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Just seen it's gone up from 1.25% to 1.75%, usually a good thing in what is really a recession with high inflation, but will this actually work when the reality is that most of the inflation increases we're seeing are linked to things that most people are already trying to limit, and using only through necessity.
It just has the feel of squeezing people at both ends now, i'm not seeing a rush for energy suppliers, fuel or other to lower their prices, even though there is the ability too?
Its not just about retraining consumer spending. For example, if the Fed and the ECB are putting rates up but the BOE doesn't that will reduce the value of sterling, putting our rates up should keep sterling a bit higher which will help a bit with fuel costs etc, oil mostly being prices in dollars.
It just has the feel of squeezing people at both ends now
It's only squeezing people at one end as far as I can see. The problem is that the people at the top are profiteering at the cost of everyone else. Until we take those profits off them and redistribute to working people nothing will change.
In no way is it a good thing.
1) It will not make energy cheaper
2) Or provide more food and supplies.
It bears no logic to fighting current inflation. But we all knew this.
They are driving us in to the ground with monetary policy here.
Andrew Bailey is on 575,000 a year and asks workers/business to calm pay rises.
They're off their heads.
putting our rates up should keep sterling a bit higher which will help a bit with fuel costs etc
Ha ha ha
We won't benefit from that - ever. More than offset with the cost of mortgage rises.
Andrew Bailey is on 575,000 a year and asks workers/business to calm pay rises.
Thing is doubling his salary would have no effect on inflation, whereas upping several million public service workers by, say 10%, will have a measurable effect.
Not advocating any judgement to either, but if your "mission" is to control inflation you can see his point of view.
It’s only squeezing people at one end as far as I can see. The problem is that the people at the top are profiteering at the cost of everyone else. Until we take those profits off them and redistribute to working people nothing will change.
What has that got to do with inflation or the current situation. Inflation is rising in more equitable countries eg Sweden (although for some reason Japan is having a much easier time).
uk banks are all down now, were up this morning.
The next few years are going to be terrifying for people on lower wages with interest rate rises (so more expensive mortgages, personal loans, credit cards, store cards etc) coupled with soaring energy and food costs. I have no idea what is meant to be done but this is going to cripple huge numbers of people.
I could have fixed for 10yrs at 1.5% 18months ago 🙁
i’m not seeing a rush for energy suppliers, fuel or other to lower their prices, even though there is the ability too?
Why? they’re having the time of their lives 🙂
Thing is doubling his salary would have no effect on inflation, whereas upping several million public service workers by, say 10%, will have a measurable effect.
Nonsense.
If we're going to pick on wages they surely those that have had it good at the the top end of wage spectrum have driven inflation to where it is today? Whereas those at the lower end have not had wage rise in years.
There is no growth in the economy - people's wages are way way behind inflation so it's a technical impossiblity for their wages to drive inflation.
The inflation we've got is not being driven by too much money floating about. Because there is no growth.
Have you been to the Ann Widdecombe school of economics - as she is currently citing wage price spiral.
Here's the thing if you lift the lower waged they will spend it on the utility bill because they have to, which is way above inflation - sucking up that extra cash, just to survive. Whereas a wealthy person will take their surplus money and buy a 2nd house or Porsche depriving us of resources and pushing inflation upwards.
Also Andrew Bailey is utter shit and doesn't contribue anything useful to society. It takes 9 people on the MPC to come to this decision. Four of them appointed by the Chancellor. Sack the lot.
Maybe we could avoid this getting personal and focus on the interesting topic (no pun intended) of how the current pending interest rises will impact the people and economy of the UK.
Why? they’re having the time of their lives
Unfortunately this is true - the capitalist business owners and managers have shown themselves to be massively successful in the revenue growth stakes perhaps in some part gifted by Putin. And, if you work for Shell below the executive level you'll have received news of an 8% pay increase - even that is below inflation.
It’s only squeezing people at one end as far as I can see. The problem is that the people at the top are profiteering at the cost of everyone else. Until we take those profits off them and redistribute to working people nothing will change.
Ah, i just meant the same people at the bottom and middle, the top always tend to enjoy a good recession and higher inflation, as it's a good time to buy.
will a 0.5% base rate moving to a massive 1.75%
have any impact on Credit Card rates
my amex is 25.7% as it is , thats a simple monthly rate of 1.92% ;0)
and surprisingly my barclaycard is 12.48%
cant see 1/2% making a difference to cc, and with mortgages people coming out of fixes are gonna have higher rates than they have been used to in the last decade.
