Genie Posted September 26, 2022 Share Posted September 26, 2022 9 minutes ago, desensitized43 said: Where do you even start trying to fix this mess? Great question. I am clutching at straws here but I am hoping there’s a bigger plan which for obvious reason LT cannot shout from the rooftops. She seems to be quietly aligning us back with Europe. In the last week we’ve heard about relaxing immigration rules to attract workers, and also joining the new European nations club. The problem will be time, they are running out of it fast. Link to comment Share on other sites More sharing options...
bickster Posted September 26, 2022 Moderator Share Posted September 26, 2022 35 minutes ago, Genie said: I’m sure the rich are absolutely loving them right now. Depends on your definition of rich. Top 1%, yes Otherwise, no, not really Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 (edited) 12 minutes ago, bickster said: Depends on your definition of rich. Top 1%, yes Otherwise, no, not really Even in that top 1% it's not completely cut and dried. I was chatting with a client of mine at the end of last week, they have a household income of £800,000, so are set to do pretty well out of the whole thing. Unfortunately, that has coincided with their £1.2m mortgage going to 1.2% to 3.7%, and a near £3,000 increase in their monthly payment. Which obviously they can afford, but it didn't sound like they were loving these decisions all that much. Edited September 26, 2022 by ml1dch 1 1 Link to comment Share on other sites More sharing options...
Risso Posted September 26, 2022 Share Posted September 26, 2022 Has anybody mentioned 'trickle down' economics other than the people complaining about it? Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 11 minutes ago, bickster said: Depends on your definition of rich. Top 1%, yes Otherwise, no, not really Everyone on £50k or more is gonna have an extra ~£500 in their pockets. If they are first time buyers they’re saving thousands. Another £500 or so next April too when the 20% tax level becomes 19%. It’s only the lowest earners or those on benefits that felt no gain. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 (edited) 3 minutes ago, ml1dch said: Even in that top 1% it's not completely cut and dried. I was chatting with a client of mine at the end of last week, they have a household income of £800,000, so are set to do pretty well out of the whole thing. Unfortunately, that has coincided with their £1.2m mortgage going to 1.2% to 3.7%, and a near £3,000 increase in their monthly payment. Which obviously they can afford, but it didn't sound like they were loving these decisions all that much. The interest rate decision wasn’t made by the government. The government have helped them massively pay the new amount. Edited September 26, 2022 by Genie 1 Link to comment Share on other sites More sharing options...
The Fun Factory Posted September 26, 2022 Share Posted September 26, 2022 The pound is absolutely tanking at the moment. The markets aren't exactly sold on this huge gamble on growth. Link to comment Share on other sites More sharing options...
desensitized43 Posted September 26, 2022 Share Posted September 26, 2022 25 minutes ago, Genie said: Great question. I am clutching at straws here but I am hoping there’s a bigger plan which for obvious reason LT cannot shout from the rooftops. She seems to be quietly aligning us back with Europe. In the last week we’ve heard about relaxing immigration rules to attract workers, and also joining the new European nations club. The problem will be time, they are running out of it fast. Attract workers who wont want to come because the money they earn here now is a hell of a lot less valuable than the money they earned here 10 years ago. Also, this new nations thing is a political concept, not a trading bloc. It's only designed to get some kind of cordial dialogue on policitical matters. It won't at all result in less trade barriers. Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 (edited) 9 minutes ago, Genie said: The interest rate decision wasn’t made by the government. The government have helped them massively pay the new amount. The interest rate decisions are a reaction in large part to policy choices made by the Government. Edited September 26, 2022 by ml1dch Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 Just now, desensitized43 said: Attract workers who wont want to come because the money they earn here now is a hell of a lot less valuable than the money they earned here 10 years ago. Also, this new nations thing is a political concept, not a trading bloc. It's only designed to get some kind of cordial dialogue on policitical matters. It won't at all result in less trade barriers. Not initially I agree, but it might be something that the EU can do a deal with down the line. Even if not, it’s a step in the right direction after the last guy burnt pretty much all bridges with our neighbours. Link to comment Share on other sites More sharing options...
foreveryoung Posted September 26, 2022 Share Posted September 26, 2022 10 minutes ago, ml1dch said: Even in that top 1% it's not completely cut and dried. I was chatting with a client of mine at the end of last week, they have a household income of £800,000, so are set to do pretty well out of the whole thing. Unfortunately, that has coincided with their £1.2m mortgage going to 1.2% to 3.7%, and a near £3,000 increase in their monthly payment. Which obviously they can afford, but it didn't sound like they were loving these decisions all that much. £800k income, extra £3k to pay for the £1.2 million house. My heart *****ing bleeds for them chap. 2 Link to comment Share on other sites More sharing options...
