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Interest rates up 0.5%!
Tough times if you have stretched your mortgage and not fixed or are coming out of a fixed rate in the next 12 months!
https://www.bbc.co.uk/news/business-62408868
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Re: Interest rates up 0.5%!
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
Don't be silly, mun. We're still paying for the fact Labour screwed the world economy in 2008.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Eric the Half a Bee
Don't be silly, mun. We're still paying for the fact Labour screwed the world economy in 2008.
Think the winter of discontent has got something to do with the problems the country is having currently as well.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
Have you ever heard of Covid?
Are there Torries in America?
https://www.bbc.co.uk/news/business-61804877
US makes biggest interest rate rise in almost 30 years
Are the Torries in Europe ?
https://www.bbc.co.uk/news/business-62240730
Eurozone raises interest rates for first time in 11 years
You can't shut the World down for two years and expect everything to be hunky dory!
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Re: Interest rates up 0.5%!
meanwhile.......Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
Are Torries the same as 'bogg trotters'?
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
....and yet, the Tories blamed Labour in 2008. Weird huh? It's almost like, what's the word?....oh yeah, hypocrisy.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Citizen's Nephew
meanwhile.......Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers.
The rich get richer and the poor get poorer. Beautiful capitalism
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
Usual (mis)interpetation of the situation from Doucus, and usual insult aimed at anyone who thinks differently.
If only the economy was as predictable.
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Re: Interest rates up 0.5%!
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Originally Posted by
North Cardiff Blue
True, but why is it that the UK is predicted to have the lowest growth rate out of the G20 apart from Russia?
https://www.newstatesman.com/chart-o...ery-g20-russia
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
jon1959
Are Torries the same as 'bogg trotters'?
I might create some 3D game creatures for a survival horror RPG and call them Torries!
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
the other bob wilson
There is no good news around for anyone, but you needs to look at ACTUAL data, rather than predictions.
Usual real data, The UK currently has the second highest growth in the G20.
https://tradingeconomics.com/country...al-growth-rate
This of course is linked to the previous anaemic growth, but so too must future growth (or lack thereof) be compared to the more rapid growth mentioned above. All economies are on slightly different cycles following Covid.
The reality is, there is very little good news around for anyone
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
JamesWales
Usual (mis)interpetation of the situation from Doucus, and usual insult aimed at anyone who thinks differently.
If only the economy was as predictable.
Absolutley the economy is unpredictable but I gave up on politics of any colour years ago because of the vacuous empty promises that they would trot out in manifestos and subsequent speeches that must have been signed off by Walt Disney
The reality is politicians in the main are in it for themselves and no one else and a % are getting extremely rich off the majorities misery and they are only concerned with self preservation
There is no integrity transparency or legitimacy in politics anymore
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
The common theme is right wing economics.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
I think you are incorrect. Interest rates and inflation have been consistently low for most of your adult life compared to say the 1970's when interest and mortgage rates were in excess of 20%.
In answer to Eric's comment - labour did not ruin the economy. It was World factors including a virtual collapse in the Banking system internationally. Labour got the blame for the financial crisis in 2008 but later detailed analyses showed that the problems experienced were due to factors completely outside their control. Again the country is in a growing financial mess due to factors outside governmental control such as COVID fallout and the war in Ukraine (which alone adds around 13% to inflation). It's going to be rough for the next few years.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Vindec
I think you are incorrect. Interest rates have been consistently low for most of your adult life compared t say the 1970's when interest rates were in excess of 20%.
In answer to Eric's comment - labour did not ruin the economy. It was World factors including a virtual collapse in the Banking system internationally due mainly to investment institutions purchasing financial instruments they didn't understand. Labour got the blame for the financial mess in 2008 but later detailed analyses showed that the problems experienced were due to factors completely outside their control.
I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.
Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.
Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
With interest rates 20 times higher than they are today it is not irrelevant. Where I agree with you is that house prices now are probably 10x higher than they were in the 1970's. Perhaps a better yardstick is to look at mortgage repayments in relation to house prices and salaries.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Vindec
I think you are incorrect. Interest rates and inflation have been consistently low for most of your adult life compared to say the 1970's when interest and mortgage rates were in excess of 20%.
In answer to Eric's comment - labour did not ruin the economy. It was World factors including a virtual collapse in the Banking system internationally. Labour got the blame for the financial crisis in 2008 but later detailed analyses showed that the problems experienced were due to factors completely outside their control. Again the country is in a growing financial mess due to factors outside governmental control such as COVID fallout and the war in Ukraine (which alone adds around 13% to inflation). It's going to be rough for the next few years.
