Jambof3tornado Posted June 27, 2023 Share Posted June 27, 2023 3 minutes ago, BlueRiver said: Helps me and I'm not rich to be fair. Wont help many with mortgages. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 4 minutes ago, Jambof3tornado said: Wont help many with mortgages. No it won't that's true. Quote Link to comment Share on other sites More sharing options...
doctor jambo Posted June 27, 2023 Share Posted June 27, 2023 1 hour ago, Jambof3tornado said: So to help the mortgage misery Hunt is going to tell the banks to push up savings rates?!? Well that'll help..........rich folk! Pandering to the boomers. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 Well not immediately anyway. Overall though higher savings rates may encourage less spending and therefore less inflation negating any need for any further interest rate hikes. Doesn't really tackle it as aggressively as you'd like to see attempted though. Quote Link to comment Share on other sites More sharing options...
Craig_ Posted June 27, 2023 Share Posted June 27, 2023 It's interesting that it's been the fault of the supermarkets, the banks, the energy companies, employers etc, but never the government. Quote Link to comment Share on other sites More sharing options...
Dazo Posted June 27, 2023 Share Posted June 27, 2023 5 minutes ago, Craig_ said: It's interesting that it's been the fault of the supermarkets, the banks, the energy companies, employers etc, but never the government. I’m all for businesses making money but these companies are making huge profits at the same time as telling us they have to put prices up. These are private companies that if you try to squeeze too much they’ll just find another way to make money. Whether that is hitting suppliers, manufacturers, redundancies, lower wages, not so hidden charges or whatever means possible. They do carry a lot of the blame imo. Quote Link to comment Share on other sites More sharing options...
Dazo Posted June 27, 2023 Share Posted June 27, 2023 34 minutes ago, Jambof3tornado said: Wont help many with mortgages. The agreement with the banks is just kicking the can down the road for me for a lot of people. Interest only and 12 month arrears shouldn’t be the answer and won’t really help people either. Quote Link to comment Share on other sites More sharing options...
The Mighty Thor Posted June 27, 2023 Share Posted June 27, 2023 16 minutes ago, Dazo said: I’m all for businesses making money but these companies are making huge profits at the same time as telling us they have to put prices up. These are private companies that if you try to squeeze too much they’ll just find another way to make money. Whether that is hitting suppliers, manufacturers, redundancies, lower wages, not so hidden charges or whatever means possible. They do carry a lot of the blame imo. The major supermarkets sat in front of MP's today and Tesco said they make 4p in every pound spent, whilst Sainsbury's claimed they only make 3p in every pound spent. so to paraphrase, '**** all to do with me guv' Quote Link to comment Share on other sites More sharing options...
Jambof3tornado Posted June 27, 2023 Share Posted June 27, 2023 47 minutes ago, BlueRiver said: Well not immediately anyway. Overall though higher savings rates may encourage less spending and therefore less inflation negating any need for any further interest rate hikes. Doesn't really tackle it as aggressively as you'd like to see attempted though. Higher savings rates will simply mean more with savings start paying tax on the interest. Raising the threshold from the current £1000 for a basic rate taxpayer would be nice! Not many with mortgage rates going up will have a lot left to put away. Quote Link to comment Share on other sites More sharing options...
Dazo Posted June 27, 2023 Share Posted June 27, 2023 3 minutes ago, The Mighty Thor said: The major supermarkets sat in front of MP's today and Tesco said they make 4p in every pound spent, whilst Sainsbury's claimed they only make 3p in every pound spent. so to paraphrase, '**** all to do with me guv' I don’t believe that, I know they are squeezing suppliers to stop their own costs going up but passing on increases to customers. I hate supermarkets more than banks. Quote Link to comment Share on other sites More sharing options...
