[News] Some better news at last

[Uncle C]

We will be getting more but returns are still pitiful and probably 6-7% less than current inflation so...useless.

So if it's useless perhaps you should give it to a poor person.

 

[Swansman]

So if it's useless perhaps you should give it to a poor person.

 

[phoenix]

Good news for us poor pensioners


btw. I turn 65 next October. Do I qualify for the old gits discount on my ST half way through next season or do they leave it till the next season?

So do i also next October.

 

[Herr Tubthumper]

About 30 million people will be getting more interest on their savings.

Nice one, what will you treat yourself to? Heating? An extra candle? Some food?

 

[Kosh]

I knew my dentist was ripping me off but 20k a week, he must have Millions invested. Are you sure about that figure? 20k a month in interest?

Well... he sold the business and married into a very wealthy family... so that, doubtless, has contributed... however I stand by my point: the vast majority of the moderately successful baby boomers are loaded and continue to be loaded and will become ever more loaded whilst the rest of us wallow knee deep in filth... no matter how hard they (we) work, and lest we forget we’ll be working until we’re 75!

People I know are going to lose their homes, are having to live without heating, are having to use food banks, are unable to afford proper medical care in spite of ‘earning’ decent salaries.

But, hey it’s okay, as long as those lucky enough to have any savings can at last benefit from a decent rate of interest.

Ffs lol.

 

[nickbrighton]

If the banks actually pass on the rates, which they are being very slow to do.

to be fair, I have a bog standard savings account with Nat west, which for years has been "earning" me about 1p interest a month, the recent interest rate rises have changed that to £7 , £13, and £15 in the past three months. So Nat West at least have passed it on as soon as the Bank Of England raised interest rates.

I cant speak for other banks or Building societies but Nat West at least are doing the right thing by savers

 

[nickbrighton]

Well... he sold the business and married into a very wealthy family... so that, doubtless, has contributed... however I stand by my point: the vast majority of the moderately successful baby boomers are loaded and continue to be loaded and will become ever more loaded whilst the rest of us wallow knee deep in filth... no matter how hard they (we) work, and lest we forget we’ll be working until we’re 75!

People I know are going to lose their homes, are having to live without heating, are having to use food banks, are unable to afford proper medical care in spite of ‘earning’ decent salaries.

But, hey it’s okay, as long as those lucky enough to have any savings can at last benefit from a decent rate of interest.

Ffs lol.

I am one of the "lucky" ones to have a bit of a savings pot, it was nothing to do with the fact that I worked bloody hard since I was 18 to do so,just good old had everything given to me on a plate luck.

I do realise that there are millions of people in a much worse position than I am, and that conditions are very different when I was working and paying a mortgage, saving anything today for the vast majority is much much harder than it was,if not impossible however I am not in the position I am by dumb luck, but bloody hard work. My savings are the result of a lot off careful planning, hard work,

I certainly not of the opinion that "Hey I am allright jack, f*** the rest of you " but yes, I am very pleased that my savings after decades of hard work are now after loosing a conderable % of their value over the past 5 years, are very slowly making a small recovery.

 

[vegster]

So if it's useless perhaps you should give it to a poor person.

I am a poor person thanks..

 

[Kosh]

I am one of the "lucky" ones to have a bit of a savings pot, it was nothing to do with the fact that I worked bloody hard since I was 18 to do so,just good old had everything given to me on a plate luck.

I do realise that there are millions of people in a much worse position than I am, and that conditions are very different when I was working and paying a mortgage, saving anything today for the vast majority is much much harder than it was,if not impossible however I am not in the position I am by dumb luck, but bloody hard work. My savings are the result of a lot off careful planning, hard work,

I certainly not of the opinion that "Hey I am allright jack, f*** the rest of you " but yes, I am very pleased that my savings after decades of hard work are now after loosing a conderable % of their value over the past 5 years, are very slowly making a small recovery.

And what of us who are working 50+ hours plus in shitty jobs with zero prospect of genuine progression ? This attitude around hard work and reward later in life lol... that's my point, I work incredibly hard now just to survive... saving money is not an option, we've cut back on everything and we're still struggling... There is not pot of gold at the end of our rainbow, no prospect of a golden retirement, just endless struggle until we literally drop or end up sleeping in a carboard box under a bridge freezing to death...

