sidcow Posted September 22, 2022 VT Supporter Share Posted September 22, 2022 (edited) 48 minutes ago, Genie said: The BoE have raised interest rates another 0.5% to 2.25% today. That’ll take a bit more money out of peoples pockets going into the winter. How else do you expect Bankers to earn their mega bonuses thereby helping the economy?* * Apparently Edited September 22, 2022 by sidcow Link to comment Share on other sites More sharing options...
CVByrne Posted September 22, 2022 Share Posted September 22, 2022 25 minutes ago, sidcow said: How else do you expect Bankers to earn their mega bonuses thereby helping the economy?* * Apparently The timing of the end of the banker bonus cap is an odd one, a classic Tory policy change. It however has nothing to do with the interest rate hikes. All central banks are raising rates to fight inflation. The issue we have here is UK is slower at hikes than US and our economy is in a worse shape too. This means the pound is almost in a crisis. A weak pound makes inflation worse, makes cost of importing everything more expensive especially oil and gas. Our debt is spiralling too as is the interest payments on that debt. These are bad times 1 Link to comment Share on other sites More sharing options...
Genie Posted September 22, 2022 Share Posted September 22, 2022 Just now, CVByrne said: The timing of the end of the banker bonus cap is an odd one, a classic Tory policy change. It however has nothing to do with the interest rate hikes. All central banks are raising rates to fight inflation. The issue we have here is UK is slower at hikes than US and our economy is in a worse shape too. This means the pound is almost in a crisis. A weak pound makes inflation worse, makes cost of importing everything more expensive especially oil and gas. Our debt is spiralling too as is the interest payments on that debt. These are bad times The flip side to the cost of importing is how relatively cheap our products are for overseas buyers. But we’ve managed to **** that up too with our shitty deal with the EU. We really are led by the utter scum. 1 Link to comment Share on other sites More sharing options...
CVByrne Posted September 22, 2022 Share Posted September 22, 2022 2 minutes ago, Genie said: The flip side to the cost of importing is how relatively cheap our products are for overseas buyers. But we’ve managed to **** that up too with our shitty deal with the EU. We really are led by the utter scum. Yes, we've cut ourselves off more or less from our primary market in EU. So the benefits to UK exporters won't be as much as it would have been 1 Link to comment Share on other sites More sharing options...
CVByrne Posted September 22, 2022 Share Posted September 22, 2022 The energy cap announced by Government along with the recession that we are in will at least bring inflation down over the next 6 to 12 months. How much of that is offset by weak pound I don't know. We could all do with an end to the War in Ukraine in next 6 months 1 Link to comment Share on other sites More sharing options...
markavfc40 Posted September 22, 2022 Share Posted September 22, 2022 4 hours ago, Genie said: The BoE have raised interest rates another 0.5% to 2.25% today. That’ll take a bit more money out of peoples pockets going into the winter. I read something earlier that for those on a standard variable rate for your average borrower with all the rate rises this years it means their mortgage has gone up by around 3k a year/£250 a month since the start of the year. This is surely going to lead to a slow down in the housing market. Link to comment Share on other sites More sharing options...
Genie Posted September 22, 2022 Share Posted September 22, 2022 4 minutes ago, markavfc40 said: I read something earlier that for those on a standard variable rate for your average borrower with all the rate rises this years it means their mortgage has gone up by around 3k a year/£250 a month since the start of the year. This is surely going to lead to a slow down in the housing market. Probably, we should expect a stamp duty cut or holiday to keep that fire burning! Link to comment Share on other sites More sharing options...
Xela Posted September 22, 2022 Share Posted September 22, 2022 4 hours ago, Wainy316 said: Punish the average joe and reward the money hoarders, yay. About time! 1 Link to comment Share on other sites More sharing options...
Xela Posted September 22, 2022 Share Posted September 22, 2022 I jest of course of @Wainy316. I am glad I fixed my mortgage earlier in the year. People are still spending though - bars and pubs in Brum are busy, delis are packed, coffee shops have big queues etc. Not sure about big ticket stuff but the lifestyle spending is still prevalent. Link to comment Share on other sites More sharing options...
