Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
27 February 2009
11:1116323Gary - there is an important issue here of free movement of capital which is a two way trade.
Once again we are talking small amounts invested offshore on the overall scale of things. I frequently recommend offshore investing when it is appropriate, normally using jurisdictions in the Channel islands, Isle of Man, Dublin and Brussels. That money is not locked away and much of it gets reinvested into UK companies through collective investment schemes. It remains in circulation and indeed some tax gets paid as well, Inheritance Tax and often a withholding tax are liable with, in many cases, income tax when certain circumstances apply. The advantage of offshore investing is something called gross roll up which can be important for UK citizens who work or live abroad or who might suffer a double tax burden if invested in some UK investments.
Some investments offshore usually generates profits for British investors and these can form part of UK Plc's 'invisible' earnings. We often complain about foreign companies investing here by buying UK companies, we do the same back!
I am not saying that there are not some who use exotic jurisdictions (or even those I mentioned) in a dishonest way but that does not characterise everyone who invests offshore only a minority.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
27 February 2009
13:2616328Further to some earlier point on this thread I see that today the Audit Commission (another Government body) has attacked Brown over the levels of public debt.
That makes three different (nominally) independent bodies (the others being the financial regulator, the FSA and the Bank of England) to atack Brown's economic policies in three days. Each are talking pretty much about the aspects that I have mentioned.
So much for a 'merely' party political stance. That defence of the Government does not wash in any way.
Guest 671- Registered: 4 May 2008
- Posts: 2,095
27 February 2009
18:1116343I certainly could not challenge your views on free movement of capital, gross roll up, offshore investing etc, that's your province not mine and I certainly am not trying to tar everyone with the same greedy brush, but, you mention the dishonest ones that use these practices but you do not condemning them?
That is what is upsetting people, these fiddles, including big bonus's to fat cats, etc, have been going on for too many years, initially on the quiet, which was bad enough, but now they are there, in the media, for everyone to see and still, they are getting away with it. Because it has become common practise and according to them, is within their rules, does not make it right.
Honest wage for honest work, I heard an elderly man say on breakfast TV this morning that he used to get a bonus every week, "They called it a Pay Packet"
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
27 February 2009
18:3016345Gary - Abuse of the system and dishonesty is still a matter for a minority and it is simply not 'common practise'. You have not seen me supportive of dishonesty so why should you expect an outright condemnation when that should simply be taken as read.
Guest 671- Registered: 4 May 2008
- Posts: 2,095
27 February 2009
19:1616346Well, if i'm wrong Barry then i will be glad to be wrong. It just seems to me to be rife and the ammounts being spoken of are huge and obscene.
My father died wearing an oxygen mask after suffering for more than two years and his pension from the coal board was les than £100 for the whole year.
We should open up a new pit in kent and make these people work in it, they would soon change their ways.
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Well quantative easing has started. £billions being printed to be paid for later with inflation.
Here is what George Osborne said with which I fully concur, on BBC News
He called it an "admission of failure" by the government measures to get credit flowing in the economy.
"Given that the government's other measures have completely failed and the recession continues to get worse, as I say, this was a last resort," he said adding that is was an "admission of failure and as I say carries quite a few risks".
He criticsed the government for failing to get it's loan guarantee scheme, and other measures, operational to stop more businesses closing.
"It hasn't started like so many other of the government schemes on home repossession or trade insurance haven't started," he said.
"That is an absolutely essential part of getting money to businesses so that they can stay afloat and people can be kept in work".""""""""""""""""
For me it is the failure to get on and implement schemes that were announced with a fanfare that really says it all about this wretched Government. This truly is a 'say anything but do nothing' Government.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
Yes indeed the quantative easing has started which I suspect is a clear indication that the measures up to now have failed to get money into the system. The banks have been saved from going bust but they have held onto the billions invested by you and me, to protect their own well being. But also its fair to say to protect our savings with them. If the banks were unstable your savings would be in serious jeopardy.
Im far from an expert but I think this arrival of quantative easing may well result in the pound falling further. Although the pound has rallied a tad in recent weeks it should in theory fall again now reaching parity with the Euro again. On the plus side this might result in us attracting tourism here from the continent...if someone sells the idea to them. Holidays have to be marketed.
Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,696
It seems to me that it is not that it has necessarily failed to get money into the system as much as it has failed to convince the banks to free up the system and start lending to each other.
Having said that it is worth noting that the key 3 month LIBOR eased down below 2% today with most commentators forecasting some further easing over the course of the month. This tends to suggest that banks are becoming more prepared to offer money to each other.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
seems to be one law for the people at the top and another one for the rest of us.
the government prints money and openly talks about it.
a few years back a chap i knew did the same thing, did not talk openly about it, got sentenced to 5 years.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
I find it mystifying as to why the Government has not acted on the other measures it boasted about before taking this step.
Remember there is no free lunch, we will pay for this debasing of the currency, which is what it is, with inflation and, yes PaulB, a lower value to the £ on the currency exchanges.
Sid Pollitt
I reckon that the cut in VAT will affect the pound in your pocket.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Have you been drinking Sid?
Sid Pollitt
I was going for a soundbite: the cut in VAT will affect the pound in your pocket. See, it works. I'll try another: quantative easing is an excuse to print money.