My wages have stood still for nearly 10 years, when compared to inflation I've gone backwards in spite of little promotions and salary increases here and there... where's my motivation? I'm not going to be earning 3-5%, I'll be lucky if I don't end my life behind my desk trying to keep pace with the shit hot youngsters who I'm working alongside.

My heart bleeds that the interest rates have been so low... But boy is it great that some 65 y/o plus people can now rake it in, whilst those coming off fixed rate mortgages for example, face the very real prospect of financial oblivion.

It is a case of I'm alright Jack, or more pertinently - I bloody deserve to be alright Jack... so do we, we work hard, but you know what: we're not going to be.

 

[Uncle C]

whilst those coming off fixed rate mortgages for example, face the very real prospect of financial oblivion.

Hang on a minute. Those people coming off fixed rate mortgages will probably have owned their property for several years. With many of these people, they have spent those years boasting about how much their property has increased in price - from several thousands, through tens of thousands to even hundreds of thousands of pounds. Now there is a small bump in the road they are bleating that the Government has cost them a few thousand. Get a perspective!

 

[Kosh]

Hang on a minute. Those people coming off fixed rate mortgages will probably have owned their property for several years. With many of these people, they have spent those years boasting about how much their property has increased in price - from several thousands, through tens of thousands to even hundreds of thousands of pounds. Now there is a small bump in the road they are bleating that the Government has cost them a few thousand. Get a perspective!

One - that example I chose to give us the tip of the iceberg and you know it.

Two - having a house worth more than it was doesn’t help normal people increase monthly cash flow to meet an increased mortgage rate... when the market shrinks and those ‘increased values’ shrink with it that equity is gone and downsizing is the only viable option... what do you suggest? Down size where ? when there’s so little housing stock out there - Thousands of homeless people is a very real possibility - yet we need to get some perspective!

Obviously you’ll be alright Jack and you deserve to be, all hard working, all knowing sons and daughters of yore.

Maybe you could house some poor families in your garden annex or something ? You’d make even more money in rent ... it’s win win.

 

[nickbrighton]

And what of us who are working 50+ hours plus in shitty jobs with zero prospect of genuine progression ? This attitude around hard work and reward later in life lol... that's my point, I work incredibly hard now just to survive... saving money is not an option, we've cut back on everything and we're still struggling... There is not pot of gold at the end of our rainbow, no prospect of a golden retirement, just endless struggle until we literally drop or end up sleeping in a carboard box under a bridge freezing to death...

My wages have stood still for nearly 10 years, when compared to inflation I've gone backwards in spite of little promotions and salary increases here and there... where's my motivation? I'm not going to be earning 3-5%, I'll be lucky if I don't end my life behind my desk trying to keep pace with the shit hot youngsters who I'm working alongside.

My heart bleeds that the interest rates have been so low... But boy is it great that some 65 y/o plus people can now rake it in, whilst those coming off fixed rate mortgages for example, face the very real prospect of financial oblivion.

It is a case of I'm alright Jack, or more pertinently - I bloody deserve to be alright Jack... so do we, we work hard, but you know what: we're not going to be.

not saying you dont deserve to be ok, of course you do. but this seeming dislike of pensioners, older people or anyone who may just now not have to be selling houses, or posessions to avoid ruin , and may now be able to heat homes, or pay for careers etc because of the interest rises seems strange to me. Would you prefer that everyone is financially destitute .. A lot of people who have worked equally as hard, or harder and in worse conditions than you, who just managed to get by when relativly modest savings return a little intrest have also been really badly hit over the past ten years, many have seen their savings decimated and now have little to support themselves with.

Most people wont be "raking it in" , there will be people who this means a modest increase in income of a few tens of pounds a month , but I suppose you begrudge them even that?

 

[Icy Gull]

One - that example I chose to give us the tip of the iceberg and you know it.

Two - having a house worth more than it was doesn’t help normal people increase monthly cash flow to meet an increased mortgage rate... when the market shrinks and those ‘increased values’ shrink with it that equity is gone and downsizing is the only viable option... what do you suggest? Down size where ? when there’s so little housing stock out there - Thousands of homeless people is a very real possibility - yet we need to get some perspective!

Obviously you’ll be alright Jack and you deserve to be, all hard working, all knowing sons and daughters of yore.