Davkaus Posted September 22, 2022 Share Posted September 22, 2022 3 minutes ago, Xela said: People are still spending though - bars and pubs in Brum are busy, delis are packed, coffee shops have big queues etc. Not sure about big ticket stuff but the lifestyle spending is still prevalent. Not to mention the VT elite boasting about all these avocados they're eating. 3 Link to comment Share on other sites More sharing options...
Xela Posted September 22, 2022 Share Posted September 22, 2022 1 minute ago, Davkaus said: Not to mention the VT elite boasting about all these avocados they're eating. Plus these quality 'meaty' sausages they like. Whats wrong with a Richmond, full of eyelids, lips and bumholes? The picky bourgeois gits! 3 Link to comment Share on other sites More sharing options...
foreveryoung Posted September 22, 2022 Share Posted September 22, 2022 Just heard on the radio on the way home, like @sidcow quoted, the interest rate rise will favor the rich massively and also Truss has decided to go back on the national insurance rate rise which apparently will save the low earners 63p and the high earners £150, it's all bonkers! What the actual f**** does that leveling up Minister do. Is it even a role, or just a made up job to keep the not so bright happy. 1 Link to comment Share on other sites More sharing options...
Xann Posted September 22, 2022 Share Posted September 22, 2022 Get your long johns before the smokers realise the heaters in pub gardens aren't working. Link to comment Share on other sites More sharing options...
Genie Posted September 22, 2022 Share Posted September 22, 2022 30 minutes ago, Davkaus said: Not to mention the VT elite boasting about all these avocados they're eating. and sir Shederton of Shedville. Link to comment Share on other sites More sharing options...
sidcow Posted September 22, 2022 VT Supporter Share Posted September 22, 2022 (edited) 55 minutes ago, Davkaus said: Not to mention the VT elite boasting about all these avocados they're eating. Don't worry about that. Come the revolution they will be known. Edited September 22, 2022 by sidcow 1 Link to comment Share on other sites More sharing options...
CVByrne Posted September 22, 2022 Share Posted September 22, 2022 1 hour ago, foreveryoung said: Just heard on the radio on the way home, like @sidcow quoted, the interest rate rise will favor the rich massively and also Truss has decided to go back on the national insurance rate rise which apparently will save the low earners 63p and the high earners £150, it's all bonkers! What the actual f**** does that leveling up Minister do. Is it even a role, or just a made up job to keep the not so bright happy. I don't understand this. Why would it favour the rich massively? IT's these ultra low interest rates since 2008 which have favoured the rich massively, it led to an asset boom, stocks, property, fancy watches, classic cars whatever you want that the rich own all went up in value. At least these rapidly rising interest rates are hammering their stock portfolios. So no, rapidly rising interest rates do not favour the rich, it hurts them 1 Link to comment Share on other sites More sharing options...
foreveryoung Posted September 22, 2022 Share Posted September 22, 2022 18 minutes ago, CVByrne said: I don't understand this. Why would it favour the rich massively? IT's these ultra low interest rates since 2008 which have favoured the rich massively, it led to an asset boom, stocks, property, fancy watches, classic cars whatever you want that the rich own all went up in value. At least these rapidly rising interest rates are hammering their stock portfolios. So no, rapidly rising interest rates do not favour the rich, it hurts them Will they not get higher rates on savings, being that the rich will have disposable income unlike the poor? Link to comment Share on other sites More sharing options...
Demitri_C Posted September 22, 2022 Share Posted September 22, 2022 I dont like these tories but im glad truss has reversed this NI hike. Its not the time for it. If they wanna do it then they should be only implementing it on people earning over 100k a year at a higher rate Link to comment Share on other sites More sharing options...
CVByrne Posted September 22, 2022 Share Posted September 22, 2022 6 minutes ago, foreveryoung said: Will they not get higher rates on savings, being that the rich will have disposable income unlike the poor? As if the rich have money in savings. Inflation has been higher than interest on savings for 15 years. Saving money is losing money. They own assets 1 Link to comment Share on other sites More sharing options...
Xela Posted September 22, 2022 Share Posted September 22, 2022 5 minutes ago, foreveryoung said: Will they not get higher rates on savings, being that the rich will have disposable income unlike the poor? The very wealthy have very little in cash savings. Its all invested into different markets/companies. They've all taken an absolute battering. Zuckerberg at FB, for example, has 'lost' $72 Billion this year alone as most of his wealth is in stock. 1 Link to comment Share on other sites More sharing options...
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