Labour were cringingly apologetic too. They sucked up way too much Tory propaganda and didn't fight it properly. They were weak then when it came to opposing Tory austerity.
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Re: Interest rates up 0.5%!
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Originally Posted by
Citizen's Nephew
Labour were cringingly apologetic too. They sucked up way too much Tory propaganda and didn't fight it properly. They were weak then when it came to opposing Tory austerity.
Eh! The Tories didn't gain power until 2 years after the 2008 crisis; austerity came much later. I agree that was a very poor policy. We should have been expanding the economy and not reducing it. The argument that there was no money was clearly incorrect as £405bn was found to pay for COVID.
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Re: Interest rates up 0.5%!
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Originally Posted by
JamesWales
There is no good news around for anyone, but you needs to look at ACTUAL data, rather than predictions.
The reality is, there is very little good news around for anyone
Apart from Shell, BP, Exxon Mobil, Centrica and all the other Oil companies.
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Re: Interest rates up 0.5%!
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Originally Posted by
EastbourneBlue
The rich get richer and the poor get poorer. Beautiful capitalism
Unfortunately a lot of truth in that.
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Re: Interest rates up 0.5%!
If you keep printing money, eventually inflation will come. Capitalism and not so much corporatism is the way forward out this mess.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
The common theme is right wing economics.
It's a Worldwide problem of high inflation caused by locking the World down for two years, global supply issues, and of couse the war in Ukraine and the high energy costs, it's a tough time but we've been through a lot worse.
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Re: Interest rates up 0.5%!
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
About 50% of the population of the UK are fools then. You also seemed to think anyone who doubted man-made climate change was a fool, the same with anyone who supported brexit. There's a theme running here..
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Re: Interest rates up 0.5%!
You forgot to put Trump on that list. Anyway I don't think Brexit has happened due to the amount of times I keep hearing ECHR on the news.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.
Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
xsnaggle
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.
In addition to this income tax basic rate was 33% in 1978 reducing to 30% in '79 and allowances were a couple of grand a year depending on how many kids you had.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
About 50% of the population of the UK are fools then. You also seemed to think anyone who doubted man-made climate change was a fool, the same with anyone who supported brexit. There's a theme running here..
You're so so close to getting it.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
xsnaggle
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.
source- https://www.marketwatch.com/story/th...ers-2019-12-04
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Parti Mellow
You forgot to put Trump on that list. Anyway I don't think Brexit has happened due to the amount of times I keep hearing ECHR on the news.
What has the ECHR got to do with Brexit?
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
xsnaggle
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
If that house was £10,000 in 1972-it would be worth £500,000 now. House price inflation has priced young people out of the market. As Doucas infers it was easier getting on the housing ladder 40 years ago than it is now. Thats allowing for much higher interests back then too. If you disagree how do you explain why so many more from our generation were on he housing ladder back then compared to millennials today.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.
source-
https://www.marketwatch.com/story/th...ers-2019-12-04
There is no argument that house/flat prices to salary ratios have grown steadily over the past 40 years. It has doubled for first time buyers. Private sector rents have also risen massively in real terms.
https://www.economicshelp.org/blog/5...affordability/
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Re: Interest rates up 0.5%!
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Originally Posted by
EastbourneBlue
The rich get richer and the poor get poorer. Beautiful capitalism
Think they all made hefty losses through covid times but it’s madness to put all our bills up so much, we don’t even buy gas from the Russians ffs….I know the price is set regardless but it’s crazy
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.
source-
https://www.marketwatch.com/story/th...ers-2019-12-04
For a start thats America?
The facts look way out too!
Seriously you want to forget about this sort of jelousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constaly moan that life would have been better if this or that had happened.
Spend less time on here moaning about the torries and get on with your career, crying on here is not going to change anything!
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Re: Interest rates up 0.5%!
Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?
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Re: Interest rates up 0.5%!
On a phone so correcting some of the typos!
For a start that’s America?
The facts look way out too!
Seriously you want to forget about this sort of jealousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constantly moan that life would have been better if this or that had happened.
Spend less time on here moaning about the Tories and get on with your career, crying on here is not going to change anything.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
goats
Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?
They can do what they like, but yes they always work it in their favour!