Brexit, for once some facts.

[Croxden]

My old boss boasted to me he had never been free of an overdraught since he started work.

He is skint.

 

[trex]

debts may be bad for the individuals but like greed, are not all bad, they are integral parts of capitallism and help the economy to grow. This said, I never like credit.
https://en.wikipedia.org/wiki/Deficit_spending

 

[flecc]

debts may be bad for the individuals but like greed, are not all bad, they are integral parts of capitallism and help the economy to grow.

True, but for once we can leave it to others but not feel guilty!
.

 

[Kudoscycles]

I wonder what the reaction of the banks and government would be if a large amount of people started emptying their savings accounts. After all for what they are paying in interest there is not a great loss to be made. I know it won't happen. Just a thought. I remember many years ago when everyone used to be paid wages in cash and were then gradually forced into paying directly into bank accounts. That seemed to give a lot of power to the banks, and I suppose it also made it a lot easier for the government to keep tabs on people. I think that was also the start of people living beyond their means.

gray

What will empty bank accounts is if the banks start charging for accounts in credit....charging to look after our money?
Hasn't RBS suggested they will be doing that?
KudosDave

 

[flecc]

What will empty bank accounts is if the banks start charging for accounts in credit....charging to look after our money?
Hasn't RBS suggested they will be doing that?
KudosDave

Though I don't think we are quite there at present, I can certainly see that happening.

The most likely variant at first is the one my bank currently uses. I get my current account banking free so long as I also either use their credit card or have a minimum average £1500 in it. That way they can get some income to cover the costs, either by lending the £1500 or from the credit card fees each time it's used, plus any interest if I'm daft enough to have a balance outstanding.
.

 

[derf]

I believe that the government do too. What better way to control the work force than to have them enslaved to a pile of debt. The threat of losing the roof over your head if you stop working and default on the payments is a powerful tool.

So basically this great economy that BREXIT is putting in jeopardy consists of people spending money they don't have on things they don't need. Great!

too true. and of course the uk economy is an absolute zenith of ethics
https://www.theguardian.com/business/2016/aug/06/bhs-pension-deficit-sir-philip-green-sort-it
the plan is evidently to not do anything about bhs pensions until the public forgets, and the tories can quietly dip their hands in its collective pockets to bail out another "lord" for 1 billion or so. the intriguing question is how long it will take the public to move on?

 

[derf]

Same as me Tillson, I pay cash and never interest. My credit card account I clear monthly and my mortgages were cleared very early.

I think it's insane the amount people lose in interest payments, especially so those who borrow and pay back weekly. All they need do is pull their belt in for a week or so and then gain the extra income they'd previously lost in high interest payments. Daftest of all are those who pawn and then redeem continuously!
.

however, inflation has been hovering around 4.6% to 1% over the past 6 years
http://inflation.stephenmorley.org/
and ive had tracker mortgage with HSBC thats base rate plus 0.5 % (so 1% until this month, and 0.75 now), so it's entirely possible to make money by having debt. While I agree regarding credit cards, i now wish i had completely and utterly maxxed out the mortgage as much as possible.

 

[flecc]

however, inflation has been hovering around 4.6% to 1% over the past 6 years
http://inflation.stephenmorley.org/
and ive had tracker mortgage with HSBC thats base rate plus 0.5 % (so 1% until this month, and 0.75 now), so it's entirely possible to make money by having debt. While I agree regarding credit cards, i now wish i had completely and utterly maxxed out the mortgage as much as possible.

True it's possible Derf, but over a lifetime one can never know the economic future with any confidence, especially with the standards of governance we in the UK have suffered, resulting in constant switchbacks of boom and bust. Who only a couple of years ago could have forecast the current post Brexit mess we are in?

So the safest bet for any working person when young enough is to secure the future as quickly as possible by early home ownership and getting out of all debt as soon as possible. Leaving it until later can too easily mean leaving it too late, as those without homes yet in the UK now realise. Also "doing without" is so much easier when young and resilient.
.

