news & politics:discussion

[Neil]

2 hours ago, Ozanne said:

It used to be the aspirational dream to own your own home but now because the BoE and the Tories have decided we are doing too well that is now a mistake. The answer it seems is to go back in time to when rates were low and not buy our homes, if we can't do that then f**k us I guess?

It used to be an aspirational dream to rent a home.

[Neil]

Trump is not embarrassing the USA, the fact he still has support makes the us population embarrassing. Trump is worse than Putin.

[steviewevie]

5 hours ago, Neil said:

Trump is not embarrassing the USA, the fact he still has support makes the us population embarrassing. Trump is worse than Putin.

worse than Putin?

Discuss.

So, he wins the republican candidacy, is convicted of at least some of these charges, wins the presidency, pardons himself. Bedlam. It is written.

[steviewevie]

Next problem with green crap...pylons.

[Nobody Interesting]

13 hours ago, fraybentos1 said:

The government? That's my point . It would be on the gov to increase their remit and powers

and yet the government is happy to do nothing - so they can then point the finger of blame at the BOE...... this government loves nothing more than blaming others for their own mess.

[lost]

1 minute ago, Nobody Interesting said:

and yet the government is happy to do nothing - so they can then point the finger of blame at the BOE...... this government loves nothing more than blaming others for their own mess.

That's why labour made the BOE independent though. So they can make politically unpopular but correct decisions. Its too tempting for politicians to boost the money supply in the run up to elections to create a feel good factor 

[Nobody Interesting]

11 minutes ago, lost said:

That's why labour made the BOE independent though. So they can make politically unpopular but correct decisions. Its too tempting for politicians to boost the money supply in the run up to elections to create a feel good factor 

There is independent with free thought and ability to do what you want when you want and how you want

and
 

There is independent with the ability to do very little.

 

What we have is the later and thus an easy target for blame if things go wrong and I have never said the BOE should not be independent and agree with your reasons why not (though governments do and will add money to the supply to create  a feelgood factor by cutting taxes even though they have no money) - they should just be fully independent.

Edited August 4, 2023 by Nobody Interesting

[steviewevie]

43 minutes ago, Nobody Interesting said:

There is independent with free thought and ability to do what you want when you want and how you want

and
 

There is independent with the ability to do very little.

 

What we have is the later and thus an easy target for blame if things go wrong and I have never said the BOE should not be independent and agree with your reasons why not (though governments do and will add money to the supply to create  a feelgood factor by cutting taxes even though they have no money) - they should just be fully independent.

what else do you want them to do?

[Crazyfool01]

Couple of colleagues have lost their lives to suicide in the past year … low paid impacts of course there may well be other issues but not having seen that happen before in 28years 

[fraybentos1]

3 minutes ago, Crazyfool01 said:

Couple of colleagues have lost their lives to suicide in the past year … low paid impacts of course there may well be other issues but not having seen that happen before in 28years 

Sorry to hear that, there is defo a mental health crisis in this country and people don't get the support they need unfortunately. Hopefully something that will improve under Labour when they get in.

[Crazyfool01]

10 hours ago, fraybentos1 said:

If what you say is true then I’d expect to be in a recession by now, this rampant inflation has been going on for at least a year now.

What I see is mobbed airports, people going on holiday but also having to pay 5 quid for a tub of Lurpak too 

The mobbed airports is due to extra customs checks and lack of staff … travel isn’t back to prepandemic levels yet . And lurpack barely sells while I pick masses of value range products definately increased over the past year 

[Crazyfool01]

Just now, fraybentos1 said:

Sorry to hear that, there is defo a mental health crisis in this country and people don't get the support they need unfortunately. Hopefully something that will improve under Labour when they get in.

It’s likely money issues  although that will never show in any post-mortem could obviously be other things going on too . We have a very British we will carry on regardless and many of the issues aren’t people shouting how they struggle , they struggle in silence 

[fraybentos1]

1 minute ago, Crazyfool01 said:

The mobbed airports is due to extra customs checks and lack of staff

There aren't any extra customs checks for a british person leaving the UK? There is a lack of staff post covid though I agree.

4 minutes ago, Crazyfool01 said:

lurpack barely sells

I think it is selling just fine. It's just a daft example anyway. 

Are you seriously telling me that everyone you know is hard up at the moment? I must be imagining Glasto selling out in seconds (didn't do that during the financial crisis) and everyone I know going on foreign holidays. 

[Crazyfool01]

Just now, fraybentos1 said:

There aren't any extra customs checks for a british person leaving the UK? There is a lack of staff post covid though I agree.

I think it is selling just fine. It's just a daft example anyway. 

Are you seriously telling me that everyone you know is hard up at the moment? I must be imagining Glasto selling out in seconds (didn't do that during the financial crisis) and everyone I know going on foreign holidays. 

No sure not everyone but it is impacting peoples disposable income … I can see that with discussions with mates … we still do stuff but also some stuff is gone that we used to do . Glastonbury is a weird one I thought it would be hit but doesn’t seem to be yet … maybe people holding onto money for big occasions but it’s got a big demand due to bbc coverage since last financial crisis 

[pryce]

22 minutes ago, fraybentos1 said:

There aren't any extra customs checks for a british person leaving the UK? There is a lack of staff post covid though I agree.