Between my wife and I we have a good income, certainly above average. Even in this fortunate position, I am really nervous about the next 5 years or so. I can't even begin to imagine how people / families on lower incomes are going to cope. It really is scary time ahead.
cant see 1/2% making a difference to cc, and with mortgages people coming out of fixes are gonna have higher rates than they have been used to in the last decade.
In the UK a lot of people are going from pay packet to pay packet, 0.5% on an average mortgage is about 50 quid a month more i believe, factor in all the other rises and it could be £100 a month more to find, or more likely, £100 more to find in your current outgoings, that's not pennies!
What has that got to do with inflation or the current situation.
Everything. Energy costs (roughly) the same to produce today as it did a year ago. The price of oil is similar to what it was after the 2008 crisis. Oil and energy companies are making hundreds of billions at the cost of everyone else. And now the f***** bank of england is punishing mortgage holders because the government refuses to step in to stop the energy and oil companies ripping everyone off. The problem is the market has ceased to function in anyone's interests other than a tiny few people who hold shares in oil and energy companies. The rest of the economy, and more importantly millions of people's lives are being sacrificed at the altar of market fundamentalism.
Nonsense.
It's just maths, it will have a measurable impact - whether than matters or is a bad thing is a separate issue.
Have you been to the Ann Widdecombe school of economics – as she is currently citing wage price spiral.
You clearly didn't read my post - I don't have any judgement about it, it's just maths.
I don't disagree that public servants should be paid more.
The problem is the market has ceased to function in anyone’s interests other than
a tiny few people who hold shares in oil and energy companiesTory party donors
FIFY
If the UK was self sufficient in gas then you could nationalise the industry / regulate the price and have cheap gas etc. However, as we're not and therefore have to interact with a global market, you don't have any choice but to pay more for gas whilst demand exceeds supply.
Or just stop using it..
majority of folk with a private pension will have bp and shell shares indirectly, increased divs and share price is good for us.
unfortunately increased global market prices on oil negate this small benefit.
majority of folk with a private pension will have bp and shell shares indirectly, increased divs and share price is good for us.
unfortunately increased global market prices on oil negate this small benefit.
Or, more importantly, overall inflation. It's no use your pension increasing by 5% in value when day to day costs of everything in supermarkets is up 10%.
If the UK was self sufficient in gas then you could nationalise the industry / regulate the price and have cheap gas etc. However, as we’re not and therefore have to interact with a global market, you don’t have any choice but to pay more for gas whilst demand exceeds supply.
Or just stop using it..
Yeah, that was a missed trick by the UK, instead of just issuing licenses we should have been doing the same as Norway with the oil and gas, we're an island that is influenced by many things, having that ability to have energy security for the future would have been nice!
Thing is doubling his salary would have no effect on inflation, whereas upping several million public service workers by, say 10%, will have a measurable effect.
But his salary was doubled, over the previous incumbent, and inflation has increased during his time - so that kinda blows your 'theory' out of the water 🙂
majority of folk with a private pension will have bp and shell shares indirectly, increased divs and share price is good for us.
Whoopy-do! I'll celebrate in twenty years time when I retire. Honestly this sort of defence is ridiculous. Firstly not everyone has a private pension fund. Secondly it's not certain they'll hold shares in these companies and even if they do it will only be a few. Will my pension shareholding compensate for the extra £300 (more like £500 after october) a month I'm paying for utilities, and then the tripling in mortgage rates on a 100k mortgage in 18 months time when the discounted rate expires?
Fundamentally the economy is ****ed. There are all sorts of factors contributing to inflation - supply issue for goods as a hangover from Covid and currently from Ukraine war pushing up prices. Labour shortage as a result of Brexit means workers have more power to demand bigger wage rises (totally justified to meet inflationary costs). A completely unbalanced personal wealth position, even with lots of people in increasing degrees of financial difficulty on one hand, there are a significant number of others that are sat on significant wealth (ie potential spending) not consumed during Covid period which keeps up demand. To name but a few factors.
BoE only have one lever to pull and it's not sufficient
What is required is an emergency budget - but the government is non-functioning whilst the ruling party goes through a bizarre process of increasingly rabid debate to announce the idiot (who has already won) as the next PM
majority of folk with a private pension will have bp and shell shares indirectly, increased divs and share price is good for us.
unfortunately increased global market prices on oil negate this small benefit.
