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iamdamosuzuki

London, England

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London is the worlds biggest casino. Nothing wrong with that, but for the fact we're all forced to be unwilling participants in it.

Maybe some kind of internal passport system like they had in the soviet union?

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The issue seems to be that's it's the nexus of:

* UK financial capital

* Hub for global capital

* Tax haven for global elite, criminals etc

* Home for Monarch

* Centre for Commonwealth

* Home for parliament (both houses)

* Dominates sterling currency

* Supported by Washington

Various options ranging from do nothing, to separate 'country', to local interest rates (property especially), move some of those functions elsewhere, to force it to leave sterling zone and adopt USD or Londono or something.

All currency unions seem to share some of these problems but London hits all the cherries sucking capital from the rest of the country.

If pushed I think I'd force them out of the sterling area and charge them some sort of 'tourist' tax for visiting the rest of the UK.

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This is exactly the sort of propaganda I was referring to that is so narrow as to be laughable.

If you look at the entire system whereby the country provides a subsidy to the banks and the guarantees were called in. The interest rates have been far too low for too long - primarily to stop over indebted Londoners going to the wall, meanwhile their homes rise amazingly in price as a result of this policy, they pay themselves more to cover their living costs in the city or people wouldn't live there and the whole thing goes round in circles...yet tell the bar lady or nurse in Cannock that she contributes less than the bar lady and nurse in Canning Town who is being paid a lot more (and thereby paying more income tax) for doing exactly the same task but in an environment where inflation has obviously been higher. Yet they have the luxury of having the same currency and are able to take their winnings and act like lords and geniuses in the rest of the country.

And now they are implementing 'regional public sector wages' on top of regional housing and other benefits such that the money floods London and goes nowhere else. And then some t*sser journalist in the heart of the bubble has the cheek to say they are subsidising the rest of the country because they pay more income tax.

The nurse in inner London is paid a maximum of £6,217 more than one in the midlands, which is as you say subject to higher rates of taxation and possible loss in other income related benefits. Not sure that this affords a comparable life of luxury for a worker in London. Also not sure how many workers in relatively low paid occupations have benefited from over-inflated property prices.

Isn't it also true to say that although London is the centre of financial trading, if you allow the banks to fail, it has regional implications? The last major bank failures being Bradford and Bingley and Northern Rock. Nationwide is the fasting growing banking institution not owned by the state and is regionally based.

Benefit caps are going to effect London more than anywhere else.

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The housing benefit for London now exceeds the defence budget at £33bn a year. Nearly 25% of all Londoners are in receipt of housing benefit in work or no. That is a huge sum to pump up that bubble to everyone's benefit down there. As the money paid to landlords by the Great British public seeps into the restaurants, shops and cafes etc. It is a fiscal transfer on a gargantuan scale, yet never included in journo's assessment of who subsidises whom.

A very accurate assessment IMO.

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  • 244 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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