Popular Post ml1dch Posted September 26, 2022 Popular Post Share Posted September 26, 2022 1 minute ago, foreveryoung said: £800k income, extra £3k to pay for the £1.2 million house. My heart *****ing bleeds for them chap. I don't recall saying that your heart was supposed to bleed for them. Chap. 5 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 (edited) 6 minutes ago, ml1dch said: The interest rate decisions are a reaction in a large part to policy choices made by the Government. I don’t agree. Raging inflation is worldwide due to issues post covid. Yes our terrible government haven’t done much to help but they aren’t the main reason for it. Interest rates have gone up all over the world. Only here have the government helped wealthier people pay their huge mortgages by cutting taxes. They’ve done them a massive favour. Also, if their mortgage has gone from 1.2% to 3.7% then it’ll be driven by their fixed rate coming to an end and then not renewing it in time. That can’t be pinned on the Tories either. Edited September 26, 2022 by Genie Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 1 minute ago, Genie said: I don’t agree. Raging inflation is worldwide due to issues post covid. Yes our terrible government haven’t done much to help but they aren’t the main reason for it. Interest rates have gone up all over the world. Only here have the government helped wealthier people pay their huge mortgages by cutting taxes. They’ve done them a massive favour. Higher interest rates is a deliberate part of Friday's (not a real) budget. It's not a design flaw - they wanted a larger rise on Thursday than they got. They are hoping for higher, quicker increases. Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 Just now, ml1dch said: Higher interest rates is a deliberate part of Friday's (not a real) budget. It's not a design flaw - they wanted a larger rise on Thursday than they got. They are hoping for higher, quicker increases. Higher interest rates are needed to bring down the record inflation. That’s a must and everyone is doing it. Only here have those with massive mortgages been given a massive handout of cash to help pay it. They should be thanking this government, not slating them. Nobody else would do it. Link to comment Share on other sites More sharing options...
ml1dch Posted September 26, 2022 Share Posted September 26, 2022 1 minute ago, Genie said: They should be thanking this government, not slating them. Nobody else would do it. Cool, well you're more than welcome to tell them that. I'm quite happy with them not doing that. Link to comment Share on other sites More sharing options...
sidcow Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 Well in my opinion the only way out of this now is to vote in some extreme right wing fascists, someone who would scare the shit out of even Rees-Mogg. It's the only logical thing to do. 1 Link to comment Share on other sites More sharing options...
meregreen Posted September 26, 2022 Share Posted September 26, 2022 Two years till the next election. I’m not sure the country can survive that long. Lasting damage being inflicted by these bastards. Worst Government in my lifetime. The last 12 years have been truly dreadful. Link to comment Share on other sites More sharing options...
bickster Posted September 26, 2022 Moderator Share Posted September 26, 2022 Shouldn't take too much to work out who this is Sky News Blog Quote The disquiet with Conservative MPs over the mini-budget is growing. One Tory MP who served as a minister under Boris Johnson has told Sky News: "Liz is f*****." "She is taking on markets and the Bank of England. "Her, Kwasi, Philp and Simon [McGee] are playing A-level economics with people's lives. You cannot have monetary policy and fiscal policy at loggerheads. Something has to give." The source also claimed moves to trigger a vote of no confidence in Ms Truss's leadership were already underway: "They are already putting letters in as think she will crash the economy. The tax cuts don’t matter as all noise anyway - mainly reversing back to the status quo this year... 1 Link to comment Share on other sites More sharing options...
Chindie Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 The markets are viewing Britain as a basket case. Good to see they've finally caught up. Link to comment Share on other sites More sharing options...
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