Maybe you could house some poor families in your garden annex or something ? You’d make even more money in rent ... it’s win win.

You are too young to remember it but people back in the early 90s were in negative equity for up to 10 years on their property. Not sure we have got to that again…YET

Times have been shit before but I accept maybe not quite this shit

 

[Kosh]

not saying you dont deserve to be ok, of course you do. but this seeming dislike of pensioners, older people or anyone who may just now not have to be selling houses, or posessions to avoid ruin , and may now be able to heat homes, or pay for careers etc because of the interest rises seems strange to me. Would you prefer that everyone is financially destitute .. A lot of people who have worked equally as hard, or harder and in worse conditions than you, who just managed to get by when relativly modest savings return a little intrest have also been really badly hit over the past ten years, many have seen their savings decimated and now have little to support themselves with.

Most people wont be "raking it in" , there will be people who this means a modest increase in income of a few tens of pounds a month , but I suppose you begrudge them even that?

I don't begrudge your income, nor the fact that you deserve to have security in your dotage... my concern is about my generation and those younger than me not being able to retire, not having any savings to make any interest on... being crippled by debt from university etc. You had it good, and like my dad and his dad before him you worked hard but my generation, my kids... there's little hope for mid-low income families the reality is grim, the facts stark... life as we knew it, as you know it is coming to an end... the next 30-40 years of my life are going to be shit, with my family and the love I have for my children the only chinks of light in an otherwise bleak, bleak world.

This won't change no matter how hard I work, no matter how much I deserve it... I wish you well, seriously I do, but putting up a thread (as the OP did) claiming this interest rate rise is 'good news' is questionable at best... it's simply not good news for the vast majority of people currently keeping the country working.

 

[Uncle C]

One - that example I chose to give us the tip of the iceberg and you know it.

Two - having a house worth more than it was doesn’t help normal people increase monthly cash flow to meet an increased mortgage rate... when the market shrinks and those ‘increased values’ shrink with it that equity is gone and downsizing is the only viable option... what do you suggest? Down size where ? when there’s so little housing stock out there - Thousands of homeless people is a very real possibility - yet we need to get some perspective!

Obviously you’ll be alright Jack and you deserve to be, all hard working, all knowing sons and daughters of yore.

Maybe you could house some poor families in your garden annex or something ? You’d make even more money in rent ... it’s win win.

One - that example I chose to give us the tip of the iceberg and you know it.
OK so you lost that argument so let's try another

Two - having a house worth more than it was doesn’t help normal people increase monthly cash flow to meet an increased mortgage rate..

These people are Capital rich so there is always the option of raising cash to help with the repayments

 

[Uncle C]

but putting up a thread claiming this interest rate rise is 'good news' is questionable at best... it's simply not good news for the vast majority of people currently keeping the country working

Try comparing 1.8 million people with mortgages against 30 million savers. Surely your maths can decide which is the vast majority

 

[Kosh]

One - that example I chose to give us the tip of the iceberg and you know it.
OK so you lost that argument so let's try another

Two - having a house worth more than it was doesn’t help normal people increase monthly cash flow to meet an increased mortgage rate..

These people are Capital rich so there is always the option of raising cash to help with the repayments

I wasn't arguing, just illustrating the reality for millions of families... most of whom will have seen only a slight increase in equity.

You'll be fine regardless, so I wouldn't expect you to give a second thought to the stress all these people are now living and working under.

It's our fault after all.

 

[Uncle C]

This won't change no matter how hard I work, no matter how much I deserve it...

Stange how this generation seems more entitled than previous generations. Try for instance an interest rate of 17% in the late seventies. 3% is f--- all

 

[Uncle C]

I wasn't arguing, just illustrating the reality for millions of families... most of whom will have seen only a slight increase in equity.

Now you're just inventing stats to try and win a lost argument. The number showing less than 10% increase in the value of their property will be small. (albeit important to them)

 

[LamieRobertson]

I didn’t think the OP was going over the top with his ‘good news’ ..but that’s just my opinion ..of course there are many sides to all this and no matter what happens to ‘rates’ there is always one side that is worse off

…on the savers side this past six months has altered the landscape and actually being able to earn a ‘decent’ amount if you look carefully ..of course this is set against rising inflation/prices .facepalm: