The rising cost of living

[YLN]

1 hour ago, foreveryoung said:

Just lost £50 cheers 

Double it and go again. Continue in that fashion and you can't lose. It can't stay black forever. That's what i did and I am a multi millionaire

 

In gta san andreas

[Follyfoot]

8 hours ago, YLN said:

Also if you pick red every time on the roulette wheel it's basically free money 

In 2001 at the Mandalay Bay I saw red repeat 21 times on the roulette table, my mate left five dollars on throughout. The same night i had ace king queen jack of hearts and 10 of diamonds on the Caribbean stud poker, if it had been the 10 of hearts i would’ve won 280 grand on progressive, When I looked at the cards I thought it was in

Edited June 17, 2022 by Follyfoot

[Chindie]

Best place for this I guess.

The guy that predicted the 2008 US mortgage market crash that caused the global recession that lead to a decade (and more) of shit, is putting out a lot of stuff pointing towards the global economy going tits up again shortly.

[VBM]

Dr Burry is literally always giving out these warnings. 

Not saying he is wrong, just that he will certainly be right at some point. 

[Davkaus]

16 minutes ago, VBM said:

Dr Burry is literally always giving out these warnings. 

Not saying he is wrong, just that he will certainly be right at some point. 

That old joke: "economists have predicted 107 of the last 2 recessions". 

[villa89]

21 minutes ago, VBM said:

Dr Burry is literally always giving out these warnings. 

Not saying he is wrong, just that he will certainly be right at some point. 

Even a stopped clock is right twice a day.

[Rds1983]

3 hours ago, villa89 said:

Even a stopped clock is right twice a day.

 

[CVByrne]

Few things to point out about the cost of living. 

1. Governments had a big impact on causing it by printing so much money during the pandemic. It was needed at the time but it was always going to lead to inflation, which is called "the secret tax" as it erodes debt over time. This is why national debts rises over time but as a % of GDP it doesn't always rise as GDP rises over time. So inflation is in part us paying back the Gov support during the Pandemic.

2. The way to stop inflation is raising interest rates with the specific intent of taking money out of the economy and likely causing a recession. If companies and people have less money to spend they will spend less and thus the demand for goods drops and the cost of those goods drops. This impacts core inflation mainly (which is overall CPI excluding food and energy).

3. Food and energy are volatile in general and are being hit hard by the Ukraine war, so if/when there's an end to that we will naturally see the prices of those commodities drop. 

4. Finally Brexit is having an impact too as we've restricted the labour market. This has knock on effect of requiring more British people to do the jobs cheaper foreign labour were doing. This will drive up the wages of those jobs and thus the costs as people need training before being productive which is a cost and then they will demand higher wages for those roles. All these costs are passed onto consumers in the end. 

So the inflation headwinds are very strong in UK we've a big mix of all the problems. So a longer recession will probably be needed that would be required in other European countries or the USA most likely. Compounded by Brexit costing the economy too. 

[StefanAVFC]

Inflation and petrol prices over here are just insane. Petrol has almost doubled since 2020 during the pandemic, and even shit like a loaf of bread has doubled. 

[Genie]

I was reading earlier a thing about the ASDA boss saying some shoppers are asking the cashier to stop at £30 as it’s all they can afford then mentioned similar happens with petrol.

It got me thinking because up until now it was the supermarkets who controlled fuel prices in the UK. They tended to not take the piss which then held the entire market down as everyone else had to follow what they were doing.

Have they stopped doing that now? Are they also using the crisis to fill their bank up or are prices really as low as they can set them?

[tonyh29]

2 minutes ago, Genie said:

I was reading earlier a thing about the ASDA boss saying some shoppers are asking the cashier to stop at £30 as it’s all they can afford then mentioned similar happens with petrol.

It got me thinking because up until now it was the supermarkets who controlled fuel prices in the UK. They tended to not take the piss which then held the entire market down as everyone else had to follow what they were doing.

Have they stopped doing that now? Are they also using the crisis to fill their bank up or are prices really as low as they can set them?

its a year old , but the breakdown is on the attached image

I guess  the supermarkets could pass on a reduction but they appear to be choosing not to  ..same as the government who are getting a double boost to the coffers with these prices  

I'm curious as to what deals have been struck though , a few years back the Road Haulage mob were barricading petrol stations when fuel hit around £1.40 and now its closing in on £2 we don't hear a squeak out of them 

[Wainy316]

The treasury will be absolutely raking it in in extra VAT 

[Genie]

17 minutes ago, tonyh29 said:

its a year old , but the breakdown is on the attached image

I guess  the supermarkets could pass on a reduction but they appear to be choosing not to  ..same as the government who are getting a double boost to the coffers with these prices  

I'm curious as to what deals have been struck though , a few years back the Road Haulage mob were barricading petrol stations when fuel hit around £1.40 and now its closing in on £2 we don't hear a squeak out of them 

We’re now 33% up on that breakdown, is the margin for the forecourt’s much higher now?

If so then i’d love one of the Supermarket chains to do the right thing and drop their prices. Everyone else will have to follow.

[tonyh29]

4 minutes ago, Genie said:

We’re now 33% up on that breakdown, is the margin for the forecourt’s much higher now?

If so then i’d love one of the Supermarket chains to do the right thing and drop their prices. Everyone else will have to follow.

that one of the supermarkets has broken for cover , could mean something I suppose 

 

was just thinking , I don't think I've seen Tesco do their 5p of a litre vouchers for some time either 

[CVByrne]

24 minutes ago, Genie said:

We’re now 33% up on that breakdown, is the margin for the forecourt’s much higher now?

If so then i’d love one of the Supermarket chains to do the right thing and drop their prices. Everyone else will have to follow.

Oil prices have risen almost 90% since December when that breakdown was published. So if we recalculate it's around £1.85 ish when the fuel and vat etc.. is updated. 

[Demitri_C]

 

 

Edited June 22, 2022 by Demitri_C

[markavfc40]

Got as close as you can get earlier to paying £2 a litre for the first time. £1.99.9 (diesel) at a Tesco in Rugby. I thought being a Tesco it must be pretty much around the cheapest you can get now but no I nipped into ASDA Minworth on my way home to pick up a few bits and it was £1.92.9 there.  

[Genie]

It must be really confusing for people that don’t trust “cheap” supermarket fuel in their cars.

[Wainy316]

51 minutes ago, Demitri_C said:

 

 

Yes please!  A Labour government, Villa top of the league at Christmas and the WWF Attitude era in full swing

[StanBalaban]

Wasn't sure where to put this, but Mick Lynch is making them all look rather silly, especially professional word removed Piers.