I don't think I have to contact an IFA to do the maths around whether the increase in my pension / ISA will offset the circa £300 extra a month I need to pay my bills compared to this time last year! I think its a fairly safe 'Loss'
Yeah, that was a missed trick by the UK, instead of just issuing licenses we should have been doing the same as Norway with the oil and gas, we’re an island that is influenced by many things, having that ability to have energy security for the future would have been nice!
It was more a point to those saying BP is evil etc, if you choose to buy commodities in a market, then don't be surprised if someone profits from that market.
CEO of Brewdog posted yesterday about the true extent of price increases affecting their operation:
TLDR it's 25%. Obviously that doesn't mean it 25% at a national level. But BoE talking about 13% seems on the optimistic side. In my industry costs are easily 20% up on pre-COVID.
Also bear in mind BoE won't stop at 1.75%. We were at ~5% pre-2008 and what 10% in the early '90's?
I'm not relishing renewing my mortgage in 3 years time, let alone in the next 18 months. It's really really really bleak and those living month to month are going to truly suffer. Also consider that due to the decade of austerity we have less of a welfare structure than ever so further for people to fall.
my amex is 25.7% as it is
Arguably, that card is really designed to be a payment and reward card… if you are borrowing on it, and paying those rates, you are in big trouble. But to answer your question, yes, the base rate rise will mean higher rates for loans and card debts. Expect them to rise by more than and faster than base rate rises, now the trajectory has been set.
I'm in the print trade - paper prices for small-time printers like me have risen over 80% in the past year.
Then we get this email from our main supplier yesterday...
To ensure sustainable levels of supply Antalis will be increasing the prices of the majority of its products from Monday 5th September’22. We expect these increases to be within a range of [b]8-20%[/b] but it is becoming likely that some increases may exceed this level in some areas.
@kelvin, yes i get 1% cashback on amex, so APR is irrelevant, not paid credit card interest since i was a student in 90s.
@johndoe yes well aware we will all be far worse off with oil prices/food inflation. it was always gonna happen, coming out of the covid lockdown, smaller workforce (retirees, kids staying on at college, and Brexit), demand for goods and raw material, china still not back upto production capacity, cargo shipping pricing 10x etc.
I was more pointing out Shell/bp are circa 8-12% of FTSE100. ie big players for pension trusts who like (Qtrly) dividends.
@dazH did you miss my second comment, "negate this small benefit" :0)
@scruff9252 yep, who knows were our investments will be in XX years time when we retire, mine will need to be in safer investments. no denying we are all gonna get shafted short to medium term.
The scary part of these rises is that for a lot of households the effects on their mortgage payments won't be felt for a few years when their current deal runs out. If we get back up to the level of 5-6% that we ran at pre-financial crisis then that's going to be one hell of a hit to take in one lump. I'm personally more worried about what effect it's going to have on rent prices as landlords will want to keep their profit margins plus a lot will sell up if they can't, further restricting supply. I don't have any debts so it won't effect me that way but it really does feel like the decade of sub 2% base rates is going to bite us all really hard in the next year or so.
@the-muffin-man - it's scary how much paper has gone up in the last 18 months. How you smaller operations are managing to keep afloat amazes me. I know of three now in my area who are on the brink of shutting up completely and that's before the price rises due in the next few weeks from all the suppliers. Good luck riding through it all.
TLDR it’s 25%. Obviously that doesn’t mean it 25% at a national level. But BoE talking about 13% seems on the optimistic side. In my industry costs are easily 20% up on pre-COVID.
My personal inflation rate is well above 20% in the last 2 years, it's only going to get worse.
https://twitter.com/RichardJMurphy/status/1555135575702867968?t=FxU0aFEOdIV47td0jnMoog&s=19
Long thread.
The scary part of these rises is that for a lot of households the effects on their mortgage payments won’t be felt for a few years when their current deal runs out.
I am sure I read (but cannot find the article) that suggested 2m borrowers would come off fixed rates in the next year or two, and that anyone ending next September was likely to see the biggest difference in rates between when they borrowed 2-5 years ago and what rates will be in 2023...
Once again, it feels like a 'if you think it is painful now, wait until what is around the corner' for many.
Of course I could also suggest that this is the risk that so many people take - borrow more, 'upgrade' the house, play the house price rise game and hope for low interest rates to fuel that...
Somehow we struggle on! There's just me and the dog so we don't need much and I we live a lavish lifestyle.
I know another one man band operation in my area who is thinking of giving up his unit and going back to broking. He's the old school printer running a single colour GTO type who we are losing all the time.
