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B B C Newsnight Scotland


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#16 TTD

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Posted 24 November 2008 - 08:10 PM

I think it will definitely have an impact.

In the past to avoid having surveys done on every house they attempted to buy people put offers in and then had their valuation done. The valuation could be lower than expected but they had gone that far so carried on with the purchase. Don't forget silly mortgages were available then. Now buyers will know the value BEFORE they make an offer and if lending criteria is stricter who in their right mind will be offering over the asking price?


"who in their right mind ... "

Someone who REALLY wants a particular property, and who REALLY wants to outbid everyone else.

Unlikely to happen with a plain vanilla Bellway, David Wilson, or Redrow new- or recent-build, or an ex-council house that was bought 3 or 5 years ago, but for a distinctive, unique property, there's every possibility of competing interest bidding way over the Home Report valuation, isn't there?

#17 geed

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Posted 24 November 2008 - 08:44 PM

Brilliant support. Many thanks

Its Baroness Margaret Ford and a bloke called Robert Crawford.


Good work FP and CCC. There is plently of ammunition on the Scottish sub forum. These other idiots will wind you up FP with their ignorance and insistance that Edinburgh/Scotland in unique with little to back it up (keep your cool ;) ). Please point out as CCC has shown, how property skyrocketed in late 2007 and boomed just as hard, if a little later than the rest of the UK.

Simply pointing out Edinburgh's massive reliance on the farsical finance sector should be enough to convince everyone watching that we are tanking and will tank for the next few years. Of course this will be a general discussion on Scotland but surely the main cities will be in focus.

#18 cockrobin

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Posted 24 November 2008 - 09:36 PM

I was going to post something mildy funny about half of the Scottish living in Westminster but I was interupted by my mum phoning to tell me she recorded I.O.U.S.A earlier. Good old mum.
Five myths about Margaret Thatcher:
FAR too much nonsense is being spoken about Lady Thatcher’s time in office. Here is my take on five key myths.

MYTH 1: POPULARITY
Thatcher won 43.9 per cent of the vote in 1979, 42.4 per cent per cent in 1983 and 42.2 per cent per cent in 1987, landslide results that contemporary politicians can only dream of. Her opinion polls today remain extremely strong: YouGov polling finds that she is deemed the greatest post-1945 prime minister, and that 52 per cent believe she was a great or a good PM, against 30 per cent who said she was poor or terrible. Even in the north, 49 per cent approve, against 35 per cent who don’t; only in Scotland is the balance against her. Yes, many hated her – but lots loved her, and the majority of today’s public approves.

MYTH 2: PUBLIC SPENDING
Total managed expenditure went up modestly in real terms during her time in office, with spending higher on areas such as the NHS, but the state’s overall share of GDP diminished substantially. Public spending, on the Treasury’s measure, fell from 44.6 per cent of GDP in 1979-1980, to 39.4 per cent of GDP in 1990-91, a 5.2 percentage point decline.

The real extent of the fall is masked by the bitter recession of the early 1980s as she weaned the UK from extreme levels of inflation. Spending rose to a peak of 48.2 per cent of GDP by 1982-83, the economy battered by soaring unemployment, before being slashed. The peak to trough reduction in spending was 8.8 per cent of GDP, though it is slightly exaggerated by the unsustainable growth in the last couple of years caused by Lord Lawson’s cheap money bubble.

In theory, David Cameron wants to cut public spending from 46.5 per cent of GDP in 2010-11 to 40.5 per cent of GDP in 2017-18, an achievement which would be truly Thatcherite; but such a reduction looks unlikely to materialise because of his inability to introduce Thatcher-style supply-side reforms and marginal tax rate cuts.

MYTH 3: COALMINING
Far more miners lost their jobs in the 1960s, especially under Labour’s Harold Wilson – and far more mines shut – than in the 1980s. In 1960, 605,000 miners produced 196.7m tonnes of coal. By 1970, 289,000 miners produced 144.7m tonnes; by 1979-80, 235,200 miners extracted 123.3m tonnes. By the time she left office, 62,000 miners extracted 91.6m tonnes. Manufacturing production rose by 7.5 per cent per cent during Thatcher’s time in office, nailing another lie, with industrial production going up even faster.

MYTH 4: ECONOMIC PERFORMANCE
Thatcher’s supply-side reforms worked. The economy grew 3.03 per cent a year in the 1950s, 3.18 per cent a year in the 1960s, 2.07 per cent in the 1970s, 3.09 per cent in the 1980s under Thatcher, before expanding by 2.77 per cent in the 1990s (when her legacy remained) and by 1.77 per cent in the 2000s, according to an analysis by Sam Williamson of the University of Illinois.

MYTH 5: TAX CUTS.
There are some who point to the fact that the total tax take under Thatcher increased from 33.7 per cent of GDP in 1979-80 to 34.9 per cent as proof that she wasn’t a real tax-cutter. That is nonsense. She raised value added tax substantially, but her massive cuts to income and corporation tax were hugely important and beneficial. The increase in the tax take was caused primarily by the rebound in growth in later years (and was slightly exaggerated, once again, by the Lawson bubble).

by Allister Heath
April 11, 2013

#19 Guest_anorthosite_*

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Posted 24 November 2008 - 09:41 PM

YAWN

I suppose the Scottish Mafia will be getting together to blame everyone else - even though whenever one of these idiots tells how to run our finances they all seem to have a Scottich accent and they all seem to get it so very very wrong.


