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Labour M Ps Quizzed On Their Financial Knowledge

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On expenses:-

CP: If I'm really good I get £5, but if I'm naughty I only get £4.

EC: Because I'm a twin, I get £2 between me and a brother. I spend it on chewing gum.

CP: I spend it on drinks and bags and shoes...

VJ: ...Make-up, or clothes, or sweets.

KA: If I have a little bit of money, I spend it on books.

BK: I am saving up because I am going on holiday. I keep it in a bank in my bedroom.

Reporter: You have a bank in your bedroom?

BK: A mini one. It is a mini machine because you have a code like a password to get in it. You can withdraw money and put notes and coins in it.

CP: I've got a pink one.

BK: Mine's black.

CP: You can put a pretend credit card in it if you have forgotten your code.

VJ: What happens if someone finds your credit card?

CP: I put it in a special place.

GB: I've just got a little duck, and you open a zip on its bottom and put all your change in it.

Is it easy to save money?

EC: It is not brilliantly easy, I keep on spending it. I saved £68 when I had just had my birthday. I'll probably save it until I'm a grown-up and then spend it on a house, and the bills, and to feed my children.

KA: The things I really want are a lot of money. I like to save up, but sometimes it is hard because the price gets higher and I have to save more.

GB: The most I got was probably on Happy New Year's Day, but I spent it straight away. I bought a bike with it and spent the rest.

KA: I think it is hard to save up money, because you have to be good and that is really complicated for me. I have to make my bed, wash up and all that, but sometimes I can't be bothered so I don't get any money.

Who knows how a bank account works?

EC: Do you put some money in it and every month or so they add a bit more onto it and it keeps on going like that?

GB: It is so you can save up and keep it private, if people try to break in.

BK: I went in a bank and it was really busy. My mum wanted to get some money out of her bank - I don't know what it was for. She had to put in her Pin and she was brought some money.

GB: A Pin is a code that you put into a hole in the wall. You put your credit card in and then you get your money out.

Rep: What happens if you've got no money in there?

All: I don't know.

CP: Then you have to work until you've got a lot of money.

How much does a house cost?

VJ: £1,256.

EC: £20,000.

KA: £50,000.

CP: I would pay £3,000 for a big house, £2,000 for a middle-size house, and £1,000 for a bungalow.

GB: I would spend £55,365.01.

EC: The 1p is vital

BK: It is about £2,500 for a house.

Rep: Do you know an average house costs about £150,000?

GB: Now I know why my mum keeps on saying that we are poor!

How are we going to raise all that money?

VJ: Work, or get two jobs.

EC: Leave it to my dad.

GB: Ask your mum and dad, but they might be retired...

CP: ...Will they get money?

GB: Yes, the taxes you pay go to the retired people to live.

CP: My nanny and grandad love me because they look after us and get about £20 a night.

Rep: Who else can we ask for money for our house?

BK: If you have a credit card, can you withdraw it from the credit card?

Rep: If I borrow money on my credit card, what happens?

KA: It comes out as a bill. My uncle said one day that he would teach me to be a lady who uses her money properly, so he asked for £1 and said he would give it back, but with a bit more.

GB: If I borrow money off my mum, I wait so long that she forgets about it. But when they borrow money off me, I never forget.

EC: I'm on exactly the same track. I keep quiet about owing my mum.

VJ: How much does a manager of a supermarket get? In Sainsbury's, I think Mr Sainsbury's gets all the money?

KA: But he's dead?

All: Is he?

VJ: There is also Mr Tesco...

GB: ...And Mr Budgens.

EC: I've heard of Mr Bean.

If we borrow £150,000 from a bank, what will happen?

CP: You've got to pay back more.

Rep: When?

VJ: Every month.

KA: Not every year? Because then you could save more.

Does anybody know who the chancellor is?

EC: What's the chancellor?

BK: Is he the boss of the banks?

VJ: He is something to do with money, and the President's friend.

EC: Is he...

VJ: ...or she...

EC: ...In charge of all the banks?

Rep: He's called Alistair Darling, have you heard of him?

EC: If it was Darwin then I have heard of him - he's a famous scientist.

Do you know about taxes?

GB: You pay something to the council or government and they give it to retired people.

EC: It is called a pension.

KA: How come you don't pay for a hospital to go to see a doctor, how do they get money?

VJ: From taxes.

CP: If it is an emergency you can't just say: "Here's some money before I have my injection."

EC: You do have to pay. You've got to pay for the car park.

If you had £1m, what would you do with it?

BK: I would buy a new house in a hot country.

CP: I would drive to London, earn another £1m, then I would pay the Queen for her house. She can live in my old house.

KA: I would spend it on a house and some pet snakes for my worst enemies.

EC: I'd spread it around 10 different churches and give £10,000 to the local hospital... Then I would buy a mansion.

VJ: I would buy Tescos, or I might buy Sainsbury's instead.

If you had children but not enough money to feed them, what would you do?

VJ: Go to my parents, or an older brother or sister, or a good friend.

EC: I would first of all start begging on the streets, secondly start praying, and thirdly, ask my friends for some money.

GB: I'd make sure I looked good so I could get a very rich husband who could pay for things

Scary :blink:

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