rantnrave Posted August 22, 2011 Share Posted August 22, 2011 (edited) From BBC: Almost 40% of households saw their finances deteriorate between July and August, according to a survey by the financial information company, Markit. The study, of 1,500 adults, showed finances worsened at their fastest pace since February 2009, in the middle of the last recession. Many reported a rise in debt levels and a fall in savings and income. Just under 6% of households reported an improvement in their financial situation. Markit uses a Household Finances Index (HFI) which it said fell for the third month running in August to its lowest since it began compiling it in early 2009. It said available cash to spend fell by its fastest pace since the survey began. Savings fell at their steepest amount for almost two and a half years. August also saw the steepest drop in take-home pay for nine months, and this reduced income was then squeezed further by rising prices. All income groups, age ranges and regions reported a worsening in their situation. The south-east of England saw the slowest worsening of household finances, while the three northern English regions saw the fastest rates of deterioration. Tim Moore, senior economist at Markit, said the downbeat findings reflected the wider global economic picture: "Recent events have made a week seem a long time in economics and August's survey is the first sign that the slew of downbeat headlines has knocked consumer sentiment." He said the squeeze on people's purchasing power was unlikely to ease in the near-term, with the Bank of England expecting inflation to reach 5% later this year buoyed by higher utility and oil-related prices. Separate surveys from the accountants ICAEW/Grant Thornton and the British Retail Consortium (BRC) also painted a gloomy picture. ICAEW/Grant Thornton's latest UK Business Confidence Monitor showed business confidence fell to its lowest level since the third quarter of 2009, when the UK was still in recession. The BRC's quarterly survey of footfall - which measures the number of people going to the high street and shopping centres - showed 1% fewer visited the shops in the past three months compared with a year ago. Stephen Robertson, the BRC's director general, said: "Fewer people are shopping because households are facing high inflation, low wage growth and uncertainty about future job prospects." Edited August 22, 2011 by rantnrave Quote Link to comment Share on other sites More sharing options...
leicestersq Posted August 22, 2011 Share Posted August 22, 2011 rantnrave, I found this quote interesting "August also saw the steepest drop in take-home pay for nine months" Given that August hasnt ended, that must be a prediction that reads like a fact. That said, is this really saying that income, before tax deductions and the affect of inflation, is falling? If so, that is indeed worrying. Just how did the state have such low borrowing figures in July? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted August 22, 2011 Share Posted August 22, 2011 Central bank induced stagflation, if prevous meddling is anything to go by they'll produce the worst of all worlds as the level of mannipulation now is beyond even the last decade or so. http://www.moneyweek.com/news-and-charts/economics/uk/economy-slides-into-stagflation-cpi-55104 Britain's economy slides into stagflation Quote Link to comment Share on other sites More sharing options...
NEO72 Posted August 22, 2011 Share Posted August 22, 2011 And yet I keep hearing the mantra 'house prices won't fall until rates rise'. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 22, 2011 Share Posted August 22, 2011 Shoppers stay away from high streets as Wales records huge drop in footfall WALES has suffered the biggest drop in numbers visiting the high street and shopping centres, figures published today show. The total retail footfall figures for May to July were 9.2% down on the same period last year, according to the British Retail Consortium.The fall was far worse than any other nation or region as well as the UK average, which was down 1%. A separate figure also showed that Wales recorded one of the highest vacancy rates for empty shops, at 13.4%. Only Northern Ireland was higher. The British Retail Consortium said Wales was particularly vulnerable to people choosing to stay away from the high street because of insecurity among its high level of public sector workers. Read More http://www.walesonline.co.uk/news/wales-news/2011/08/22/shoppers-stay-away-from-high-streets-as-wales-records-huge-drop-in-footfall-91466-29278519/#ixzz1VkAE17At Insecurity amongst public sector workers? PMSL! All the ones I know, and I know plenty because, let's face it, this is Wales, are partying like it is 2007! Quote Link to comment Share on other sites More sharing options...
scrappycocco Posted August 22, 2011 Share Posted August 22, 2011 Most my bills have gone up so I guess my finances have fallen. Anyone know if there is a way to become a full time student whilst working to cut back on council tax? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 22, 2011 Share Posted August 22, 2011 Most my bills have gone up so I guess my finances have fallen. Anyone know if there is a way to become a full time student whilst working to cut back on council tax? Alas, no. In the past week I have heard people comment they are about to give up work as they have worked out that with increased fuel costs it is no longer viable for them to work. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted August 22, 2011 Share Posted August 22, 2011 Who is that knocking on the door? Well hello there, it's Mr Depression! Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted August 22, 2011 Share Posted August 22, 2011 Who is that knocking on the door? Well hello there, it's Mr Depression! So long Mr Recession, goodbye Mr Recovery, hello Mr Depression, and the warmest of welcomes to Mr Reality Quote Link to comment Share on other sites More sharing options...
