ll be honest, I’d keep the triple lock and I’d focus on addressing the people who have no interest in working etc, but it’s easier said than done. | | | |
| Interest rates going up again on 22:02 - Jun 22 with 3098 views | max936 |
| Interest rates going up again on 20:37 - Jun 22 by SullutaCreturned |
Not to try and be a smart alec but a few people (myself included) did say that a long while back.
Cut fuel duty and EVERYTHING else will probably see price drops. When the transport costs rise all other costs rise.
The tories don't care though, Hunt has even said he'll accept forcing a recession to bring inflation down.
Soon we'll see many more people struggling to pay their mortgages, we'll see bankruptcies and the rich will swoop in and vacuum up the bargains, again. |
Been working a lot down West Wales and there's plenty of vacuuming up going on down there, people buying up properties up and renting out to build their pension funds up.
If there's a demand people will do it. | |
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| Interest rates going up again on 22:23 - Jun 22 with 3088 views | ItchySphincter |
| Interest rates going up again on 19:44 - Jun 22 by Togg |
To me and please excuse my lack of knowledge but pragmatically, high mortgages , less spending. Less money going into the economy. Less tax, businesses closing, people losing jobs. How is this good for the economy or is it just us prols who have to feel the financial pain again. |
I think they’re trying to force a technical or full recession Togg. They want people to stop spending to stop prices going up to curb inflation. They’re trying to get people to fear for their jobs and homes so they keep their hands in their pockets and stop asking for pay rises. If the bottom falls out of the housing market the ‘high’ interest rates won’t look high, as technically they are not, and they won’t be a problem. Eventually the Tories will use it to do an unofficial u-turn on Brexit. |  |
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| Interest rates going up again on 22:44 - Jun 22 with 3069 views | raynor94 |
| Interest rates going up again on 15:35 - Jun 22 by majorraglan |
It’s a bit of a mess to be honest.
I suspect the reason the BoE didn’t raise interest rates earlier was because the economy wasn’t in particularly great shape post Brexit, post Covid and with the Ukraine war raging. Whatever people say about the economy, the bottom line is that it took our economy a lot longer to recover the ground it lost during the pandemic than all the other major economies and I suspect the BoE were worried raising interest rates would choke off growth.
As it is now, with most people having fixed rate mortgages on lower rates they will be protected from the rises until their deals end, the impact will only be felt by the smaller number of borrowers on Standard Variable Rates and those who’ve come off a fixed term deal relatively recently. My deal came to an end and the cheapest deal I could get would see my mortgage go up almost 5 times what I’d been paying - mental. People with bank loans and credit card borrowings will also be exposed to increased payments.
The whole purpose of interest rates is to take money out of peoples pockets so they can spend less which impacts on the economy etc, I’d argue this adversely impacts on the younger people more than the older people because the latter have paid off their mortgages etc. There is another way to share the pain out a bit more and that is to increase taxes, almost everyone would be affected and it would deliver the same result which is less money in people’s pockets, but it would be political suicide go whoever did it.
I suspect the triple lock on pensions will be binned after the next GE whoever wins. It’s too expensive and the country is struggling to afford it. I also think work needs to be incentivised. [Post edited 22 Jun 2023 20:58]
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I can't believe your last paragraph, the triple lock is to expensive, it's been peanuts for years, it's only because inflation has risen its come to people's notice.
This year I had a whopping £50 a month increase on my pension.
Interest rates were low for years people taking out big mortgages, and now interst rates are getting back to more historical rates, people are feeling the pinch.
And I can remember interest rates being in double figures in the late 80s |  |
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| Interest rates going up again on 06:49 - Jun 23 with 3017 views | controversial_jack |
| Interest rates going up again on 21:07 - Jun 22 by Joesus_Of_Narbereth |
There’s a lot of shameless profiteering going on too. Lots of firms making record profits. |
Spot on. Big companies are making huge profits. I would extend that to pubs and restaurants too. There’s no justification for the price rises and smaller portions.
As for higher wages pushing up inflation, as Mick Lynch stated, “ wages have not kept pace with inflation.”