I think it is selling just fine. It's just a daft example anyway. 

Are you seriously telling me that everyone you know is hard up at the moment? I must be imagining Glasto selling out in seconds (didn't do that during the financial crisis) and everyone I know going on foreign holidays. 

Download also sold out hasnt done so in years, as had a lot of the medium size festivals, arenas and stadiums selling out as well as academy size gigs with tickets more expensive than ever, NFL managed to sell out wembley and spursx2 in 2 minutes, hell even the Hives who didnt sell out venues last time are selling out an academy tour at nearly 45 quid a ticket.

 

airports are full, cities are full every weekend, towns are probably worse off i would imagine though

 

people are worse off yes, but as you state its nowhere near the economic crash, yet

 

[fraybentos1]

28 minutes ago, pryce said:

Download also sold out hasnt done so in years, as had a lot of the medium size festivals, arenas and stadiums selling out as well as academy size gigs with tickets more expensive than ever, NFL managed to sell out wembley and spursx2 in 2 minutes, hell even the Hives who didnt sell out venues last time are selling out an academy tour at nearly 45 quid a ticket.

 

airports are full, cities are full every weekend, towns are probably worse off i would imagine though

 

people are worse off yes, but as you state its nowhere near the economic crash, yet.

 

Yep thank you, I am not imagining it. It takes ages for things like IR rises to feed through to the economy. 2024 might be a sh*t show but 2023 loads of people are still flushed with cash

[steviewevie]

25 minutes ago, pryce said:

Download also sold out hasnt done so in years, as had a lot of the medium size festivals, arenas and stadiums selling out as well as academy size gigs with tickets more expensive than ever, NFL managed to sell out wembley and spursx2 in 2 minutes, hell even the Hives who didnt sell out venues last time are selling out an academy tour at nearly 45 quid a ticket.

 

airports are full, cities are full every weekend, towns are probably worse off i would imagine though

 

people are worse off yes, but as you state its nowhere near the economic crash, yet

 

ok...so some people are out spending money, and the point of interest rate rises are to reduce this spending...but a lot of this inflation was due to increased energy prices and then food prices - and these are essential things, do interest rates affect that directly? They may well stop some people spending money in bars and restaurants and on holidays...but then knock on effect of that is businesses closing down and job losses..?

[lost]

27 minutes ago, steviewevie said:

 a lot of this inflation was due to increased energy prices and then food prices - and these are essential things, do interest rates affect that directly? 

I think this gets mentioned every month but yes. We are a net importer of food and energy. Higher interest rates prop up the pound and make them cheaper.

Edited August 4, 2023 by lost

[steviewevie]

1 minute ago, lost said:

I think this gets mentioned every month but yes. We are a net importer of food and energy. Higher interest rates prop up the pound and make them cheaper.

oh yes, the old currency thing. Well, food and energy prices could well increase again over the coming months...so they better keep pushing up those rates to get the pound up. Simple.

[fraybentos1]

22 minutes ago, lost said:

I think this gets mentioned every month but yes. We are a net importer of food and energy. Higher interest rates prop up the pound and make them cheaper.

Must be the 10th time you've had to say it and once again it will be ignored

[Guest]

28 minutes ago, steviewevie said:

oh yes, the old currency thing. Well, food and energy prices could well increase again over the coming months...so they better keep pushing up those rates to get the pound up. Simple.

Well not really because our current inflation is doen to prices going up due to shortages of stock/supply and not because of high consumer spending.

If inflation was due to consumer spending then interest rates would go up to leave people with less money so that spending will go down and inflation would settle. However as I said we don’t have that type of inflation so rates going up forces people to spend less at a time when spending wasn’t high anyway which will only hurt businesses.

They should have kept rates low for 2 reasons. 1 - we are in a cost of living crises so it helps people to combat that and 2 - it can help put money into an economy that’s already flatlining as it is. 

[steviewevie]

pound dropped yesterday

[steviewevie]

4 minutes ago, Ozanne said:

Well not really because our current inflation is doen to prices going up due to shortages of stock/supply and not because of high consumer spending.

If inflation was due to consumer spending then interest rates would go up to leave people with less money so that spending will go down and inflation would settle. However as I said we don’t have that type of inflation so rates going up forces people to spend less at a time when spending wasn’t high anyway which will only hurt businesses.

They should have kept rates low for 2 reasons. 1 - we are in a cost of living crises so it helps people to combat that and 2 - it can help put money into an economy that’s already flatlining as it is. 

yeah, but the point Lost keeps telling me and that I keep ignoring was interest rates could/should/might keep pound strong which will keep price of imported food/energy down. Bailey never mentions this bit so must be a nudge nudge wink wink those in the know sort of thing.

[lost]

8 minutes ago, steviewevie said:

pound dropped yesterday

Generally believed to be because the wording in the report changed. I think last month it was we expect inflation to be 3.3% in the 12 months time to now we expect inflation to be 2.8% in 12 months time. Lower inflation would mean rates coming down sooner. 

[lost]

6 minutes ago, steviewevie said:

. Bailey never mentions this bit so must be a nudge nudge wink wink those in the know sort of thing.

Again I believe last month I gave examples from Turkey regarding what happened when a central bank went against market expectations for interest rates.