Housing Association I work for are planning to put up rents as kitchens, bathrooms, materials are up something like 20% not to mention fuel, van prices. Bad news for 15000+ households and us on the tools as well get all the grief for it. Tough times ahead.
Just applied for a mortgage yesterday, the best rate for a 2 year fixed was 3.89%, up from 3.15% the previous week (the banks knew what the increase was), for the small amount extra we want to borrow. Thankfully we have the biggest part of the mortgage on 1.59% for another 2 years.
That was a very interesting Twitter thread posted above.
The real danger in the medium-long term is deflation not inflation. I don't know about anyone else but apart from every day living costs and socialising I've completely stopped any spending on consumer goods and stuff I don't need to spend money on, including bikes and after this summer, holidays too. My car use has also plummeted, a day in wales or the lakes mountain biking is just not justifiable any more when I can ride locally. If I'm typical then the shock to businesses over the next 12 months is going to be catastrophic. Any that survive the initial rise in costs and interest rates are then going to be hammered by plummeting sales and prices. Then the mass redundancies, bankruptcies and repossessions will kick in to make it worse. The rebound from the current inflationary position is going to be spectacular.
I’m really concerned, we are on a low rate fixed for another 4 years so luckier than many, but our mortgage is big so we are really going to be hit when we remortgage, like many of our friends. If you wanted a house in the last 10yeara on the south coast, you just had to suck it up and pay.
No other debts, but as above we will be cutting back as much as we can. Tbh we had already cut back a good deal to cover the energy price increases
I’m also trying to come up with ways to earn more. As a paye, psudeo civil service I have little opportunity to increase my income. Thinking about trying to find a contracting side gig from a different time zone. Not sure how I would go about it though (IT)
rone
Free MemberLong thread.
Yeah, that Richard Murphy tweet(s) basically says in way more detail what i was concerned about, the BoE are thinking conventionally about interest rates at a time when it's no longer the valid, this out of control inflation isn't due to people spending on new stuff like household goods, cars, etc, they're spending all their income and savings on basics and necessities, raising interest rates is just squeezing them now at both ends.
As he says, only one group will do well out of this, and that group also make huge profits through recessions and downturns, stressed markets are how they build their portfolios.
If the boe hadn't put interest rates up over the last few months ,the GBP would be much weaker against the dollar (and other major currencies ) than it currently is, leading to even higher prices when converted to Gbp for gas and oil,leading to even higher inflation.
And your summer hols abroad would have cost more.....
Disaster capitalism, innit?
If the boe hadn’t put interest rates up over the last few months ,the GBP would be much weaker against the dollar (and other major currencies ) than it currently is, leading to even higher prices when converted to Gbp for gas and oil,leading to even higher inflation
Who told you that?
Pound has been dropping against the dollar almost at the same time as the interests rate cuts.
So that works then.
BoE are knackering the economy up - not improving it.
And your summer hols abroad would have cost more…..
They did.
Fuel, insurance, food, clothes.
And for people who flew. They did on top.
And my £ is worth give or take double digits less than last year due to inflation.
Any credit card usage will cost more etc.
I can't see the benefits you're talking about.
Pound has been dropping against the dollar almost at the same time as the interests rate cuts.
Imagine how much more it would have dropped if they hadn't raised rates
I can’t see the benefits you’re talking about.
Not benefits in the absolute sense,but not as bad as it could have been.
Glad I have a bunch of US-based shares. The weak pound slightly offset the stockmarket plunges when I needed to sell a few to buy a new hob.
High interest rates? It's nowhere near the 1990s yet. Credit-card-like rates on mortgages seriously dent your disposable income.
Raising interest rates is an interesting plan to combat inflation that is not spending related.
'I have a hammer, let me whack whatever it is'
Of course I could also suggest that this is the risk that so many people take – borrow more, ‘upgrade’ the house, play the house price rise game and hope for low interest rates to fuel that…
Whilst for many others, a mortgage was a "cheap" way out of rented housing and the ridiculous rates you're expected to pay (but for some reason a lower mortgage is considered unaffordable by underwriters).
As others have said, we're not at early 90s levels yet, not even close.
Imagine how much more it would have dropped if they hadn’t raised rates
Imagine how a recession might have been adverted if interest rates were at zero?
Only the asset class benefit from high interest rates.
Hopefully good news for us savers. Rates on savings have been abysmal for 10 years or so.
majority of folk with a private pension will have bp and shell shares indirectly, increased divs and share price is good for us.