Did I just hear a Pavlovian bell ringing?

#20 ccc

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Posted 24 November 2008 - 11:33 PM

I know I am biased but FP looked clearly like he knew what he was talking about.

As for the Baroness.... :o

Angry, agitated and scared just about cover it IMO.

Nice comment about the 'Nice economic argument there'...

You 'run' a site called housepricecrash so you are a pessimist. :blink:

Typical Labour thinking. Do these people not realise that many of their own voters WOULD LOVE HOUSE PRICES TO COME DOWN.

So ignorant it is incredible. OMG. She just said the housing market in Scotland is holding up !!

Delusion. :rolleyes:
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#21 Sine270

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Posted 24 November 2008 - 11:37 PM

I know I am biased but FP looked clearly like he knew what he was talking about.

As for the Baroness.... :o

Angry, agitated and scared just about cover it IMO.

Nice comment about the 'Nice economic argument there'...

You 'run' a site called housepricecrash so you are a pessimist. :blink:

Typical Labour thinking. Do these people not realise that many of their own voters WOULD LOVE HOUSE PRICES TO COME DOWN.

So ignorant it is incredible. OMG. She just said the housing market in Scotland is holding up !!

Delusion. :rolleyes:


I really enjoyed that. Gave me a nice warm feeling. :)

#22 geoffk

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Posted 24 November 2008 - 11:39 PM

A good show ...you didn't dive in like a rabid dog unlike the privileged bank spiv....slowly slowly catch the monkey.
If every person in the world was given 1/4 of an acre of land
The whole of the worlds population would fit into Australia
With the rest of the worlds land left over.

The tv license is the modern day poll tax.....stop paying it

Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we." -- President George Bush, Washington, D.C., Aug. 5, 2004

#23 Yorkshire Lad

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Posted 24 November 2008 - 11:40 PM

I know I am biased but FP looked clearly like he knew what he was talking about.

As for the Baroness.... :o

Angry, agitated and scared just about cover it IMO.

Nice comment about the 'Nice economic argument there'...

You 'run' a site called housepricecrash so you are a pessimist. :blink:

Typical Labour thinking. Do these people not realise that many of their own voters WOULD LOVE HOUSE PRICES TO COME DOWN.

So ignorant it is incredible. OMG. She just said the housing market in Scotland is holding up !!

Delusion. :rolleyes:



FP replied and said the buy to let sector has crashed and doesnt exist any more.

Transaction levels are virtually nothing.

Banks arent lending.

Prices will drop a further 30-40% in Scotland.

#24 Bjørn

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Posted 24 November 2008 - 11:42 PM

FP,

Excellent job. You demolished that silly Margot McDonaldTorylookalikewumman when you asked how a VAT reduction to 15% would help people facing repossessions.

An excellent job all round, by FP that is. Not just on the houseprice thing, but on basic economics.

#25 guitarman001

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Posted 24 November 2008 - 11:43 PM

Just saw this; quite a heated debate, eh ;)

The Baroness was spouting rubbish! It's 'optimism' like her's that can lead us into this mess! I don't think I've ever seen such a vile woman, interrupting at every point! She obviously knew who you were and it was clear at two points that she was trying to discredit you. Firstly, when she said that surely you are a chartered financial planner and that you could see things were SERIOUS. Oh yes, if you don't say things are SERIOUS like I do, you are worth nothing! And secondly calling you a pessimist when referring to this website.

I'm sure the 'Baroness' has some sort of property interest ;)

LOVED the comment on how prices may be holding up for now, but there are no sellers, hence 30-40% price drops to come in Scotland! The guy next to you was on the ball, also. Hammered home the 'raised taxes for years to come' and that it was our money, not the governments. The baroness seemed to go wild-eyed at this!

I also agree with the package today being more about electioneering rather than economic recovery.

Well done!!

#26 rogerthelodger

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Posted 24 November 2008 - 11:45 PM

High level discussion on PBR incl HPC and Kelvin MAcKenzie - should be fun (oh and Baroness 'Yah' and boring civil servant-type)

Unfortunately, only available north of the border

Can anyone in the Fatherland digitally record and put on site?



nice one ! BTL is dead. :rolleyes:

#27 Guest_adp_*

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Posted 24 November 2008 - 11:47 PM

Fab job FP. What did you say to the peroxide ice queen before you went on air? Or has she just been doing a little background reading on the site. I thought she may actually lose the plot at one point and throttle you with a non EU regulated cuke :lol: Loved the I didn't cause the crash muttered response - nicely low key comeback in the face of over the top and outraged hysteria. Quite fun to watch. She couldn't refute any of your points after all.

#28 Wantbell

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Posted 24 November 2008 - 11:56 PM

I watched and I liked; great to see FP let rip for a change and smack them with the facts.

#29 Bjørn

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Posted 25 November 2008 - 12:10 AM

I'd recorded it and I've just re-watched it.

FP was superb and the MargoMcDonaldDame looks like some kind of parody of a Tory bitch.

I dunno who the quango loungelizard was, but he was a strange addition and pointless to the discussion.

#30 acceleratorhams

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Posted 25 November 2008 - 07:37 AM

Well done FP. Sound arguments put forward in a professional manner.

Totally agree that this `package` will do nothing for the housing market. Indeed it could even extend the correction for a longer period when we are all handcuffed by prolonged and huge taxation.




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