Interest rates gone up again!

Andrew Bailey, Governor of the Bank of England says this is in order to keep inflation down. He states;

"We should spend less and save more"

What frigging planet does he live on?

1) Most people are buying less but it costs a lot more

2) We have no control on the massive price hikes in Gas, Electricity, Petrol other than use less

3)How many people are in a position to save?

By the way this Mr. Bailey has set the standard by not taking a salary increase for the past 2 years. Poor sod only gets paid £575,000 per year, this equates to £48,000 per MONTH.

Another example of making my p-ss boil

like most politicians, they have not got a bloody clue or really interested in us for that matter.

They most certainly do have a clue, But zero interest in people below a cerftain paygrade.

I sometimes look at the interest rates we’ve had since the crash and thought thought interest rates that low for that long can’t go on forever. Even with increase it’s an historic low…. I suspect this is what fuels the ridiculous price of housing, with people stretching their finances to the limit to get that ‘nice’ house and they will do because they’ve never experienced the nasty side of interest rates, it can get a lot more brutal, but this is nothing to what it can become.
Been there, got the T-shirt.

At £48k a month Mr Bailey is probably able to save, maybe that's why he has put them up.
After all he is probably also feeling the pinch and needs a few more readies.
I wish the rates had been constant at 1.75% when I was paying a mortgage and bringing up a family. In the last twenty years mortgage payers have never had it so good. I can remember when rates reached 13% in the days of Europe's notorious exchange rate mechanism. My first mortgage was 7% and the starting rate for income tax was 33%, with the top rate set at 96%. The good old days eh. Oh, and to make it worse, Pools were breaking records applying for re-election.
I can also remember rationing if anybody's interested and that was preceded by a certain twat with a daft moustache attempting to blow the friggin country into smithereens.
We didn't have massive energy bills, none of us had central heating. The only heat came from the living room fire, which we all huddled round. If extra fuel was needed we dragged an old pram down to the beach and filled it with seacoal. Holidays were a day out at seaton or crimdon. Only the well to do had cars so we weren't burdened with petrol price hikes. Home made biscuits, bread and jam (delicious), nothing store bought.
We wore hand me downs, knitted jumpers, darned socks and shoes mended on Dad's last. We had zero mobile phone bills, zero landlines to worry about, hung washing out in the back street, no washing machines, tumble dryers etc to buy or mend. A fourteen inch black and white telly, if you were lucky.
And that is just the start.
People these days are so hard done by.
A whingeing society full of people who need their hands holding.
You don't know you're born.
Poverty nowadays is no mobile, no car, no expensive holidays, no designer clothes, lack of a telly in every room, lack of electric driven gadgets throughout the house etc etc etc etc etc.
EEE when ah were a lad.

That was brilliant Mr Derwent , brings back
memories.

Well said Mr Derwent.
I bought my first house in 1990 when the interest rate was 13%.
1.75% is ridiculous low & was never going to last.

You forgot the following Mr. D.

Tin bath in the Scullery and all used, so last one in came out dirtier!

Outside toilet with whatever could be cut up as bog roll

Our first B&W TV was in 1963 - a year before I left school

I did one and a half morning paper rounds, 7 days a week, to earn 21 shillings a week which I gave most to Mum

BUT had a loving family, good education and I suppose had the motto "what you've never had you've never missed"

A whingeing society full of people who need their hands holding.
You don't know you're born.
Poverty nowadays is no mobile, no car, no expensive holidays, no designer clothes, lack of a telly in every room, lack of electric driven gadgets throughout the house etc etc etc etc etc.
EEE when ah were a lad.

