[Finance] BOE: The UK is like a coiled spring.

[Deleted member 2719]

Don't be sorry - it was 100% my choice and I'm very happy about it.......brought my retirement forward a bit from what I'd always planned so all good Had to grab the chance while it was there

Anyway - yes, definitely. I think the BoE are absolutely right - there is a massive amount of spending waiting to happen both in financial terms as people haven't been spending during the pandemic but also emotionally - the ability to do 'normal' things like eat out,travel and even go wandering around the shops will be a huge pull. Savings and personal debt repayment have been at very high levels during the pandemic. I do feel though for all those that have lost businesses/jobs and are struggling - hopefully they can recover as the economy properly springs back to life.

I thought that may be the case regarding your redundancy and I am happy you made that decision, life is more about decisions than ever I reckon.

I see it exactly as you do.

Those of us who've had to travel to work and not seen any pay rise for a few years are worse off. I hate the term, but in real terms I've been getting gradually worse off for nearly 20 years. THankfully Mrs Zefs career trajectory is the opposite of engineering. So we're about evens at a guess

The spring may be 'coiled' but half the coils have snapped IMO so there won't be much bounce for many, just the chosen few as normal.

Maybe, most I talk to have a fully compressed spring waiting to use its' energy, I suppose there will be a section of leaf spring about, but how many?

 

[Deleted member 2719]

[MENTION=28389]This is me[/MENTION] is probably quite a strong contender too.

As a super moderator, could you please make this a poll please?

No one wants to specifically say I am better off or worse off, which is totally understandable.

 

[zefarelly]

I thought that may be the case regarding your redundancy and I am happy you made that decision, life is more about decisions than ever I reckon.

I see it exactly as you do.



Maybe, most I talk to have a fully compressed spring waiting to use its' energy, I suppose there will be a section of leaf spring about, but how many?

You'd like to think the people making the spurious claims would know. Those with the most are generally least hard hit whilst those with the least will get shafted, I think history repeats itself on that count. Obviously those who lose and need support will be blamed for sponging, its the capitalist way.

This time its been somewhat different, the Arts have suffered terribly as has hospitality, but they're not big money spinners for government so **** em. Whilst those in essential service have been bled to the bone for a pittance.

Nothing a bit of pot bashing and a round of applause can't fix though eh.

 

[schmunk]

Just like a coiled spring, some people are going to get stabbed in the back...

 

[Thunder Bolt]

The day I was standing by the main road working out which car would be best to throw myself in front of, my accountant later claimed that I had more money than I would need for the rest of my life, so basically monetary wealth is not the be all and end all, clearly poverty isn't ideal either but I doubt any NSC'ers are in that catergory.

The 'richest' amongst us on NSC are the ones who are thankful for what they've got, appreciate, nurture and care their family and friends, and hopefully nearly every day can put their head on the pillow at night and say that they've had a good day and done their best, whilst trying not to offend or upset anyone else (Which can be challenge on here sometimes )

Your sentiments are right in that money can’t buy happiness but I think you are wrong in doubting any NSCers are in the category of poverty. Posters aren’t going to say so, if they are.
I personally know people who have lost their jobs in the past twelve months and are struggling.

 

[Frutos]

As a super moderator, could you please make this a poll please?

No one wants to specifically say I am better off or worse off, which is totally understandable.

I can't, not for lack of willing but because the post/thread editing abilities I have don't allow it.

 

[Deleted member 2719]

I can't, not for lack of willing but because the post/thread editing abilities I have don't allow it.

Okay, thanks.

Who can change it to a poll

 

[deletebeepbeepbeep]

I've paid off £7k worth of debt and started saving towards a house since March, although it feels like my job is currently more tenuous then it has ever been and I feel the threat of redundancy quite strongly. Thankfully I have been there for 15 years as I was too scared to move because of Brexit, little did I know what may finally be the death knell would be a global pandemic. At least if the worst happens I should be able to live for 6 - 8 months whilst trying to find a job.

However, even if I stay in my job I am not a coiled spring, my spending habits have changed significantly and I have no desire to jump back on the coffee and prett lunch a day followed by pints after work that got me in a shit financial position in the first place. It has got me too used to being a spendthrift and saving.

 

[WATFORD zero]

I wonder why the BOE would talk up growth ?

There is undoubtedly going to be a significant bounce when people can get back to relative normality and you would expect to see the hospitality, leisure and tourism sectors get a big boost.

However whilst a significant number of people will bounce, I suspect that the end of furlough, eviction protection, mortgage holidays etc and the problems the fishing industry, fashion industry, agriculture, exporters, financial services etc have will see large numbers of people not bouncing whatsoever, just accentuating the difference to those that do.

As with any sort of significant change, upwards or downwards, the gap between the haves and the have nots will simply get wider. Although I think predicting which group people are going to end up in could be harder. Opportunities for some, concerning times for others I would think

 

[Official Old Man]

You're going to hate me.
Tourist shops so my income is solely from the summer months.
Open for 4 months in the last 15 (closed in winter, lockdown till June 2020, closed again winter 2020/21)
Those 4 months I was busy but my outgoings were a lot less. Business costs slashed as I used up all old stock, so profits up.
Massive support from Boris. Shops have been given around £35,000, I've been given £10,000 from self empoyment with more to come, I employ my wife who is on furlough (totally legal), negotiated rent reduction, negotiated refunds from all utility companies and credit card machine supplier.
My bank accounts are at the highest ever, around £60K more than expected. This summer I intend paying off my mortgage and hit retirement age in autumn. My vat payments are lower than 2019, next one will be zero or negative as closed again. My tax bill for 2020/21 will be minimal.
Plus, if we open up again by Easter I'm laughing all the way to the bank.
Am I happy, no I'm going out of my mind with worry! Scared stiff if I catch covid I will die. Old and overweight I'm going out daily for walks but no pubs or holidays.
EDIT I could have taken more money from HMRC in Autumn 2020 but didn't. I stick within the laws.

 

[Herr Tubthumper]

The day I was standing by the main road working out which car would be best to throw myself in front of, my accountant later claimed that I had more money than I would need for the rest of my life, so basically monetary wealth is not the be all and end all, clearly poverty isn't ideal either but I doubt any NSC'ers are in that catergory.

The 'richest' amongst us on NSC are the ones who are thankful for what they've got, appreciate, nurture and care their family and friends, and hopefully nearly every day can put their head on the pillow at night and say that they've had a good day and done their best, whilst trying not to offend or upset anyone else (Which can be challenge on here sometimes )

Monetary wealth isn’t the be all, I agree. But we should never underestimate the impact a lack of money can have on people’s lives, relationships and well being. I have seen first hand the anxiety it can bring. And it was only a few weeks ago a poster on here was talking in very dark ways about his struggles with providing for his family. He was definitely appreciative of his family, without doubt had tried his best every day, but this still led him to a dark place.

As for no posters on here experiencing poverty....I have no idea but I’m sure some are....the broad base of Brighton fans are not immune to society’s ills.

 

[The Merry Prankster]

I'm going to hazard a wild guess here. The rich will get richer, the poor will get poorer.

 

[dazzer6666]

The day I was standing by the main road working out which car would be best to throw myself in front of, my accountant later claimed that I had more money than I would need for the rest of my life, so basically monetary wealth is not the be all and end all, clearly poverty isn't ideal either but I doubt any NSC'ers are in that catergory.

The 'richest' amongst us on NSC are the ones who are thankful for what they've got, appreciate, nurture and care their family and friends, and hopefully nearly every day can put their head on the pillow at night and say that they've had a good day and done their best, whilst trying not to offend or upset anyone else (Which can be challenge on here sometimes )

Absolutely right. It wasn't so much the financial aspects that pushed me down the redundancy option last year but losing my younger sister, then my dad within about a year and having a health scare myself. The easy option would have been to keep taking the decent salary (and all the BS, long hours and **** that went with it of course) and be able to spend that money on 'better' things, but the thing I was really lacking was time - to relax, do what I wanted etc. Losing a couple of nearest and dearest just brought home how little of that we might have left, and I didn't want to spend it all on pointless Zoom calls, petty organisational politics and the like.

 

[Easy 10]

I've been very fortunate in that neither mine or the wifes income has been affected at all, so with the lack of going out, pubs, restaurants etc and with me WFH instead of yomping up to HH and back 5 times a week, we've saved bundles. Spent a load on the garden last year, and we're finally having our bathroom done out as I type, all things we've been "meaning" to do for a while but not got round to till now. We also have money put by to go away for her 50th, which never happened in the end, so *hoping* to be able to go on a good holiday later on in the year, maybe around my birthday in the autumn but we'll have to play that by ear.

I cuffing love WFH, never want to go back to an office. And we're in a childcare bubble with my grandson, so we still get to see my daughter and the little chap quite regularly. So all in all, its not been too hard on us. We've been lucky.

 

[Chicken Run]

Okay, thanks.

Who can change it to a poll

Start another poll mate and then ask the mods to merge?


Sent from my iPhone using Tapatalk Pro

 

[boik]

I'm thinking of going to B&Q and buying some creosote for the fence when it gets spring like if that helps.

Don't want to ruin your dreams, but creosote was banned years ago.

 

[sydney]

absolute cluster **** manufactured by dick heads in power .........there was never any need to go to this extent , what people needed to do was exercise some common sense , wear a mask in crowded places , public transport , shops , offices and stay away from the vulnerable ...........i expect to get flamed to buggery for this but the effect this has had on billions of people around the world is absolute bollox and as always the rich have got a lot richer and the poor are ****ed .

 

[Lethargic]

The day I was standing by the main road working out which car would be best to throw myself in front of, my accountant later claimed that I had more money than I would need for the rest of my life, so basically monetary wealth is not the be all and end all, clearly poverty isn't ideal either but I doubt any NSC'ers are in that catergory.

The 'richest' amongst us on NSC are the ones who are thankful for what they've got, appreciate, nurture and care their family and friends, and hopefully nearly every day can put their head on the pillow at night and say that they've had a good day and done their best, whilst trying not to offend or upset anyone else (Which can be challenge on here sometimes )

Although I agree with your theme fully we should all put our non-material priorities above those of wealth enjoying those things more precious to us, it is not that easy unfortunately. I lost my job (reasonably well paid) last April and ended up having to dip into some of my pension money to pay the mortgage, bill etc through the autumn, this lead to many sleepless nights and increased anxiety. Thankfully I am now working again but will probably have to work until I'm 70 due to buying my house late in life so I am a slave to money.

I am not trying to demine your challenges and ideals, I agree and try to follow the same approach just saying it is not as simply as that for those of us where financial stability is an issue.

 

[Questions]

I'm thinking of going to B&Q and buying some creosote for the fence when it gets spring like if that helps.

Creosote has been banned for years.
Does this mean we are free to buy it again since leaving the E.U. ?

Why didn’t Brexiteers use this in their argument

 

[sydney]

Your sentiments are right in that money can’t buy happiness but I think you are wrong in doubting any NSCers are in the category of poverty. Posters aren’t going to say so, if they are.
I personally know people who have lost their jobs in the past twelve months and are struggling.

there are hundreds of millions of people out there in the world who have had their living stripped from them .....bloody tragic.