 

[oldgroaner]

Daily Excess this morning
"
Brexit at last: Government begins talks on how to cut ties with Brussels
TALKS with big business over quitting the EU have started, it emerged yesterday – six weeks after the referendum."
News of the talks emerged yesterday as a poll showed two-thirds of grassroots Tory Party members are opposed to Britain having a relationship to the EU similar to the deal struck by Norway."
BBA chief executive Anthony Browne said: “We are not calling for membership of the single market – what we want is full two-way access to EU markets.”

Officials want to draw up a plan of action before Article 50 is triggered and negotiations begin in earnest.

“We are in the process of consulting various stakeholders, including the City of London, to ensure our approach will get the best deal for Britain,” said the Department for Exiting the EU.”

Has interest declined to the point where nothing actually happening has become headline news?

 

[oldgroaner]

"
Chinese firm with military ties invited to bid for role in UK's nuclear future
China National Nuclear Corporation on government list of preferred bidders for development funding for next-generation modular reactors
The company was formerly China’s Ministry of Nuclear Industry and developed the country’s atomic bomb and nuclear submarines, as well as being a key player in its nuclear power industry.
In an article on the ConservativeHome website, Timothy singled out CNNC’s military links as a reason the UK government should be wary of such involvement.

“For those who believe that such an eventuality [shutting down UK energy at will] is unlikely, the Chinese National Nuclear Corporation – one of the state-owned companies involved in the plans for the British nuclear plants – says on its website that it is responsible not just for ‘increasing the value of state assets and developing the society’ but the ‘building of national defence’,” he wrote.
"
Nothing to worry about there then?

 

[derf]

True it's possible Derf, but over a lifetime one can never know the economic future with any confidence, especially with the standards of governance we in the UK have suffered, resulting in constant switchbacks of boom and bust. Who only a couple of years ago could have forecast the current post Brexit mess we are in?

So the safest bet for any working person when young enough is to secure the future as quickly as possible by early home ownership and getting out of all debt as soon as possible. Leaving it until later can too easily mean leaving it too late, as those without homes yet in the UK now realise. Also "doing without" is so much easier when young and resilient.
.

I agree and its what ive done too though i sometimes think it may have been too conservative,financially speaking given that we may be in for low interest rates high inflation for a long time,but as you say we may also not,its always the opposite of what everyone expects that happen in a boom bust economy

 

[derf]

Daily Excess this morning
"
Brexit at last: Government begins talks on how to cut ties with Brussels
TALKS with big business over quitting the EU have started, it emerged yesterday – six weeks after the referendum."
News of the talks emerged yesterday as a poll showed two-thirds of grassroots Tory Party members are opposed to Britain having a relationship to the EU similar to the deal struck by Norway."
BBA chief executive Anthony Browne said: “We are not calling for membership of the single market – what we want is full two-way access to EU markets.”

Officials want to draw up a plan of action before Article 50 is triggered and negotiations begin in earnest.

“We are in the process of consulting various stakeholders, including the City of London, to ensure our approach will get the best deal for Britain,” said the Department for Exiting the EU.”

Has interest declined to the point where nothing actually happening has become headline news?

i wonder how long the "not calling for memebership ofteh single market" will last? The pound is down to 1.16 euro
https://www.poundsterlinglive.com/gbp-live-today/5278-pound-to-euro-forecast-to-fall-to-1-1600-in-week-ahead
so equity in about two months or less at this rate. However, the ignorance of teh electorate is clearly pretty impenetrable, and it will take something quite profound to get through to some.

 

[trex]

The Pound hit its lowest point previously at EUR 1.04 in January 2009.
The next low could well be parity next January. Right on cue for Mrs May to call the big 50. Then parliament will beg her that the pain inflicted to so many so far is enough, please stop and find another way.

 

[tillson]

too true. and of course the uk economy is an absolute zenith of ethics
https://www.theguardian.com/business/2016/aug/06/bhs-pension-deficit-sir-philip-green-sort-it
the plan is evidently to not do anything about bhs pensions until the public forgets, and the tories can quietly dip their hands in its collective pockets to bail out another "lord" for 1 billion or so. the intriguing question is how long it will take the public to move on?