I couldn’t have put it better, all these materialistic things were driven by low interest rates and buy now pay later schemes. My last house which was recently sold, it was only on the market for a week has trebled in price since I bought it in 2002, (I don’t own it now, sold it 2009) because the price is of property is driven by low interest rates.

lot of it is to do with expectations being much higher because they think i should have this and that because someone else has it on the telly. the media and the advertising lot have a lot to blame for depicting in their eyes what the average household should look like. a holiday at home is the same as a holiday abroad without the stigma of calling it a staycation whatever that really means. people fall for the con of not wishing to be thought of as a second class citizen by pushing the boat out as far as it will go with the newest car possible, a holiday that must contain a plane journey. it shows how easily people are conned by buying jeans with holes in their knees. we used to give shite away like that to the rag and bone man but now its high fashion.

What party would want to be running the country now, years of a Tory government and by all accounts we are in a big mess.
The Conservatives could call a General Election now, get out of jail card and there is a good chance they would lose it leaving either Labour or a coalition government to pick up the pieces.

It's a hell of a mess but 'things can only get better'

Tony Blair’s theme song, I can’t remember if it ever got better or worse or whatever.

Oh yes there is lots more but the point was made. Thanks for your contribution.
The Tin bath, makes me shiver.
Getting out of a warm bed in winter was probably the fastest I moved all day, Ha!!!!

I think the low interest rates gave quite a few people a false sense of security, some experts are saying the interest rate not just here but in the States have been kept artificially low and should never have been reduced as low as it was. We are now paying the price and peoples budgets will be stretched severely with the increase in fuel and utilities prices, I just hope they kept a bit of ‘slack’ in there to allow for the price rises but who could have predicted the Russia Ukraine conflict and the price rises caused by brexit, the pound has now declared in value by 25% since brexit.

Better


Worse

think if any party could have forcasted covid they,d have been quite happy to have lost the last election. a lot what is happening is because of policies in that period which probebly all parties would have had similar ways to get through it. its always easier for the party out of power to criticise and say what they would do when there is no chance of this happening.

Yes you only bought what you could afford, taking the interest rates into account, which at one point 16 or 17% we lived in a mid terrace house, beans on toast never tasted so good, when every thing taken into account left us with £84 to last the month. Some people are going to get a right shock, because the have have maxed out on house and car a d taken nothing into consideration, fuelled by the perfect life you should be living as portrayed on social media and fuck wit programmes on TV.

The members of BOE voted 8. 1. in favour of the. E0. 5% increase
Expecting it up to 2% at next meeting.
Then may be a freeze till new year.

Mr Thedno say "fuelled by the perfect life you should be living as portrayed on social media and fuck wit programmes on TV."

Very true

I blame that old programme The Good Life for the shit we are in.

Covid had an impact but Brexit, Russian Ukrainian conflict, the greedy foreign owned utility companies and the oil and gas companies raking it in have contributed more. Shell are going to award all their staff a £1000 bonus for their efforts !

Talk about how prices are rising, went into Morrisons yesterday and 2 weeks ago paid £1 for their frozen beef in gravy (normally 3 thin slices but very tasty). Price yesterday £1.49.

49% increase cannot be justified.

The reverse though bought some free range eggs, admittedly smallish, for 55p for 6 when normally pay upwards of £1.

Milk seems to be rising? Are there a shortish of cows?

It's just a crazy world at the moment and thinking of buggering off and living off the grid somewhere.

think if any party could have forcasted covid they,d have been quite happy to have lost the last election. a lot what is happening is because of policies in that period which probebly all parties would have had similar ways to get through it. its always easier for the party out of power to criticise and say what they would do when there is no chance of this happening.[/quote]


We should have become a prosperous world super power in the couple years since we left the EU mr accy despite a world wide pandemic on our doorsteps,just ask any remainer .

Yeah,and it left us with more to spend on beer..and we could knock it back in the 70' and 80's.

I thought i wrote that Mr Sussex and not Jamie 52 but if you prefer to hear it from him I don't mind.

Live in the wilds near Graythorp, handy for the nuclear power station and if it all gets too much you can borrow a flask of nuclear power for your tent……. you’ll get used to the second head eventually!

No it wouldn't be in the UK or Europe.