Jambof3tornado Posted June 27, 2023 Share Posted June 27, 2023 23 minutes ago, Dazo said: The agreement with the banks is just kicking the can down the road for me for a lot of people. Interest only and 12 month arrears shouldn’t be the answer and won’t really help people either. Makes the banks and shareholders more dosh though! Remortgaging and adding years on so you can "afford" to live in your home will cost folk tens of thousands,I hope people do the sums before they jump in feet 1st. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 Just now, Jambof3tornado said: Higher savings rates will simply mean more with savings start paying tax on the interest. Raising the threshold from the current £1000 for a basic rate taxpayer would be nice! Not many with mortgage rates going up will have a lot left to put away. Aye that's true. I hadn't really considered the tax on interest. You're right of course and Hunt framing it as helping those with mortgages is a bit daft as it won't directly (unless he had in mind the slower cooling effect on spending etc etc). Thing is someone further up mentioned inflation being driven by products like new cars and holidays. If savings rates increase it might cool some of the more "luxury" items that are driving it up. Quote Link to comment Share on other sites More sharing options...
Dazo Posted June 27, 2023 Share Posted June 27, 2023 1 minute ago, Jambof3tornado said: Makes the banks and shareholders more dosh though! Remortgaging and adding years on so you can "afford" to live in your home will cost folk tens of thousands,I hope people do the sums before they jump in feet 1st. Absolutely. Shit agreement that does nothing for anyone already struggling. They’ll still be struggling in 12 months time. Quote Link to comment Share on other sites More sharing options...
Unknown user Posted June 27, 2023 Share Posted June 27, 2023 (edited) 9 minutes ago, Jambof3tornado said: Higher savings rates will simply mean more with savings start paying tax on the interest. Raising the threshold from the current £1000 for a basic rate taxpayer would be nice! Not many with mortgage rates going up will have a lot left to put away. I read that there's likely to be either a freeze or only a very small raise on tax thresholds, so when you do get a pay rise, a smaller ratio will be tax free. Edited June 27, 2023 by Smithee Quote Link to comment Share on other sites More sharing options...
Jambof3tornado Posted June 27, 2023 Share Posted June 27, 2023 1 minute ago, Dazo said: Absolutely. Shit agreement that does nothing for anyone already struggling. They’ll still be struggling in 12 months time. This is the big issue. Is someones situation going to change 12 months down the line? What happens then? You're in a worse situation than you would have been. Fine adding a few years onto a mortgage if yiu are younger but not so fine if you are in your late 40s and above and had a plan for retirement timed to when the mortgage was paid off!! Quote Link to comment Share on other sites More sharing options...
joondalupjambo Posted June 27, 2023 Share Posted June 27, 2023 You do not pay tax on your ISA's. Move it there if you can. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 1 minute ago, joondalupjambo said: You do not pay tax on your ISA's. Move it there if you can. I've got my savings in one which was partly why I didn't even consider taxation earlier. I guess they aren't always the best. Quote Link to comment Share on other sites More sharing options...
joondalupjambo Posted June 27, 2023 Share Posted June 27, 2023 1 minute ago, BlueRiver said: I've got my savings in one which was partly why I didn't even consider taxation earlier. I guess they aren't always the best. No they are not for everyone but at least you have them as an option and there are different types on offer. Quote Link to comment Share on other sites More sharing options...
The Mighty Thor Posted June 27, 2023 Share Posted June 27, 2023 38 minutes ago, Dazo said: I don’t believe that, I know they are squeezing suppliers to stop their own costs going up but passing on increases to customers. I hate supermarkets more than banks. Mind you the CE of Sainsbury's salary/bonus package was announced as topping £5m so 3p in the pound ain't that bad and the Kwarteng budget won't have hurt either. win, win. Quote Link to comment Share on other sites More sharing options...
WorldChampions1902 Posted June 27, 2023 Share Posted June 27, 2023 (edited) IMF report proves that the greatest inflationary culprit is corporate profits. Some of you may recall about 18 months ago, that this price-gouging behaviour was highlighted as the main cause, by various economic commentators. But hey, it’s all the fault of greedy employees demanding below-inflation pay rises, who need to “hold their nerve”. It’s time to sack Sunak. Edited June 27, 2023 by WorldChampions1902 Quote Link to comment Share on other sites More sharing options...
