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 Yay! The economy! |
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 17th November 2022, 03:27 PM
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#561
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 BuzzJack Gold Member
Joined: 21 February 2021
Posts: 3,571 User: 124,514 
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Ah yes the freeze in income thresholds isn't good for lowest paid. They should definitely means test pensioners and withdraw rises to the wealthiest homeowners in the country.
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17th November 2022, 03:31 PM
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#562
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BuzzJack Enthusiast
Joined: 22 September 2022
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Fuel duty is also going to rise from March next year and this was not mentioned in the budget. The cost of fuel affects everything from travel to food prices. I cannot see how inflation will fall when energy bills will also rise significantly again next year. At the same time, taxes for banks are being cut and despite the windfall tax extension, many energy companies will be able to claim massive tax relief on profits for investment leaving a loophole to escape paying tax while ordinary consumers suffer with higher prices.
This clearly shows the Tories are completely out of touch with the public. This post has been edited by neill2407: 17th November 2022, 03:44 PM |
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17th November 2022, 07:06 PM
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#563
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BuzzJack Platinum Member
Joined: 21 November 2009
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Some decent things in the budget I wasn't expecting, in particular the benefits increase. But overall a very depressing budget. Between threshold freezes, council tax increases, energy price cap increased to £3,000 from April among other things - a lot of people are going to struggle qute a lot well into next year.
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17th November 2022, 07:10 PM
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#564
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BuzzJack Legend
Joined: 7 March 2006
Posts: 22,001 User: 53
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QUOTE(neill2407 @ Nov 17 2022, 03:23 PM)  Well this budget has been one of the most depressing ever. I think the worst aspect is the further increases in energy costs from April, on top of tax rises for most (freezes to income thresholds are effectively a cut). This comes at a time when food prices and mortgages have risen substantially and council tax also looks set to increase significantly from April as many LA’s just simply are running out of money. While this year, most people will have received some form of help towards their energy bills in the form of a council tax rebate and 6 monthly instalments via their energy bills, it looks like unless you are on benefits or a pensioner then you won’t be eligible for any further help from April. I’m not saying everyone should be receiving help but even people on average incomes will be severely affected by further energy price increases. That means for most people the cost of energy has effectively risen from around £2 to £3k (if you take off the average rebate people got). For many people, this will be unaffordable and I cannot see any long term plan or credible solutions being offered by this abysmal government. It's only for people on means-tested benefits too who will get £900 in April so I'll get nothing as usual. This country sucks. 
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17th November 2022, 07:17 PM
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#565
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 BuzzJack Legend
Joined: 15 March 2006
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QUOTE(creepy chris @ Nov 17 2022, 08:10 PM) It's only for people on means-tested benefits too who will get £900 in April so I'll get nothing as usual. This country sucks. You're part of the problem by voting Tory though lmao. |
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17th November 2022, 09:22 PM
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#566
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 WINTER IS COMING
Joined: 7 March 2006
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QUOTE(neill2407 @ Nov 17 2022, 03:23 PM) Well this budget has been one of the most depressing ever. I think the worst aspect is the further increases in energy costs from April, on top of tax rises for most (freezes to income thresholds are effectively a cut). This comes at a time when food prices and mortgages have risen substantially and council tax also looks set to increase significantly from April as many LA’s just simply are running out of money. While this year, most people will have received some form of help towards their energy bills in the form of a council tax rebate and 6 monthly instalments via their energy bills, it looks like unless you are on benefits or a pensioner then you won’t be eligible for any further help from April. I’m not saying everyone should be receiving help but even people on average incomes will be severely affected by further energy price increases. That means for most people the cost of energy has effectively risen from around £2 to £3k (if you take off the average rebate people got). For many people, this will be unaffordable and I cannot see any long term plan or credible solutions being offered by this abysmal government. Couple of things here - firstly with the energy guarantee, I think by July/August 2023 there might be a different policy again, be it a higher windfall tax. The reality is most people's energy bills throughout Spring/Summer should be fairly fine. Just too many unknowns with energy. Inflation is due to come down next year as food manufacturers have put all their price increases through for 2023 in 2022 so that consumers don't feel the pinch as much. But yeah, all of this is frigging grim and screws over a potential Labour 2024/2025 government. Very welcome tax on electric cars though - only wish is it is sooner. I don't buy the AA's response it puts people off from switching to electric vehicles, it does nothing of the sort. |
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18th June 2023, 04:23 PM
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#567
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WINTER IS COMING
Joined: 7 March 2006
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So here we have it then, our economy is really on a knife edge and the fiscal policy doesn't really seem to be working. Seems like the 30% of the country who own properties are going to be the ones to take the brunt of brining inflation under control. The traders reckon the BoE rate will hit 6% at some point after the BoE got their forecasts completely wrong. Massive squeeze on working people whom likely took out big mortgages on cheap rates. We have an economy built on credit. Can't help but feel things are going to get worse before they get better.
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18th June 2023, 09:25 PM
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#568
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BuzzJack Gold Member
Joined: 21 February 2021
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It's a horrible situation but it would be extremely unfair if homeowners got subsidies when they have considerable advantages over renters anyhow. That said, I understand how finely balanced these things are.