Sorry, I know this part of the thread is old now, but Manchester Guardian quoted yesterday that only 0.2% of Shell and BP shares are owned by pensions investors, so you can't really claim that's a benefit of high fuel inflation.
IANA Economist but something I can't quite follow.
Is this really 'inflation' though as we normally perceive it? The major changes are driven by the oil and gas price which has been some would say artificially low for several years. Now it's been reset* and it as well as everything affected by it has spiked, making prices 10 or 15% or whatever the headline number (and/or this mythical basket of goods is) higher than this time last year, which was also pretty much the same as the year before and the year before that. So what is measured by inflation is actually what would have been spread over the last say 3 years.
Next year - we're post spike. Inflation won't continue to run at this rate unless O&G etc. is that much higher again?
So is inflation really 15%, or is it really 3 years of 3.5% that has compounded to look like 15%?
* not saying it's all due to the reset, Ukraine and its impact on raw prices of foodstiuffs is also a contributor but the energy cap etc. was a problem before Putin went crackers, etc.
If only some-one had said something at the time
https://twitter.com/BestForBritain/status/1555204172798107649
Although Brexit is in there somewhere plenty of economies have got inflationary problems that don't have a real connection.
I think that Germany are about to have big problem related to Russian gas too.
The fact of the matter is we have several black-swan events all grabbing at once.
And the only way out it appears globally is to de-grow economies.
Sorry, I know this part of the thread is old now, but Manchester Guardian quoted yesterday that only 0.2% of Shell and BP shares are owned by pensions investors, so you can’t really claim that’s a benefit of high fuel inflation.
Yes it's bollocks. 'They' use this also to make it seem like we're killing all these share-holding grannies if we nationalised varies industries.
Pensions shouldn't be structured like this anyway.
The only people defending the asset-class are the asset-class.
The fact of the matter is we have several black-swan events all grabbing at once.
We do. But we also have a series of poor political decisions that have been made in the knowledge that they will be inflationary. It’s no good putting holes in your ship’s hull, asking everyone to get bailing out as fast as they can (or to drink faster if they’re on the lowest decks) and then acting all surprised when the storms come. Our government has put us in a very poor position to deal with events, and they’re doing next to nothing to try improve our position now, leaving it to the BofE to use a hammer to knock in nails.
Interest rates need to be lowered, not raised. The government needs to be fixing the hull. Using other means to prevent devaluation and reducing costs for businesses and working people alike. If inflation is high partly because of demand (I have serious doubts that it is), why are we not increasing taxes on those individuals with higher disposable income? If fund holders don’t want to invest their money in the UK, why is that? How do we reverse that trend? Regaining free access to the market that surrounds us is part of that, even if it is a hard political message for politicians to deliver.
Hopefully good news for us savers. Rates on savings have been abysmal for 10 years or so.
Well unless they're double-digits then you're still on a massive downer unfortunately.
We really have got a messed up situation.
Construction industry has seen around a. 50% increase in costs over the last few years. Input prices have increased but my impression is that there has been massive profiteering from suppliers , merchants and contractors.
The industry has changed over the last 20 years from a myriad of small suppliers and merchants to bigger and bigger companies, verging on monopolies in some cases.
Only the asset class benefit from high interest rates.
"And inflation paid for my house"
A quote from my Dad. They bought in the very late 60's (paid £3k) and by the early 80's were paying their annual mortgage in a lump sum.
Inflation hits those on a fixed income the hardest, and for those of us who's wages/income will rise it'll just cause cashflow issues now & again. Depreciating assets work out cheaper though 🙂
Interest rates (and inflation TBH) will be an issue until folk get a handle on them - I talk from experience as someone who had a mortgage from 1985. Rates had risen from 7% to 10% in late 80's/early 90's and then we fell out of the ERM... Often got double digit pay rises too, mainly due to inflation.
Hopefully good news for us savers. Rates on savings have been abysmal for 10 years or so.
There'll be big winners and big losers - pretty much what happens IME when you elect Tories. The pain is not shared.
BofE predictions are for double digit inflation next quarter. I think we are there already. Think about what you spend every week. The essential items, not discretionary spending, like a new lazeee bike. Petrol, gas, elec, water, foodstuffs etc. 50% on all of the above this year. This is a guess and a nice round number but, if you look at pump prices, all your bills, your weekly food shop. Tesco seem to add a penny here and there, but its every week
All the millenials who don't remember double digit mtg rates, who i believe think house prices only go up, are in debt with a £250k mtg, 2 fancy rented cars, 2 kids etc are royally screwed.
The mtg they could afford at 1.9% will be an anchor at 10%.
We do. But we also have a series of poor political decisions that have been made in the knowledge that they will be inflationary
Well the pandemic leads the way, and I don't think any economy understood exactly what would happen next.
And you could go further back and say any country/administration that operates short term capitalism was also massively part of the problem.
So the last 40 years then.
We only have tools to deal with stuff whilst its working.
(Micro arguments about wall-paper as I've always said are blown out of proportion compared to world-events.)
BofE predictions are for double digit inflation next quarter. I think we are there already
Someone said it earlier - inflation is different for everyone affecting as usual the less well off the most.
We also had that MIRAS back in the day too but I wasn't financially independent then so I can't really put that in perspective.
I don't think interest rates will get that high personally. Once we start to lack growth, unemployment etc - pressure will be on to swing the other way.
But you never know what's coming next really.
Raising interest rates is an interesting plan to combat inflation that is not spending related.
‘I have a hammer, let me whack whatever it is’
That's my concern. Seems flawed, and hits the poor hardest.
I see the French are spending (borrowing?) billions to ease inflationary pressures.
Is it just me or is the Woodstock 99 documentary on Netflix a perfect metaphor for the UK right now? I reckon we’re at the Saturday morning stage. We’ve woken up with a monumental hangover, dehydrated and surrounded by rubbish. The infrastructure is falling apart and we’re being ripped off by rapacious market traders, and the organisers are still claiming everything’s fine. Pretty soon we’ll be abusing the bands and tearing the place apart. Tomorrow maybe we’ll be burning it all down?
I see the French are spending (borrowing?) billions to ease inflationary pressures
Yeah the ECB have delivered similar packages to us.
We put the blocks on right near the 'end' of the pandemic.
Government's will need to spend, it's impossible to grow without it under current circumstances.
How big the package or where it's targeted I'm not sure.
Is it just me or is the Woodstock 99 documentary on Netflix a perfect metaphor for the UK right now?
I was going to watch that last night - any good?
Someone said it earlier – inflation is different for everyone affecting as usual the less well off the most.
Agreed. For example, energy prices up, so the white collar types WFH avoiding travel costs and fit a sack load of solar avoiding electricity costs.
it probably is the right thing to do anyway, but it’s a lot easier if you have the space at home and cash respectively.
any good?
Yes very good. Especially when you start comparing the organisers to the headless chickens running for the Tory leadership. 😂
Free-market economics makes a mistaken vital assumption - that lots of people have built up good savings to tide them through the downturns.
Yes very good. Especially when you start comparing the organisers to the headless chickens running for the Tory leadership. 😂
I will give it a click.
I enjoyed the one about the Fyre festival.
on the shareholder front, I actually have a small holding in shell. whatever gains I have made are vastly outweighed by the increases in energy and the prospect of a huge mortgage increase in a few years time
oh and we are in the middle of a building project so being stung daily with price increases. budgeting sensibly is impossible. quotes from 2 months ago are now 10-20% more when you come to pay.
Seems flawed, and hits the poor hardest.
Disagree. If you're living in social housing and/or with protected rent/benefits why would it really impact you?
Reading some of the more recent comments it seems to be
- be more like the Europeans (longer term investment etc)
- leaving the EU didn’t help
- the pandemic was a gig for all
- we could do without the Brexy-Trump-friend Mr Putin and is wars of conquest
- the affluent will be less affected than the less affluent
- lots of views on savings, pensions, shareholding and capitalism, not all of which agree
That about right?
If you’re living in social housing and/or with protected rent/benefits why would it really impact you?
Could you be more out of touch? Do you seriously think all the poor live in social housing? This isn’t the 1980s, there is no social housing left. Even if they do, they still have to pay bills, put food on the table etc.
Reading some of the more recent comments it seems to be
– be more like the Europeans (longer term investment etc)
– leaving the EU didn’t help
– the pandemic was a gig for all
– we could do without the Brexy-Trump-friend Mr Putin and is wars of conquest
– the affluent will be less affected than the less affluent
– lots of views on savings, pensions, shareholding and capitalism, not all of which agree
That about right?
There are many with mortgage loans based on low interest rates and rising house prices.
I will be the first to say - just issuing more money into broken economies as per MMT's prescriptive side is unlikely to fix things - without applying the correct resources to spend the money on.
Just a warning.
Spend the money - but spend it on the things that fix the holes in public services and infrastructure. The private sector will follow.