Unknown user Posted June 27, 2023 Share Posted June 27, 2023 48 minutes ago, The Mighty Thor said: The major supermarkets sat in front of MP's today and Tesco said they make 4p in every pound spent, whilst Sainsbury's claimed they only make 3p in every pound spent. so to paraphrase, '**** all to do with me guv' Tesco's profit might only be 4p in every pound spent, but with the amount of money spent, that's still £2.6 billion. £2,600,000,000 profit Quote Link to comment Share on other sites More sharing options...
The Mighty Thor Posted June 27, 2023 Share Posted June 27, 2023 3 minutes ago, Smithee said: Tesco's profit might only be 4p in every pound spent, but with the amount of money spent, that's still £2.6 billion. £2,600,000,000 profit Aye many a mickle maks a muckle. In other news the cheecky c**ts had the audacity to say that transparent forecourt fuel pricing would be a good idea, afetr 18 months of absolutley ripping the hole out of punters to the tune of 10-12p per litre. Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 Essentials going thro the roof and the BoE thinks we are spending too much. Fecking idiots. Quote Link to comment Share on other sites More sharing options...
kila Posted June 27, 2023 Share Posted June 27, 2023 24 minutes ago, ri Alban said: Essentials going thro the roof and the BoE thinks we are spending too much. Fecking idiots. Rich people are spending too much perhaps. Quote Link to comment Share on other sites More sharing options...
Japan Jambo Posted June 27, 2023 Share Posted June 27, 2023 3 hours ago, Jambof3tornado said: So to help the mortgage misery Hunt is going to tell the banks to push up savings rates?!? Well that'll help..........rich folk! Will also drive inflation, so I'm not convinced he'll be telling them too hard. More for the optics I'd wager. Quote Link to comment Share on other sites More sharing options...
il Duce McTarkin Posted June 27, 2023 Share Posted June 27, 2023 37 minutes ago, WorldChampions1902 said: It’s time to sack Sunak. It's time to send him and his mushes on a trip to Blair Drummond with ri Alban. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 1 minute ago, Japan Jambo said: Will also drive inflation, so I'm not convinced he'll be telling them too hard. More for the optics I'd wager. Why would increased savings rates drive inflation? They'd surely encourage those that can spend not to spend and to instead put money in ISAs or other savings accounts no? Quote Link to comment Share on other sites More sharing options...
Craig_ Posted June 27, 2023 Share Posted June 27, 2023 1 hour ago, Dazo said: I’m all for businesses making money but these companies are making huge profits at the same time as telling us they have to put prices up. These are private companies that if you try to squeeze too much they’ll just find another way to make money. Whether that is hitting suppliers, manufacturers, redundancies, lower wages, not so hidden charges or whatever means possible. They do carry a lot of the blame imo. No doubt there's been some price gouging going on, but the real culprit is lax monetary policy increasing the supply of easy money: Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 5 minutes ago, kila said: Rich people are spending too much perhaps. We're all spending too much. Too much on Food, gas, electricity and fuel. And we can't stop, even with high interest rates. The only way we can, is if we all lose our jobs and then top ourselves. Quote Link to comment Share on other sites More sharing options...
Japan Jambo Posted June 27, 2023 Share Posted June 27, 2023 2 minutes ago, BlueRiver said: Why would increased savings rates drive inflation? They'd surely encourage those that can spend not to spend and to instead put money in ISAs or other savings accounts no? Think that kind of discretionary behaviour will be pretty minimal given how stretched folk are and far outweighed by the windfall existing savers gain. See where you are coming from though. Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 1980s inequality added to the stagnation of the 2010s . The fecking Tories are fecking useless for the common people. Great for the super rich. Quote Link to comment Share on other sites More sharing options...
