Finance thread 2022.

[Ramarena]

3 hours ago, Stive Pesley said:

I was also really pleased for King Charles when I heard that he's exempt from inheritance tax. I mean - talk about a stroke of luck! ?

Shut it you and get back to work!

[Gee SCREAMER !!]

On 10/09/2022 at 09:43, uttoxram75 said:

Haha, not disputing that or calling him a bamford for that matter.

He has been prepared to use whatever methods he can to be successful, including tax dodging, making huge donations to the Conservative party locally and nationally, and lobbying government to keep the dice loaded his way. I'm not really moaning about it tbh, just stating how it works.

My point is that working people should be a bit more on the front foot as regards doing the same. We cant dodge tax, the vast majority are PAYE, but we could fight for better public services, working conditions etc. The unions should either force Labour to commit to this or cut the affiliation and start again.

Too much of the wealth created in this country is now sitting in tax havens instead of circulating amongst people who will spend it.

The balance is always fragile but the last 30 or 40 years has tilted it too far to the benefit of billionaires and away from working folk.

Problem with that is that nowadays- trains on strike -you can work from home.  Mail on strike- send me an e mail. customer service on strike- pay your tax and bills on line.  Banks on strike- set up your online banking there's no one to serve customers in banks anyway.   Stopping money getting into business is what makes strikes work, so it still works in some sectors but a fair way less than it used to. 

[uttoxram75]

2 hours ago, Gee SCREAMER !! said:

Problem with that is that nowadays- trains on strike -you can work from home.  Mail on strike- send me an e mail. customer service on strike- pay your tax and bills on line.  Banks on strike- set up your online banking there's no one to serve customers in banks anyway.   Stopping money getting into business is what makes strikes work, so it still works in some sectors but a fair way less than it used to. 

Most people can't work from home. People who work in factories, shops, warehouses, building trades and drivers can't work from home. Nothing moves in this country without the permission of the working class!

[Gee SCREAMER !!]

7 minutes ago, uttoxram75 said:

Most people can't work from home. People who work in factories, shops, warehouses, building trades and drivers can't work from home. Nothing moves in this country without the permission of the working class!

You don't think advances in technology have made strikes have far less impact in many sectors then .  When civil servants went on strike in the 80's the exchequer costs almost matched those during WW2.  When I went on strike back in 2007 they couldn't give a s*** and the Labour government I'd voted for since 18 went to court to rip up my pension and redundancy rights.  As I said, for a company like Royces the union has a much stronger hand - till more automation comes in.  They can make bikes with a printer now.  Things will only get worse. 

[uttoxram75]

15 minutes ago, Gee SCREAMER !! said:

You don't think advances in technology have made strikes have far less impact in many sectors then .  When civil servants went on strike in the 80's the exchequer costs almost matched those during WW2.  When I went on strike back in 2007 they couldn't give a s*** and the Labour government I'd voted for since 18 went to court to rip up my pension and redundancy rights.  As I said, for a company like Royces the union has a much stronger hand - till more automation comes in.  They can make bikes with a printer now.  Things will only get worse. 

We should never give up mate. If we don't fight for better working conditions they will never offer them. 

Our forebears fought for more than a century for the vote. Many thought it would never happen. There is a enough resource and money for everyone to have a reasonable life......we just have to fight for it.

[Ram-Alf]

9 hours ago, Gee SCREAMER !! said:

You don't think advances in technology have made strikes have far less impact in many sectors then .  When civil servants went on strike in the 80's the exchequer costs almost matched those during WW2.  When I went on strike back in 2007 they couldn't give a s*** and the Labour government I'd voted for since 18 went to court to rip up my pension and redundancy rights.  As I said, for a company like Royces the union has a much stronger hand - till more automation comes in.  They can make bikes with a printer now.  Things will only get worse. 

As an ex Senior Union Rep at RR can I chuck my 5 Penarth worth in.