As for subsidising fuel prices , that would be admitting that capitalism doesn’t work | | | |
| Interest rates going up again on 08:07 - Jun 23 with 2985 views | majorraglan |
| Interest rates going up again on 22:44 - Jun 22 by raynor94 |
I can't believe your last paragraph, the triple lock is to expensive, it's been peanuts for years, it's only because inflation has risen its come to people's notice.
This year I had a whopping £50 a month increase on my pension.
Interest rates were low for years people taking out big mortgages, and now interst rates are getting back to more historical rates, people are feeling the pinch.
And I can remember interest rates being in double figures in the late 80s |
I’m not saying I agree with it, I’m just saying I think it’s going to happen.
https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&
https://www.express.co.uk/finance/personalfinance/1712790/state-pension-triple-l | | | |
| Interest rates going up again on 16:44 - Jun 23 with 2873 views | max936 |
| Interest rates going up again on 22:44 - Jun 22 by raynor94 |
I can't believe your last paragraph, the triple lock is to expensive, it's been peanuts for years, it's only because inflation has risen its come to people's notice.
This year I had a whopping £50 a month increase on my pension.
Interest rates were low for years people taking out big mortgages, and now interst rates are getting back to more historical rates, people are feeling the pinch.
And I can remember interest rates being in double figures in the late 80s |
I bought my first house in 83, come late 80i's early 90's my mortgage become a massive worry, riding the waves in a gale force wind was no joy at all.  | |
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| Interest rates going up again on 17:03 - Jun 23 with 2860 views | SullutaCreturned |
| Interest rates going up again on 19:05 - Jun 22 by Kilkennyjack |
Well done Johnson. |
And et according to the BBC France is more expensive for food prices and the UK is mid table when compared to EU prices. | | | |
| Interest rates going up again on 17:33 - Jun 23 with 2848 views | Gwyn737 |
| Interest rates going up again on 17:03 - Jun 23 by SullutaCreturned |
And et according to the BBC France is more expensive for food prices and the UK is mid table when compared to EU prices. |
….yet you can get a 20 year fixed rate mortgage with 100% loan to value for around 3%.
I’ve no idea how they’re managing it, mind. Not my area of expertise at all. | | | |
| Interest rates going up again on 17:45 - Jun 23 with 2833 views | SullutaCreturned |
| Interest rates going up again on 17:33 - Jun 23 by Gwyn737 |
….yet you can get a 20 year fixed rate mortgage with 100% loan to value for around 3%.
I’ve no idea how they’re managing it, mind. Not my area of expertise at all. |
Mortgages in the UK are a massive con anyway. When you borrow for a mortgage the interest rate you get should be fixed for the term. Being able to raise it is a con, you pay a lot more back than you borrow.
Where can you get that 20 year deal, Gwyn? | | | |
| Interest rates going up again on 18:01 - Jun 23 with 2827 views | Gwyn737 |
| Interest rates going up again on 17:45 - Jun 23 by SullutaCreturned |
Mortgages in the UK are a massive con anyway. When you borrow for a mortgage the interest rate you get should be fixed for the term. Being able to raise it is a con, you pay a lot more back than you borrow.
Where can you get that 20 year deal, Gwyn? |
Heard Martin Lewis on the radio. Didn’t believe it at first so did a bit of searching. Loads of articles like this one on the first page of google:
https://www.internationalprivatefinance.com/france-best-buy-tables
He didn’t say how they manage it though. | | | |
| Interest rates going up again on 18:09 - Jun 23 with 2813 views | SullutaCreturned |
Ok, a 20 year fixed rate of 2.95% with a 10% deposit. It just shows how much we are being ripped off over here.
Maybe they are only doing it for people of a certain income level or amount of borrowing.
Annyway, it doesn't change my point, food in the Uk is not the most expensive compared to the EU. | | | |
| Interest rates going up again on 19:53 - Jun 23 with 2773 views | raynor94 |
| Interest rates going up again on 16:44 - Jun 23 by max936 |
I bought my first house in 83, come late 80i's early 90's my mortgage become a massive worry, riding the waves in a gale force wind was no joy at all. |
Exactly Max, people have got used to near enough 0% interest rates, taking out big mortgages on fixed rate terms, and now the reality is setting in. | |
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