WorldChampions1902 Posted June 27, 2023 Share Posted June 27, 2023 2 minutes ago, ri Alban said: We're all spending too much. Too much on Food, gas, electricity and fuel. And we can't stop, even with high interest rates. The only way we can, is if we all lose our jobs and then top ourselves. That’s the spirit! 😃 Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 Just now, WorldChampions1902 said: That’s the spirit! 😃 The way folk are heading, it won't be long. Covid, cost of living and now the real risk of homelessness. Suicide is a real dangerous chance of happening on mass. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 3 minutes ago, Japan Jambo said: Think that kind of discretionary behaviour will be pretty minimal given how stretched folk are and far outweighed by the windfall existing savers gain. See where you are coming from though. Aye I get ya. I'm going by what someone said a few days back that a lot of the primary drivers of inflation at that specific time were more luxury items rather than essentials and the like. Bottom line is I think they're gonna need a bit more weaponry if they're looking to fix this. Raising interest rates is so far the only tool they seem to be willing to wield. Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 Maybe try the reverse, lower interest rates, give folk the pay rise the need, lower vat and get folk spending like feck. And get the supermarkets and oil and gas companies telt. The supermarkets are ripping off the suppliers and ripping the pish out of the customers. Quote Link to comment Share on other sites More sharing options...
BlueRiver Posted June 27, 2023 Share Posted June 27, 2023 Meanwhile in Whitehall Quote Link to comment Share on other sites More sharing options...
The Real Maroonblood Posted June 27, 2023 Share Posted June 27, 2023 1 hour ago, ri Alban said: We're all spending too much. Too much on Food, gas, electricity and fuel. And we can't stop, even with high interest rates. The only way we can, is if we all lose our jobs and then top ourselves. I did laugh at the last sentence but the reality is that will unfortunately happen. Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 (edited) 6 minutes ago, The Real Maroonblood said: I did laugh at the last sentence but the reality is that will unfortunately happen. Torture bud. I'll need to find a way that doesn't look suspicious, so my Mrs is paid out. 😀 Edited June 27, 2023 by ri Alban Quote Link to comment Share on other sites More sharing options...
ri Alban Posted June 27, 2023 Share Posted June 27, 2023 New phone arrived and Set up Yes its an essential. Quote Link to comment Share on other sites More sharing options...
Unknown user Posted June 27, 2023 Share Posted June 27, 2023 Quote Link to comment Share on other sites More sharing options...
Victorian Posted June 27, 2023 Share Posted June 27, 2023 A cursory look under the bonnet of the accounts of the major grocers is wholly insufficient to establish what is what. It would need a much more forensic examination of every dark corner. That kind of profit generating power can always afford the very best, most clever and innovative accountancy 'flair'. I have absolutely no doubt whatsoever that their claims regarding reasonable profits will not be the full story. And then we have the matter of how much tax they are paying. And at what overall rate. Quote Link to comment Share on other sites More sharing options...
periodictabledancer Posted June 27, 2023 Share Posted June 27, 2023 1 hour ago, Craig_ said: No doubt there's been some price gouging going on, but the real culprit is lax monetary policy increasing the supply of easy money: Crazy prize hikes in phone contracts - mine went up 17%, internet likewise (all because your contract says RPI plus "X" %. It's daylight robbery. See also airfares (already discussed) and new cars (already discussed). Car insurance up 40%. The govt KNOWS this but will not "interfere in the market", as though the consumer has ANY power to act to drive down prices. Accusations from farmers that suoermarkets are refusing to pay market prices for goods , so farmers have stopped certain essentials , leading to shortages leading to more inflation. The extrortionate cost of fresh produce from Europe - shortages due to supply chain issues. Stuff i've been seeing on Twitter for months bears no reality to what we're being told is really happening in the UK. A complete shit show. Quote Link to comment Share on other sites More sharing options...
Jambof3tornado Posted June 27, 2023 Share Posted June 27, 2023 4 hours ago, Smithee said: I read that there's likely to be either a freeze or only a very small raise on tax thresholds, so when you do get a pay rise, a smaller ratio will be tax free. The tax thresholds on earnings are frozen till 2026 i think so yes you are correct! Quote Link to comment Share on other sites More sharing options...
