Mortgage deal ending

[Mr Kobayashi]

And yet, here we are...

The spending at the very top is going to directly impact household expenditure.

Because of idealogical decisions.

 

[Kompany Car]

The BoE have a lot economists working on forecasting - it is forward looking analysis so yes it does rely on sentiment and feeling. It is essentially guess work but involving a lot of highly educated people with a vast amount of data to hand. They publish a monthly report that summarises the thinking. The report is presented to a committee who take a vote on what to do with rates. This time round the vote was 7 for +.75 1 for +.50 and 1 for +.25

So guesswork in essence. The use of “highly educated” people doesn’t generally fill me with confidence, having spent the first 10yrs of my career working in academia.

It was those highly educated people who decided that borrowing vast sums to fund furlough was a great idea and that effectively throwing wads of cheap money into the economy and banking system since 2008 without any pay back was fine. Now we have global cost push inflation caused by that little shit in the Kremlin the cupboard is bare with nothing to buffer the impact.

Everything seems reactionary rather than planned. We would probably make as good a decision on interest rates using a group of turf accountants.

 

[feedmpenzaandhewillscore]

The forecast predicts that the unemployment rate will rise, while household incomes will come down too.
It is a picture of a painful economic period, with the UK performing worse than the US and the Eurozone.

While it will not be the UK's deepest downturn, it will be the longest since records began in the 1920s, the Bank said.
The unemployment rate is currently at its lowest for 50 years, but it is expected to rise to nearly 6.5%.

Who thinks this is, in any way, a good strategy? It’s completely arse about face and, to make matters even worse, the pound slumped and the cost of government borrowing rose in response to the Bank's warnings of a 2 year recession.

So, we’re doing all this to placate the ‘market’ and bring the cost of Governemnt debt down and the markets have said, once again, fuck you we only care about making more and more money and, whatever you do, it won’t make the slightest bit of difference.

Can somebody remind me what this sovereignty thing was all about?

After 2008 happened, didn’t the say they would put in measures to ensure boom and bust economics would never happen again. Feels a bit de ja vu this.

 

[The Light Was Yellow Sir]

After 2008 happened, didn’t the say they would put in measures to ensure boom and bust economics would never happen again. Feels a bit de ja vu this.

At least we’ve got the £350M a week by not being in the EU, so that £18B a year should help.……

 

[feedmpenzaandhewillscore]

At least we’ve got the £350M a week by not being in the EU, so that £18B a year should help.……

The slow car crash that is brexit feels like it’s speeding up. The crazy thing is no one wants to talk about what a fuck up it’s been and we are ploughing on regardless expecting business to export with all the red tape they have to jump through just to get goods out of the country. How are supposed to stop an economy flat lining when the money coming in from exporting is falling? We need to be back in the single market, trouble is various Tory governments has pissed off the Eu that much they’d tell us to go shove it.

 

[tolmie's hairdoo]

Because of idealogical decisions.

Nope. Some may even argue Sunak's COVID giveaways were more akin to what you would expect from a Labour chancellor, in terms of ideology?

The Democrats in America are also cutting to the bone and people are hurting through inflation and higher gas prices.

I don't see this as lines drawn over ideology, more an inevitable financial reality , with incompetence thrown in.

Referring back to my original post and getting a ten-year fix...

I'm no economist, don't even have GCSE Maths, yet my own reasoning and rationale for doing so was because the public were desperate to spend after two years being locked up.

All this has been inevitable. Kicking the can down the road was brought to a halt by that dunce, Truss.

 

[The Light Was Yellow Sir]

We have spent the last two years giving money away the country clearly can't afford.

The inflationary impact isn't confined to just Britain.

Covid is our new Marshall Plan ball and chain.

I don't buy things if I don't have the money, certainly if I already have loans outstanding.

We cut back as a family until which time I can afford to.

Government claiming inflation is entirely supply side driven, which it is, but enacting policies to control demand/wage inflation is hugely counterintuitive and will not only mean we stay at the bottom of the post covid recovery table, we will end up so far behind we will need snookers to ever catch up!

 

[supercity88]

Government claiming inflation is entirely supply side driven, which it is, but enacting policies to control demand/wage inflation is hugely counterintuitive and will not only mean we stay at the bottom of the post covid recovery table, we will end up so far behind we will need snookers to ever catch up!

We've tried austerity measures and all it's done is cripple key public services. We can't do that again. The situation will never be salvaged if we do. We have to try something else and the only option in my opinion is to spend money to make money. We need to invest in infrastructure and services, get people spending and try to make as much money in tax as possible. But the spending and investment has to come first. We can't stifle the average person with higher taxes after fucking them with high interest rates for no reason other than government ineptitude.

 

[Bluewonder]

Almost all of the economic problems we are facing right now have been caused by the lockdowns.

The impact of leaving the EU and the war in Ukraine have exacerbated them, but have no doubt that spending £500bn to lock up people for 12 months is the root cause.

 

[Victorinodennistua]

We've tried austerity measures and all it's done is cripple key public services. We can't do that again. The situation will never be salvaged if we do. We have to try something else and the only option in my opinion is to spend money to make money. We need to invest in infrastructure and services, get people spending and try to make as much money in tax as possible. But the spending and investment has to come first. We can't stifle the average person with higher taxes after fucking them with high interest rates for no reason other than government ineptitude.

My 2 year fixed comes to an end in march 23. I’m paying £860 now but to fix again with NatWest will be £1215 pm. If I move to a tracker it’ll be just over £900 ish.I’ve got 17 years left to pay it and I’ll be touching 70. I wish I had a time machine.