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18th June 2023, 09:43 PM
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#569
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 Queen of Soon
Joined: 24 May 2007
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It’s gonna hurt renters the most I think as the buy-to-let c**ts will just hike the rent massively to cover their increased costs
My sister just bought her first house but so perfectly timed her 5 year fix just before this round of rate hikes pushed the prices well up. But my bestie is about to remortgage after her initial 5 year fix and is bricking it |
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18th June 2023, 11:38 PM
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#570
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WINTER IS COMING
Joined: 7 March 2006
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QUOTE(Smint @ Jun 18 2023, 10:25 PM) It's a horrible situation but it would be extremely unfair if homeowners got subsidies when they have considerable advantages over renters anyhow. That said, I understand how finely balanced these things are. They won’t do anything as it will make things worse for inflation, but this will pretty much cost them the election 100%. Even as someone who this affects, I don’t agree with support as it kicks the cab down the road. The problem is the policy only affects people with mortgages, and as by-product, renters. All those homeowners without mortgages can continue driving up inflation trying to help us avoid a recession.. |
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20th June 2023, 10:00 PM
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#571
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BuzzJack Enthusiast
Joined: 22 September 2022
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The mortgage rate increases are unfair in many ways and will have a very detrimental impact on the economy in the longer run. There will be a big rise in repossessions and bankruptcies alongside people who have a mortgage having less disposable income to spend in an already weak economy. However, this government seem to be completely failing to address the actual causes of inflation - what about the impact of Brexit and all these big greedy companies like supermarkets, Amazon and energy companies who have put up their prices well above cost increases?
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21st June 2023, 12:17 AM
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#572
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WINTER IS COMING
Joined: 7 March 2006
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QUOTE(neill2407 @ Jun 20 2023, 11:00 PM) The mortgage rate increases are unfair in many ways and will have a very detrimental impact on the economy in the longer run. There will be a big rise in repossessions and bankruptcies alongside people who have a mortgage having less disposable income to spend in an already weak economy. However, this government seem to be completely failing to address the actual causes of inflation - what about the impact of Brexit and all these big greedy companies like supermarkets, Amazon and energy companies who have put up their prices well above cost increases? Don't believe the lies the Government pedal about Food Manufacturers and Supermarkets profiterring. If you look at the margins, they've actually worsened ie. the manufacturers have swalled a huge chunk of the increases. Brexit is the big elephant in the room for food inflation but nobody wants to seem to address it. Problem is the mortgage squeeze will practically kill the economy over the next couple of years and the BoE are absolutely hopeless with their one tool as they don't know if it is working or not and the Government just bury their heads in the sand. |
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21st June 2023, 04:23 PM
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#573
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 BuzzJack Platinum Member
Joined: 6 September 2017
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I am so glad I got my mortgage renewed just before this kicked it, worked out we would have been paying £850 more a month if not which would have pretty much wiped us out. Utterly ridiculous, feel so sorry for those who are facing their renewels.
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21st June 2023, 11:13 PM
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#574
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BuzzJack Enthusiast
Joined: 22 September 2022
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QUOTE(Rooney @ Jun 21 2023, 01:17 AM) Don't believe the lies the Government pedal about Food Manufacturers and Supermarkets profiterring. If you look at the margins, they've actually worsened ie. the manufacturers have swalled a huge chunk of the increases. Brexit is the big elephant in the room for food inflation but nobody wants to seem to address it. Problem is the mortgage squeeze will practically kill the economy over the next couple of years and the BoE are absolutely hopeless with their one tool as they don't know if it is working or not and the Government just bury their heads in the sand. You need to read up properly on corporate greed as it’s been a big feature in many business magazines over the past year. Corporate greed is a major problem at the current time. It has been well known for some time that companies are still increasing prices for some goods despite the fact their own costs have either stabilised or fallen. Supermarkets also failing to pass on savings on fuel despite the price falling. |
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22nd June 2023, 09:30 PM
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#575
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BuzzJack Gold Member
Joined: 21 February 2021
Posts: 3,571 User: 124,514
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Agreed, I'm no economist but anyone thinking that big corporations do things out of the good of their hearts is in la la land. Sadly rampant capitalism is destroying society and the planet. But it's too entrenched in people's DNA to turn back sadly.
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1st July 2023, 03:52 PM
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#576
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BuzzJack Enthusiast
Joined: 22 September 2022
Posts: 805 User: 159,650
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Ryan air have made massive profits but prices have increased on average by 20% over the past year. Energy companies also making record profits and broadband / mobile phone contracts have been affected by mid term price hikes of 14-17% which is well above the rate of inflation. There is clearly an issue whereby many large organisations are continuing to turn over excess profits while the general public continue to be affected by big price rises.
https://amp.theguardian.com/business/2023/j...-retail-profits This post has been edited by neill2407: 1st July 2023, 03:58 PM |
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30th July 2023, 11:29 AM
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#577
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New Entry
Joined: 25 March 2021
Posts: 39 User: 126,407
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I try to follow the latest new too. Economic indicators, such as GDP, inflation rates, and unemployment rates, provide valuable insights into the overall health of the economy and its performance. I'm writing a research proposal about modern Economy. With some help of research proposal writers I'll finish it in the near future. They helped me to find ideas for research and explore existing studies, articles, and books about Economy. Such services can be a helpful tool for individuals seeking guidance and support in crafting their research proposals or other academic writing projects.
This post has been edited by olvs: 1st August 2023, 02:51 PM |
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