ArcticJambo Posted June 27, 2023 Share Posted June 27, 2023 Asda just recently went full on Glazers playbook, and laboured a significant portion of their purchase costs onto the company's debt, thereby dropping their profits, so fiddling extrordinaire. Those supermarket CEOs just wormed their way through the 30 mins of so of questioning aired on Nicky Campbell's R5 show this morning. Agree, with the poster above, hatred for them surpasses the banks. My Aldi Flix-Pix sweetie bag has gone up from 1.59 I think to 2.19. Haven't bought one since it topped 1.89. Robbing bassas! Quote Link to comment Share on other sites More sharing options...
skinnybob72 Posted June 27, 2023 Share Posted June 27, 2023 1 hour ago, ArcticJambo said: Asda just recently went full on Glazers playbook, and laboured a significant portion of their purchase costs onto the company's debt, thereby dropping their profits, so fiddling extrordinaire. Those supermarket CEOs just wormed their way through the 30 mins of so of questioning aired on Nicky Campbell's R5 show this morning. Agree, with the poster above, hatred for them surpasses the banks. My Aldi Flix-Pix sweetie bag has gone up from 1.59 I think to 2.19. Haven't bought one since it topped 1.89. Robbing bassas! Pretty sure Tesco's account for last year saw a large 'revaluation' (downwards) in the value of their property portfolio, which conveniently reduces the top line profit and so they pay less tax. Quote Link to comment Share on other sites More sharing options...
Unknown user Posted June 27, 2023 Share Posted June 27, 2023 33 minutes ago, skinnybob72 said: Pretty sure Tesco's account for last year saw a large 'revaluation' (downwards) in the value of their property portfolio, which conveniently reduces the top line profit and so they pay less tax. That'll be how they barely made any billions of profit, poor lambs Quote Link to comment Share on other sites More sharing options...
GBJambo Posted June 28, 2023 Share Posted June 28, 2023 17 hours ago, ri Alban said: The way folk are heading, it won't be long. Covid, cost of living and now the real risk of homelessness. Suicide is a real dangerous chance of happening on mass. It’s all ready happening. Quote Link to comment Share on other sites More sharing options...
That thing you do Posted July 1, 2023 Share Posted July 1, 2023 (edited) 7m households in UK are either in default for one or more bills or borrowed 1to pay bills/used a credit card. A further 1.2m will be insolvent by years end That is for May and is absolutely mental Edited July 1, 2023 by That thing you do Quote Link to comment Share on other sites More sharing options...
doctor jambo Posted July 1, 2023 Share Posted July 1, 2023 1 hour ago, That thing you do said: 7m households in UK are either in default for one or more bills or borrowed 1to pay bills/used a credit card. A further 1.2m will be insolvent by years end That is for May and is absolutely mental I’m not surprised . i do really well, but the hikes in what I’m paying out have really bitten deep. Hundreds more in power costs , even more on mortgage, more on mobile contracts , broadband, food, petrol, insurance , i don’t know how the small earners manage. I guess that many would be better off in benefits until it all blows over. suppose that’s why there are millions off on the sick. My hat is doffed to the regular joes still grinding it out and hoping for sunshine . Quote Link to comment Share on other sites More sharing options...
Unknown user Posted July 1, 2023 Share Posted July 1, 2023 22 minutes ago, doctor jambo said: I’m not surprised . i do really well, but the hikes in what I’m paying out have really bitten deep. Hundreds more in power costs , even more on mortgage, more on mobile contracts , broadband, food, petrol, insurance , i don’t know how the small earners manage. I guess that many would be better off in benefits until it all blows over. suppose that’s why there are millions off on the sick. My hat is doffed to the regular joes still grinding it out and hoping for sunshine . If minimum wage earners can't live a nice life, society can't expect them to prop up a system that takes advantage of their sweat. The whole social contract's ****ed. Quote Link to comment Share on other sites More sharing options...
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