Every time I see that fat slug aboard his yacht, which he funded by stealing ordinary working peoples' pensions, it makes my blood boil with anger. You are dead right, the government will do nothing except relaase sound bites seemingly siding with "the people" until it fades from memory.

It won't fade quite as fast from the memory of those facing a bleak retirement because of this pig though. I can think of a good use for our RN submarines next time Green and his awful wife take to the sea.

 

[oldgroaner]

Every time I see that fat slug aboard his yacht, which he funded by stealing ordinary working peoples' pensions, it makes my blood boil with anger. You are dead right, the government will do nothing except relaase sound bites seemingly siding with "the people" until it fades from memory.

It won't fade quite as fast from the memory of those facing a bleak retirement because of this pig though. I can think of a good use for our RN submarines next time Green and his awful wife take to the sea.

Once again proving Trident isn't necessary to get a good result?

 

[oldgroaner]

"Five O, Five O,
It's off to Brussels we go,
We keep on asking when will we go,
Five O, Five O?

All together now, whistle and keep in step...
(pick your own avatar)

 

[oldgroaner]

"“We are in the process of consulting various stakeholders, including the City of London, to ensure our approach will get the best deal for Britain,” said the Department for Exiting the EU.”

The question begged by that last paragraph is of course what constitutes Britain?
Here is one definition
"Great Britain is made up of Scotland, England and Wales, whereas Britain is just England and Wales. The name Britain goes back to Roman times when they called England and Wales "Britannia" (or "Britannia Major", to distinguished from "Britannia Minor", ie Brittany in France). The Roman province of Britannia only covered the areas of modern England and Wales. The area of modern Scotland was never finally conquered.

Think about that Britain does NOT include Scotland and Northern Ireland.
Fascinating!

Actually while amusing the fact is as we all know the "Britain" they are referring to is a shadowy group of puppeteers that run the country and damn all to do with the voting public.

 

[oldgroaner]

"
NO COMPROMISE: Britain will NOT pay money into Brussels coffers, top Tory blasts
BRITAIN should not pay any money into the European Union’s budget once the UK has ditched Brussels, Iain Duncan Smith has claimed.
By CHARLIE PEAT
Once again the Daily excess confuses itself
"Will not" becomes "should not" in about ten seconds"
And to describe Odious Smith as a "Top Tory" well that's fair comment I suppose.(if rather insulting)
And they had another of their lovely Polls
61% of their readers have lost faith in Teresa May to deliver Brexit in a form they recognise.
Amazing that I can take part in a Daily Express Poll and find myself one of the Majority!

 

[derf]

Every time I see that fat slug aboard his yacht, which he funded by stealing ordinary working peoples' pensions, it makes my blood boil with anger. You are dead right, the government will do nothing except relaase sound bites seemingly siding with "the people" until it fades from memory.

It won't fade quite as fast from the memory of those facing a bleak retirement because of this pig though. I can think of a good use for our RN submarines next time Green and his awful wife take to the sea.

the problem is he isn't an anomaly. many UK companies pension funds are badly underfunded, and recently, I think priti patel, said they shouldn't be pressurised too much to balance pension funds while in difficult financial times (which sounds to me like a licence to asset strip frankly). I have a strong hunch our prime minister and her G4S husband, not to mention the rest of the Tory party, are much more naturally aligned with the Philip Greens of this world than ex BHS floor staff who slogged for thirty years and are in a dire place

 

[oldgroaner]

From the FT
"
Brexit
Brexit spurs shift by UK lawyers to Ireland
‘Magic circle’ firms register solicitors so they can continue to practise in European law"

And watch more "cute" fudges emerge!

http://www.irishtimes.com/business/economy/which-city-will-win-the-post-brexit-race-to-become-the-new-london-for-high-finance-1.2709017

Makes you think, doesn't it?