After Covid and the loss of almost 3000 workers and £4billion ish £s the Union isn't as strong as it was, They've just voted by 53% to 47% in Civil Aero in Derby to decline their pay offer, Now in the process of balloting the workforce on strike action.

After laying off 3000 workers, Some who'd taken very good redundancy terms and pension...with people I know leaving with £100k, RR in their wisdom asked some if they'd like to come back, The management structure at RR is about as strong as having jelly as foundations for a tower block.

The Union I talk about is Unite, Some staff unions have accepted the pay offer, The working conditions when and since Warren East was CEO has left the workforce disillusioned and confidence in Senior management has plummeted to an all time low.

I'm told RR is no longer a good place to work at altho the wages are exceptional for a good few on the shop floor if you're on a level 3/4 pay structure.

  https://www.derbytelegraph.co.uk/news/jobs/rolls-royce-workers-derby-vote-7565749

 

[1of4]

With the number of people worrying about their financial situation, due to the soaring cost of living.

It's good to see the government are planning to ease the worrys of a section of the community, that's struggled recently.

Our new Chancellor of the Exchequer is going to scrap the cap on the bonuses that our destitute bankers can be paid.

It's a relief to know that bankers will be able to stop burning twenty pound notes and return to using fifty pound notes to light their cigars.

And all this achieved without a picket line in sight.

[Boycie]

No doubt the financial advisors will advise us to put more into our pensions.

Oh, and take out critical illness insurance.

[Gone]

The pounds dropped again, interest rates are going to go up again no doubt. I really hope people have their mortgages fixed for a few years. I worry how high they will go, it could put the energy price increase costs into insignificance.

[ariotofmyown]

43 minutes ago, TexasRam said:

The pounds dropped again, interest rates are going to go up again no doubt. I really hope people have their mortgages fixed for a few years. I worry how high they will go, it could put the energy price increase costs into insignificance.

I'm on a tracker. Not sure whether to fix or wait until they fall with the impending recession.

I do struggle a bit to understand raising interest rates to combat inflation in the current situation.

If the economy is doing well and people are spending money, then raising rates will reduce spending and borrowing, which should stop inflation.

When inflation is high like now, because of sky high gas prices and multiple supply issues, then interest rate hikes just wipe out even more money that might be spent keeping businesses going.

Small, non-essential businesses like restaurants, pubs etc are screwed. Staff costs going up as not enough people to work, bills going through the roof, then reduced custom as no one has any money left due to inflation and interest rate rises.

Are the people at the Bank of England making decisions based on their own experiences? Eating out 5 times a week in a Surrry commuter village and buying luxury goods. An interest rate rise for them will help inflation as they will go for cheaper 75 quid bottle of wine next week?

Not really sure how we get out of this mess, at least in the short term. War in Ukraine comes to a swift conclusion and Europe's realtionship Russia returns back to how it was before? Seem like the only option.

 

[Gone]

29 minutes ago, ariotofmyown said:

I'm on a tracker. Not sure whether to fix or wait until they fall with the impending recession.

I do struggle a bit to understand raising interest rates to combat inflation in the current situation.

If the economy is doing well and people are spending money, then raising rates will reduce spending and borrowing, which should stop inflation.

When inflation is high like now, because of sky high gas prices and multiple supply issues, then interest rate hikes just wipe out even more money that might be spent keeping businesses going.

Small, non-essential businesses like restaurants, pubs etc are screwed. Staff costs going up as not enough people to work, bills going through the roof, then reduced custom as no one has any money left due to inflation and interest rate rises.

Are the people at the Bank of England making decisions based on their own experiences? Eating out 5 times a week in a Surrry commuter village and buying luxury goods. An interest rate rise for them will help inflation as they will go for cheaper 75 quid bottle of wine next week?

Not really sure how we get out of this mess, at least in the short term. War in Ukraine comes to a swift conclusion and Europe's realtionship Russia returns back to how it was before? Seem like the only option.