Try Canada or New Zealand but out in the wild, might even take the wife with me for company

Nice thought, but as you go outside for a crap in the Arctic night, you don’t want a lust crazed grizzly bear sneaking up behind you

just cannot get my head round these prices. poultry food has gone up over 50 per cent since early this year. Doubt the grass cows eat has gone up in price though. Its just that once price rises are mentioned so many businesses cannot wait to increase there profits by putting stuff up quickly before there is any need. it may be time consuming but not boring if you play a game of going everywhere to find out and buy the cheapest. something our parents always did years ago and actually got a kick out of it.

Grass in the fields for cows needs to fertilised and fertiliser is not cheap, milk was always a loss leader for supermarkets to attract customers that’s why there are very few doorstep deliveries nowadays. A lot of farmers stopped doing dairy farming as the supermarkets were screwing them as well. Cows spend around 5/6 months indoors when the grass stops growing therefore they need winter fodder so that has to be grown in the form of hay or silage and that also costs money.

Cows also consume large quantities of water which also has to be paid for.

It's a well known fact Snowy that grizzlies don't like the smell of sh*t, so I'll take my chance but of course not so cold in NZ

I bet we will see some stonking financial results from the supermarkets over the next year. As customers we are losing our view of what an item costs so this constant up and down of prices has us confused. The supermarkets can increase margins discreetly and we pay the price.

Killer Kiwi’s

There's one more standing space in my hot air balloon taking off from the Swiss alps to the far east on my retirement day if anybody's interested?....I've heard you can live off a tenner a day.

Housing market.negative equity v demand.What's the forecast on the fall tipsters?

I think house prices will stagnate over the next 2/3 years but remember they rose by about 11% over the past 12 months.

Unless you have taken out a 90/95% mortgage within the last few months at a low rate and now find your repayments have more than doubled, I cannot see much in the way of negative equity, like there was some 30 years ago.

It is still the best investment for your money (if you have any) and I think by the end of this decade the market will show further growth of 25/30%.

it is if you can afford a 2nd or 3rd home. if you only have one its value will go up but the new one you move to will do just the same. doubt many people move from a good detached property to a terraced house if they do not have to.

If you are concerned about food prices, whether they are rising or not, check out Olio

https://www.moneysavingexpert.com/shopp ... =22#need-4

https://olioex.com/

We haven't had to buy a loaf of bread for about 18 months

To summarise the majority of people on Universal Credit are in work, unscrupulous employers pay the minimum wage knowing the government will top it up in benefits.

exactly. said at the time the minimum wage would end up being the maximum wage in some areas of the country and some jobs country wide.

Anyone watch Panorama last night about Blackmore Investments who have gone to the wall leaving a lot of investors losing thousands. The FCA should have been keeping an eye open for the "dodgy dealings" of this Company and their 2 Directors (Honest Guv we've got no money - lying barstewards).

Who was CEO of the FCA for much of the time - only Andrew Bailey. Another example of getting promoted from failure at one job to the Governor of the Bank of England, responsible for setting the interest rates in the UK.

Just bloody amazing and where next for him - House of Lords no doubt.

The Corner Shop in raby Road put everything up at least 50% since last year. Must b big Putin fans.

Never, ever use corner shops.

well we used em when the covid restrictions were on as there were less boxes to tick going in them. our couple played fair and kept prices down if they could as they got extra customers . once things got back to normal prices shot up again due to either being greedy or these new customers deserted em for the big supermarkets again.

Fixed rate bonds have started to look tempting.I had to look twice at 1 year fixed rate bond 4.35% gross on the market,i haven't seen anything near that in years...the thing is i want a whole lot more..

No amount of uturns can turn round the damage KwartengTruss has done in the short term, will Kwarteng be the sacrificial lamb ?

will Kwarteng be the sacrificial lamb ?


Yep sacked........... a hunt to replace him.

Totally out of touch with the real world, Truss is like one those dolls you pulled a string and it spoke, all she ever talks amount is funding of energy yet fails to mention the taxpayers will eventually pay for it.