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Britain Is Facing Return Of Three-day Week

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If this is to go mainstream I'd like to see the government offer financial assistance so that those with more time on their hands can best use it setting up new businesses, pursuing innovatiion and entreprenuerial zeal.

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Britain is facing return of three-day week

Shorter hours would be preferable to mass unemployment, say government sources

The prospect of the three-day week returned to haunt Britain yesterday as it emerged that ministers are considering paying firms to cut hours in order to survive the recession.

Tens of thousands of businesses are already planning to scale back working hours this year in an effort to stay afloat.

Ministers also said that MPs would cut their expenses by 3/5ths.

Just kiddin'.

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Imo this is a pretty good idea. A few of us who believe that automation is replacing human labour across the board and is goign to fundamentally change the way the economy works over time, how money gets into the hands of the people... a shorter work week is one way to combat the problem.

Instead of having 40% unemployment and people working a 5 day work week. Why not have near full employment and people working a 3 day work week?

Agree with DaveSpart too, people then would have time to pursue entrepeneurial activity in their spare time, if they wanted.

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If this is to go mainstream I'd like to see the government offer financial assistance so that those with more time on their hands can best use it setting up new businesses, pursuing innovatiion and entreprenuerial zeal.

have they got any money left because i thought they had more or less pledged it all to banks ?

Imo this is a pretty good idea. A few of us who believe that automation is replacing human labour across the board and is goign to fundamentally change the way the economy works over time, how money gets into the hands of the people... a shorter work week is one way to combat the problem.

its not a problem. in fact that WAS the dream of automation.

but instead of the free time we were promised, they worked us as hard so they could make more.

a 3 day week would be enough to suffice a population. the other 2 days are for the profiteers.

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Britain is facing return of three-day week

Ministers also said that MPs would cut their expenses by 3/5ths.

Just kiddin'.

MPs would have to work longer hours if they did that!

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Instead of having 40% unemployment and people working a 5 day work week. Why not have near full employment and people working a 3 day work week?

And what happens when a lender considers a mortgage application submitted by a 3-day worker? Instead of 3.5xearnings and 75% LTV for a typical £150K property (meaning applicant has to earn 32K and provide 37.5K deposit) the earnings multiple suddenly changes to 5.85xearnings. To bring it back to 3.5xearnings the property price has to drop in line with new 3-day pay/earnings:

32 x 3/5 x 3.5 +37.5 (suppose deposit remains the same and is not tapped to support current lifestyle) = 104.7

So additional price falls are on their way then :P

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I think you'll find someone thinks it would be a good idea to pay the same wages for fewer hours, which somewhat defeats the point of the automation I'd say UNLESS everyone is happy to see the higher costs feed into their prices.

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And what happens when a lender considers a mortgage application submitted by a 3-day worker? Instead of 3.5xearnings and 75% LTV for a typical £150K property (meaning applicant has to earn 32K and provide 37.5K deposit) the earnings multiple suddenly changes to 5.85xearnings. To bring it back to 3.5xearnings the property price has to drop in line with new 3-day pay/earnings:

32 x 3/5 x 3.5 +37.5 (suppose deposit remains the same and is not tapped to support current lifestyle) = 104.7

So additional price falls are on their way then :P

Quite a few of the people I know who have a job still :blink: get mortgages based on a 'reasonable' amount of work, i.e. they don't do what some foolish 'folk' do and include the best case income with overtime as the 'norm.' They see overtime as a bonus.

Reduction in the working week of some firms would still result in them getting the basic wage for the whole week I would think so, again, only the overstretched will struggle. Honda and Jaguar are working a zero hour week at the moment but they are still paying their workers.

Edited by deflation

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Honda and Jaguar are working a zero hour week at the moment but they are still paying their workers.

Yes but how long can that carry on for?

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Reduction in the working week of some firms would still result in them getting the basic wage for the whole week I would think so, again, only the overstretched will struggle. Honda and Jaguar are working a zero hour week at the moment but they are still paying their workers.

"Some" is the keyword here. Honda and Jag together employ how many people exactly? And what exactly are they paying their 0-hour perm workers? Basic salary perhaps?

We are in for further HP falls one way or another, be it 3-day week (with income reduction to typical 3-day pay _ON_AVERAGE_) or mass unemployment.

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And presumably the government thinks that people will use their suddenly acquired free time to go to the shops & buy more useless imported crap. Because, after all, shopping is a leisure activity.

Isn't it?

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There is only one problem with this idea.

More 'worker's means a larger HR dept to service it. Without being rude, but every HR 'manager' I've met is a usless tosspot.

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There is only one problem with this idea.

More 'worker's means a larger HR dept to service it. Without being rude, but every HR 'manager' I've met is a usless tosspot.

Reminiscent of the scene in one of the Dirty Harry movies where Callaghan is told that he's going to be transferred to Personnel:-

"Personnel?...PERSONNEL?....PERSONNEL??!!...but...but...but Personnel is for assholes..."

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"Some" is the keyword here. Honda and Jag together employ how many people exactly? And what exactly are they paying their 0-hour perm workers? Basic salary perhaps?

We are in for further HP falls one way or another, be it 3-day week (with income reduction to typical 3-day pay _ON_AVERAGE_) or mass unemployment.

I agree. I was just pointing out that it isn't simply a maths calculaton that your wage drops by x% by going from 5 to 3 day week. Depends on your employer and whther you are on a salary or paid by the hour. Indeed, for those who HAVE relied on overtime as 'normal' , their reduction in income could be huge.

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So if it's a 3 day week will that include the public sector? Will schools only open 3 days? Will council tax reduce to take into account reduced hours that are being worked to service this theft? Don't think so.

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the real looser of a 3 day week is the government and public sector as the last 2 days a week are always at a workers higher rate of income tax

progressive tax = a discouragment to work...

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So are employers going to continue paying the full time wage, I don't think so.

So you are going to end up with even more repossessions as people can no longer afford to service their mortgage debt, the two year deferment of mortgages will not help but make banks even more likely to repossess.

The majority of the working population cannot afford a 40% pay cut, tax credits will only help those with children as if you don't have dependents you will fall below 30 hours work per week and not meet the qualification criteria. Even if you do get tax credits they won't be much anyway and are likely to be reduced or abolished as the government tax take falls.

So how is this in anyway a good idea.

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The Unions at Corus wouldn't accept a 10% cut in Wages so no chance of them accepting a 3 day week.

Yeah, and look what happened to them. Surely they would have been better off accepting a cut/3 day week?

Edited by Errol

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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