 

I’m fixed for 2.5 more years, so selfishly I hope it’s all sorted by then. I don’t get why upping rate will help either, however I was reading a financial commentator (in the Guardian or I) stating my the government has done with the energy price freeze and potential tax cut will be seen as inflationary by the banks. This give them no choice but to hike the interest rates rapidly.  Scary times for everyone, homeowners and those who rent it seems that cost is going to sky rocket also. 

 

[JoetheRam]

My opinion...

Time to fix was 6/7/8 months ago (which I did at 1.89% for 5 years with Nationwide). Still time (to fix) but you're not getting as good a deal as you would have.

Banks in US offering 2.5% interest on instant access accounts to the public already, unheard of since 2008. Base rate likely to be 4-5% by next year for at least a couple of years and probably more like five to ten years. The historic interest lows have ended and will not be seen again for a while.

We will follow suit and raise our interest rates because we always do, just a little bit later. Wouldn't surprise me if they jump 1% by New Year.

 

 

[Marriot Ram99]

On 17/09/2022 at 08:26, ariotofmyown said:

I'm on a tracker. Not sure whether to fix or wait until they fall with the impending recession.

I do struggle a bit to understand raising interest rates to combat inflation in the current situation.

If the economy is doing well and people are spending money, then raising rates will reduce spending and borrowing, which should stop inflation.

When inflation is high like now, because of sky high gas prices and multiple supply issues, then interest rate hikes just wipe out even more money that might be spent keeping businesses going.

Small, non-essential businesses like restaurants, pubs etc are screwed. Staff costs going up as not enough people to work, bills going through the roof, then reduced custom as no one has any money left due to inflation and interest rate rises.

Are the people at the Bank of England making decisions based on their own experiences? Eating out 5 times a week in a Surrry commuter village and buying luxury goods. An interest rate rise for them will help inflation as they will go for cheaper 75 quid bottle of wine next week?

Not really sure how we get out of this mess, at least in the short term. War in Ukraine comes to a swift conclusion and Europe's realtionship Russia returns back to how it was before? Seem like the only option.

 

I think there is no chance in hell we should go back to the same relationship we had with Russia Pre Invasion as that would be bowing down to their aggression just for economic reasons, it won't happen either and I hope Europe stands strongly against Russia and cuts them off until a regime change. In the short-term governments will have to import energy from elsewhere and in the long term become more self reliant. 

As for interest rates I think the BOE has no other option and is just looking to tackle inflation first and foremost, and protecting the value the pound has and ensuring that savers don't get screwed by inflation that could go higher is seen as the priority over anything else. 

When the economy has an external shock like the war there is nothing they can do to make everything right, we are going to have an economy that is going to be tough. The way the system works though will mean that the very richest will profit by buying up all the assets like property's, stocks and cryptocurrency and make a tonne from buying when things hit rock bottom. 

Edited September 19, 2022 by Marriot Ram99

[G STAR RAM]

On 16/09/2022 at 13:47, 1of4 said:

With the number of people worrying about their financial situation, due to the soaring cost of living.

It's good to see the government are planning to ease the worrys of a section of the community, that's struggled recently.

Our new Chancellor of the Exchequer is going to scrap the cap on the bonuses that our destitute bankers can be paid.

It's a relief to know that bankers will be able to stop burning twenty pound notes and return to using fifty pound notes to light their cigars.

And all this achieved without a picket line in sight.

Agreed, its a good job the previous Labour government werent involved in deregulation of said banks...oh wait...

[G STAR RAM]

On 17/09/2022 at 08:26, ariotofmyown said:

I'm on a tracker. Not sure whether to fix or wait until they fall with the impending recession.

I do struggle a bit to understand raising interest rates to combat inflation in the current situation.

If the economy is doing well and people are spending money, then raising rates will reduce spending and borrowing, which should stop inflation.

When inflation is high like now, because of sky high gas prices and multiple supply issues, then interest rate hikes just wipe out even more money that might be spent keeping businesses going.

Small, non-essential businesses like restaurants, pubs etc are screwed. Staff costs going up as not enough people to work, bills going through the roof, then reduced custom as no one has any money left due to inflation and interest rate rises.

Are the people at the Bank of England making decisions based on their own experiences? Eating out 5 times a week in a Surrry commuter village and buying luxury goods. An interest rate rise for them will help inflation as they will go for cheaper 75 quid bottle of wine next week?

Not really sure how we get out of this mess, at least in the short term. War in Ukraine comes to a swift conclusion and Europe's realtionship Russia returns back to how it was before? Seem like the only option.

 

Only winners from this are the banks that we bailed out in 2008, good to see them returning the favour when the boot is on the other foot..

 

[Stive Pesley]

37 minutes ago, G STAR RAM said:

Only winners from this are the banks that we bailed out in 2008, good to see them returning the favour when the boot is on the other foot..

And of course we'll be told that the instruments of the financial system must be protected at all costs. Which on the one hand you can understand. None of us are in a good place if the banks fail, but on the other hand we appear to have learned nothing from 2008. The quest for infinite economic growth continues, and our governments don't seem to care that following this path widens the gulf in financial inequality

Imminent cuts in income tax are a sop to the masses. We may briefly feel like we have a bit more money in our pocket, but costs will not stop rising, as those at the top of the pile simply see it as more money to be squeezed out of us, and into their offshore bank accounts ?

 

[Eddie]

1 hour ago, G STAR RAM said:

Agreed, its a good job the previous Labour government werent involved in deregulation of said banks...oh wait...

The greater part of bank deregulation was under the Thatcher government.

[1of4]

9 hours ago, G STAR RAM said:

Agreed, its a good job the previous Labour government werent involved in deregulation of said banks...oh wait...

 

8 hours ago, Eddie said:

The greater part of bank deregulation was under the Thatcher government.

Apparently Churchill told our late Queen, the farther you go back in time, the farther forward we will see.

So how far back would we need to go, to enable us to see into the near future and identify who is actually responsible for this coming financial crisis we are facing?

 @G STAR RAM went back to Blair's nineties and @Eddie went back to Thatcher's eighties.

 

Maybe the seventies of Heath and Callaghan or even the Victorian era of Disraeli and Gladstone, could hold the answer.

 

Me, I'm just going to the Cameron,May,Johnson and Truss era, to identify those responsible for the poo show that is facing the people of our country.

Edited September 20, 2022 by 1of4

[G STAR RAM]

2 hours ago, 1of4 said:

 

Apparently Churchill told our late Queen, the farther you go back in time, the farther forward we will see.

So how far back would we need to go, to enable us to see into the near future and identify who is actually responsible for this coming financial crisis we are facing?

 @G STAR RAM went back to Blair's nineties and @Eddie went back to Thatcher's eighties.

 

Maybe the seventies of Heath and Callaghan or even the Victorian era of Disraeli and Gladstone, could hold the answer.

Me, I'm just going to the Cameron,May,Johnson and Truss era, to identify those responsible for the poo show that is facing the people of our country.

That's very convenient...

[i-Ram]

4 hours ago, 1of4 said:

 

Apparently Churchill told our late Queen, the farther you go back in time, the farther forward we will see.

So how far back would we need to go, to enable us to see into the near future and identify who is actually responsible for this coming financial crisis we are facing?

 @G STAR RAM went back to Blair's nineties and @Eddie went back to Thatcher's eighties.

 

Maybe the seventies of Heath and Callaghan or even the Victorian era of Disraeli and Gladstone, could hold the answer.

 

Me, I'm just going to the Cameron,May,Johnson and Truss era, to identify those responsible for the poo show that is facing the people of our country.