Oh, oh, when you're a politician never......

[mint]

say what you really think!

Here's why:

http://www.telegraph.co.uk/news/newstopics/politics/conservative/8146144/Lord-Young-to-do-less-speaking-says-David-Cameron.html

I do know lots and lots of people who've "never had it so good".  And yes, it's true that they have saved hundreds of pounds every month on their mortgages as interest rates are so low.

Why, I even know a couple who've moved from France back to the UK last year, getting lots of excess dosh from the exchange rate for their euros, getting to keep everything from rents in the UK which were not declared in either country and who are even now spending thousands on improvements on the UK property and not bothering to pay off the mortgage they took out on their UK property to finance the buying of their French one.

So, whose take on all of this do you buy into?

[Braco]

A fair if somewhat simplistic comment that could be applied to large numbers of the population.

 

The wider view is that large numbers of the population have seen the value of their savings income and assets dramatically reduced. Employment security is also going the way of final salary pensions, and the Dodo.

 

A large number of people are still in denial thinking that it is a political problem and all the fault of bankers, many though are realising that we have to scale back expectations to match our means.

 

The cherry on the cake is that the most prudent in society are also generally the first to scale back discretionary spending. Do not expect retail sales to improve any time soon.

[mint]

So............the most prudent will always have something put aside for a rainy day.

We are here talking about the feckless and what a good time they are having, non?

[Braco]

Non

My comment is that in the very short term the economy is fairly good for some and that the longer term outlook is fairly bad for most. The comment about the prudent (those who have the financial means to decide their own level of discretionary spending) is that their over reaction will hurt the short term economy especially in the retail and service sectors.

[just john]

One size doesn't fit all, I know some people earning and spending a fortune setting up home in rented accommodation unable to persuade bankers (making a fortune out of low BofE rates) to offer mortgages on affordable first time buyer homes.

[mint]

Ok then, his comments are only partially true.  It's a fact that, in any recession, there are always those who will benefit from it.

We mostly on this Forum are pensioners who have seen our sterling pensions drop due to the exchange rate down turn and to inflation.  We are, by and large, NOT the ones who have never had it so good.  With some, maybe a LOT, of belt-tightening, we manage to survive.

But, undoubtedly, as many as are losing out, possibly an equal number is benefiting.  Be honest, when you had a mortgage, was there any time when you paid next to nothing interest (those with tracker mortgages do)?

 

[NickP]

[quote user="sweet 17"]

Ok then, his comments are only partially true.  It's a fact that, in any recession, there are always those who will benefit from it.

We mostly on this Forum are pensioners who have seen our sterling pensions drop due to the exchange rate down turn and to inflation.  We are, by and large, NOT the ones who have never had it so good.  With some, maybe a LOT, of belt-tightening, we manage to survive.

But, undoubtedly, as many as are losing out, possibly an equal number is benefiting.  Be honest, when you had a mortgage, was there any time when you paid next to nothing interest (those with tracker mortgages do)?

 

[/quote]

I remember, how could I forget?  Paying 16% interest on our mortgage; and when we got our bonus advice notice for that year on our obligatory endowment policy, it was pants, We asked for an explanation and were told that they hold back some for when times are bad, funnily enough times after that always seemed bad. So much so that at the payout of my endowment I wrote to Friends Provident and suggested that they change their name to the licenced muggers association. The reply I got; was to say "they were sorry that I was disappointed with there service, but most people thought they did very well". Yeah like I believed that [Www]

[Braco]

Hi Sweet 17

Are we mostly pensioners? My impression is that majority may be aspiring pensioners. I for one cannot yet see an end date.

It may be of interest that the latest round of voluntary redundancies within the company I work for has attracted applications only from the younger members of staff. Older members (including some who are past the current state retirement age) are mainly hanging on.

 

[woolybanana]

Perhaps younger members feel they can do something else whereas the older ones don't?

[Braco]

You could be right. A high number have ties to South Africa, Australia, New Zealand, and India and have decided that the present economic outlook in the UK will offer very limited career progression opportunities.

[mint]

[quote user="Braco"]

Hi Sweet 17

Are we mostly pensioners? My impression is that majority may be aspiring pensioners. I for one cannot yet see an end date.

It may be of interest that the latest round of voluntary redundancies within the company I work for has attracted applications only from the younger members of staff. Older members (including some who are past the current state retirement age) are mainly hanging on.

 

[/quote]

Braco, so you are still young enough to be working?  How nice.....well, it IS in a way, isn't it?

Forgive me if you think I was wrong to say we were mostly pensioners.  I do get the impression, however, that, on the Forum, the majority ARE retired.

Admittedly I was a very young 58 when I first came [;-)] and I would have liked to have had more working years.  In fact, there was a time when I swore I'd never retire if I could avoid it!

But, my OH was already 76 then and we came so that he could stop working!  Not that he minded working, in fact, he LOVED working.  Towards the end of his career, he was working from home, to cut down on the costs of self-employment and running an office and I'm afraid I was the one who got fed up of his clients calling round at our home whenever they felt like it.  It was I who wanted out!

Anyway, going back to the talk about mortgages....I well remember a time when all we did was worry about paying the damn mortgage and, when that was done every month, there was very little left for anything else.

 

[Gardengirl]

Here's another of the many pensioners on this forum.We moved from the Midlands to SE England when gazumping was going on many moons ago, and had it happen to us - really dreadful! Prices were much higher in the south, and we had to take out a mortgage double the size of the one we'd originally had, for the smaller house with much less land that we eventually managed to buy! I can also remember huge mortgage rates - frightening was how I found them! I had given up work when our children were born, and it was very difficult to make money stretch far enough each month! [:(]

We have a small amount of savings, on which we get virtually no interest now. But at least one of our sons hasbenefitted by paying a much smaller amount for his mortgage each month; and thank goodness they have the sense to save for a rainy week rather than splash out!

[Braco]

Sorry Sweet 17

I was not questioning your comment – simply stating that I do not know what the proportion of members who are retired is.

[Russethouse]

Last time some one (MacMillan) said 'you've never had it so good' my parents lived in a rented house, without a bathroom (tin bath in front of a fire) no phone, no car and 2 weeks holiday a year.

Now we have our own home,  a bathroom and two showers, a landline and mobile, a car and 4 weeks holiday a year   ..........

[Chancer]

Never had it so good??!!

I have never had it! [:P]

[mint]

So, I wasn't the only one who thought he had a point:

http://www.telegraph.co.uk/finance/economics/8146451/Lord-Young-is-right-about-post-recession-Britain-says-IEA-think-tank.html

Of course, what he says doesn't hold true for absolutely everybody but I do know an awful lot of people who are benefiting quite nicely out of the recession.  And, no, I'm not one of them![:(]

[Frederick]

 Sweet wrote "Of course, what he says doesn't hold true for absolutely everybody but I do know an awful lot of people who are benefiting quite nicely out of the recession. "

 

Mostly debt collectors and bailiffs ... Some firms will be raking in a fortune chasing money that people can no longer find .