Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,915
Im still unconvinced about ex labour supporters who at last election voted Tories in have changed back to labour.
ALL POSTS ARE MY OWN PERSONAL VIEWS
Captain Haddock
- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Spare a thought for the new Trade Secretary Kemi Badenoch on board HMS Queen Elizabeth in New York Harbour as she delivers a keynote speech today telling an "audience of US investors why the UK is the best place in the world to invest".
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Button
- Location: Dover
- Registered: 22 Jul 2016
- Posts: 3,053
Captain Haddock wrote:Spare a thought for the new Trade Secretary Kemi Badenoch on board HMS Queen Elizabeth in New York Harbour as she delivers a keynote speech today telling an "audience of US investors why the UK is the best place in the world to invest".
Well, my A Level Economics isn't what it used to be (mind you, it probably qualifies me for no.11), but how about this:
A) invest in beanz - hold them for a year and you'll get a 10% return
B) invest in UK producers who make things Americans like - they'll be dirt cheap on the US market so the Yanks will lap them up.
I think.
(Not my real name.)
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
This country has spent over £300-400 billion on the cost of lockdowns, and £150 billion on an energy support package.
Yet a £2 billion tax cut policy is the problem?
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Meanwhile in the USA:-
On Wednesday, September 28, 2022, the current average rate for the benchmark 30-year fixed mortgage is 6.86%, rising 48 basis points since the same time last week.
Bloody Kwasi Kwarteng!
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Judith Roberts- Registered: 15 May 2012
- Posts: 637
What is the rate for a 30 year fixed rate deal here? Assuming they are available at the moment.
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Average c.4.05%.
Representative Example
£218,000 mortgage over 25 years initially at 4.05% fixed for term. 300 monthly payments of £1156.71. Total amount payable £347,573.60 includes loan amount, interest of £129,013, valuation fees of £360 and product fees of £0. The overall cost for comparison is 4.2% APRC representative.
https://moneyfacts.co.uk/mortgages/fixed-rate-mortgages/"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Judith Roberts- Registered: 15 May 2012
- Posts: 637
Interesting, thank you.
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Our inflation rate BEHIND EU average.
https://tradingeconomics.com/country-list/inflation-rate?continent=europe
Interest rate ABOVE but raised by BofE to dampen inflation (which will take time to have effect).
https://tradingeconomics.com/country-list/interest-rate?continent=europe
NOT that different all in all to most comparable countries?
Could MSM and Labour be getting in a tizz calling for Truss/Kwateng to resign or to recall Parliament because they are more worried about Govt policy working rather than failing??????
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
ray hutstone- Registered: 1 Apr 2018
- Posts: 2,158
The real issue (as I suspect you know but have chosen to avoid) is the market's abject lack of confidence in government bonds (gilts). This is the only time I can recall of a nation's central bank being forced to intervene as a result of the actions of its own government.
You're right about Kwarteng out though!
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Yup. 'Confidence'. That's the word.
A bit like Keynes' 'Animal Spirits' where human emotions drive financial decision-making in volatile times!
BofE has been large scale buying bonds or 'quantitative easing' since the so called 'Global' Financial Crisis from 2009 (almost 900 BILLION pounds).
If it was truly global why were China, Japan, Brazil, India, Iran, Peru and Australia for example hardly affected or did the BofE intervene because of 'actions of its own government' and how much was its huge stimulus responsible for inflation eh?
Good question for an Economics exam?
On the plus side Nat West are offering 5% on your first £1000 savings
https://www.natwest.com/savings/digital-regular-saver.html and I've just poked another £2000 into Premium Bonds and that's before I get my Winter Fuel Allownace ......................................
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
As of 4pm today...
GBP up 6.4% to £1.10 against USD
GBP up 4.8% to £1.13 against EUR
GBP up 7.3% to £159.60 against JPY
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
ray hutstone- Registered: 1 Apr 2018
- Posts: 2,158
Prior to Friday's 'fiscal event' the BofE had been selling gilts on a large scale to reduce the inflationary effects of quantative easing. Good job they changed track!
Button- Location: Dover
- Registered: 22 Jul 2016
- Posts: 3,053
Captain Haddock wrote:As of 4pm today...
GBP up 6.4% to £1.10 against USD
GBP up 4.8% to £1.13 against EUR
GBP up 7.3% to £159.60 against JPY
As in £1 = 159.60JPY (and rising), etc.
(Not my real name.)
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
I must be more careful when I copy and paste.
I must be more careful when I copy and paste.
I must be more careful when I copy and paste.
Etc.
Button likes this
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Button- Location: Dover
- Registered: 22 Jul 2016
- Posts: 3,053
Asked if the government would honour a pledge to keep the triple-lock on pensions, Griffith [Financial Secretary to the Treasury] said he wouldn't comment on speculation that the formula for calculating payments could change.
Under the triple lock, pensions increase by whichever is greatest between inflation, the increase in earnings between May and July, or 2.5%.
Source: BBC.
(Not my real name.)
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Bloody Kwarteng! Dutch inflation now at 17.1%.
https://www.dutchnews.nl/news/2022/09/dutch-inflation-rate-soars-to-over-17-according-to-european-figures/
(UK Comparison - The Consumer Prices Index (CPI) rose by 9.9% in the 12 months to August 2022, down from 10.1% in July.)
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
Germany to borrow €200 billion for an energy price cap as inflation reaches double digits for the first time in Germany in the post-Deutschmark era.
Bloody Kwarteng!
(Meanwhile the UK's economy grew in the second quarter of this year, contrary to an initial reading which said it had shrunk, revised official data suggests.
Economic output rose by 0.2% between April and June, revised up from a previous reading of -0.1%, the Office for National Statistics (ONS) said.
It suggests the UK is not currently in recession, as was predicted by the Bank of England earlier this month).
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
Captain Haddock- Location: Marlinspike Hall
- Registered: 8 Oct 2012
- Posts: 8,056
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
Dr. Hunter S Thompson
How I Wrote Elastic Man- Registered: 5 Dec 2020
- Posts: 105
So, the magic money forest has suffered the same fate as the oak trees in Sevenoaks, 1987
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
"We are living in very strange times, and they are likely to get a lot stranger before we bottom out"