_w_ Posted August 22, 2011 Share Posted August 22, 2011 "Tim Moore, senior economist at Markit, said the downbeat findings reflected the wider global economic picture: "Recent events have made a week seem a long time in economics and August's survey is the first sign that the slew of downbeat headlines has knocked consumer sentiment." What a strange thing to say. He is trying to present increased hardship as reflected by very tangible facts as worsening sentiment and blaming it on headlines. I can't help wondering what he is after. Trying to pretend it is not as bad as we think springs to mind but why would someone from Markit spread that kind of propaganda? What's his angle? Quote Link to comment Share on other sites More sharing options...
Terribad Posted August 22, 2011 Share Posted August 22, 2011 What a strange thing to say. He is trying to present increased hardship as reflected by very tangible facts as worsening sentiment and blaming it on headlines. I can't help wondering what he is after. Trying to pretend it is not as bad as we think springs to mind but why would someone from Markit spread that kind of propaganda? What's his angle? I suspect its more to do with this chap being condescending about the man on the street rather than anything sinister. He's saying that the sentiment of Joe Bloggs is based on the media rather than Joe's economic forecasting skills. Joe's own bank balance may be down a bit at present, but he looks to the news for forecasts. Current status is only part of the sentiment, the rest is down to expectations. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted August 22, 2011 Share Posted August 22, 2011 What a strange thing to say. He is trying to present increased hardship as reflected by very tangible facts as worsening sentiment and blaming it on headlines. I can't help wondering what he is after. Trying to pretend it is not as bad as we think springs to mind but why would someone from Markit spread that kind of propaganda? What's his angle? It is ******** - they don't want to admit that the polcies that are being used to create this situation are the problem. Some business fell off a cliff two months ago - now the market is reflecting what has already happened - this is before the increasing inflationary / stagnation in income death grip that these figures show are further refleccted in sales and business. Quote Link to comment Share on other sites More sharing options...
_w_ Posted August 22, 2011 Share Posted August 22, 2011 I suspect its more to do with this chap being condescending about the man on the street rather than anything sinister. He's saying that the sentiment of Joe Bloggs is based on the media rather than Joe's economic forecasting skills. Joe's own bank balance may be down a bit at present, but he looks to the news for forecasts. Current status is only part of the sentiment, the rest is down to expectations. I don't expect Markit to speak with the man on the street in mind though. Perhaps the BBC took the quote out of context. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted August 22, 2011 Share Posted August 22, 2011 Most my bills have gone up so I guess my finances have fallen. Anyone know if there is a way to become a full time student whilst working to cut back on council tax? You pay council tax? Sucker... As said read back to what Injin said a large number of posts ago. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted August 22, 2011 Share Posted August 22, 2011 Shoppers stay away from high streets as Wales records huge drop in footfall WALES has suffered the biggest drop in numbers visiting the high street and shopping centres, figures published today show. Read More http://www.walesonline.co.uk/news/wales-news/2011/08/22/shoppers-stay-away-from-high-streets-as-wales-records-huge-drop-in-footfall-91466-29278519/#ixzz1VkAE17At Insecurity amongst public sector workers? PMSL! All the ones I know, and I know plenty because, let's face it, this is Wales, are partying like it is 2007! Alll those retailers, stuck with those long leases... Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 22, 2011 Share Posted August 22, 2011 (edited) Alll those retailers, stuck with those long leases... That scene still haunts me from watching that film as a child. Probably explains why I am so keen to help insects, worms and caterpillars. Thanks for the therapy session. Edited August 22, 2011 by The Masked Tulip Quote Link to comment Share on other sites More sharing options...
awaytogo Posted August 22, 2011 Share Posted August 22, 2011 And yet I keep hearing the mantra 'house prices won't fall until rates rise'. House PRICES in the long term only go up with earnings. Quote Link to comment Share on other sites More sharing options...
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