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rantnrave

Osborne's Final Budget Masterpiece... Be Afraid

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Just spotted this on the BBC Business news feed:

Annuity annulment? The government may extend its plan to scrap annuities to pensioners who have already bought them, the FT reports. The government's senior ministers will discuss the idea tomorrow, the newspaper says, citing people in the know.

BTL boom sending house prices to the stratosphere coming in 3, 2, 1 ...

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I'm guessing this scheme wont extend to public sector final salary schemes being sold. If so we would be in real trouble with some of the most humble employees with seven figure contracts.

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Are they trying to crash the pound?

(And public sector pensions in the process)

Edited by Si1

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Pensions are the last remaining pot of equity left to raid. Given the UK's dire current account position it was almost inevitable that Mr Austerity would 'liberate' them for the greater good of society. <_<

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Pensions are the last remaining pot of equity left to raid. Given the UK's dire current account position it was almost inevitable that Mr Austerity would 'liberate' them for the greater good of society. <_<

I find it pleasing, frankly

Nice how it's sold as beneficial to the old duffers

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The contortions they are going through now are just absurd.

This is why the man is so dangerous IMO. It's not just that his actions inadvertently price me out of the housing market, but that his decisions are thoroughly intended to do so.

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As mentioned in last week's Moneyweek, it is unlikely to affect the housing market too much as, given the age of the people withdrawing from their pensions, they are unlikely to be able to get mortgages.

I hope they're right.

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This is why the man is so dangerous IMO. It's not just that his actions inadvertently price me out of the housing market, but that his decisions are thoroughly intended to do so.

I had a Road to Damscus conversion yesterday and honestly believe the Central bank and the Government are going to keep assets inflatiing until both are at least 25% out of the trough and all zombie debtors are slain. Since both equities and houses are still only at previous peaks of 1999 and 2007 respectively still some way to go. Even banged in 75k in the FTSE 100 yesterday...bear capitulation in the face of QE and interest rate distortions.

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This is why the man is so dangerous IMO. It's not just that his actions inadvertently price me out of the housing market, but that his decisions are thoroughly intended to do so.

Critics try and portray our ruling superiors as being dim-witted. I take the opposing view. They are extremely smart and devious. Expect to see them still in power after the next election. And the trashing of any real economy still standing will continue.

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As mentioned in last week's Moneyweek, it is unlikely to affect the housing market too much as, given the age of the people withdrawing from their pensions, they are unlikely to be able to get mortgages.

I hope they're right.

It depends how many have big enough pensions to buy in cash doesn't it? And better to risk their own savings than other taxpayers.

Edited by fru-gal

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Any jam tomorrow "promises" made for some by Chancellor Osborne in next Wednesday's budget are most likely going to be watered down/reneged on after the general election - whoever gets in power. Give with one hand take with the other.

That doesn't mean to say that some of the electorate won't be persuaded by stuff in the budget.

Then Parliament is dissolved on 30 March and soon after people will be treated to more written "promises" in the form of the manifestos - promises by all parties are likely to be at the extremes of detachment from reality considering the wrecked state of the economy.

Edited by billybong

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As mentioned in last week's Moneyweek, it is unlikely to affect the housing market too much as, given the age of the people withdrawing from their pensions, they are unlikely to be able to get mortgages.

I hope they're right.

It's easy to get a BTL mortgage in retirement, as the assessment is based on the rental income, not your salary or pension

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It's easy to get a BTL mortgage in retirement, as the assessment is based on the rental income, not your salary or pension

Dang. Wrong.

You either need an income or property equity elsewhere, and need to be under 70, generally

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A budget before an elections seems to be farcial, particularly if they are going to be overtly political - vote buying or laden with nasties for any new incumbent. I understand a new government coming in can have a budget soon after the election. Tribal, rarely acting in the best interests of the majority.

Politics, really is show business for ugly people (ugly also in the sense of being morally contemptible).

uwahyz_2_3187173b.jpg

Source: http://www.telegraph.co.uk/news/general-election-2015/11389131/The-chart-that-shows-what-happens-to-taxes-after-the-election-whoever-wins.html

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Dang. Wrong.

You either need an income or property equity elsewhere, and need to be under 70, generally

Well most OO boomers have plenty of equity, more houses are mortgage free,than those with mortgages now.

Are they all retiring? New laws state they can keep going past 65 now and not be forced out, so that's an income.

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I had a Road to Damscus conversion yesterday and honestly believe the Central bank and the Government are going to keep assets inflatiing until both are at least 25% out of the trough and all zombie debtors are slain. Since both equities and houses are still only at previous peaks of 1999 and 2007 respectively still some way to go. Even banged in 75k in the FTSE 100 yesterday...bear capitulation in the face of QE and interest rate distortions.

You know, you might be right. Carney's been flapping his stupid gums again this morning about keeping ZIRP for longer because the (inflationary) recovery he's been promising us for years has all-but disappeared. If the BoE and Treasury suspect that ultimately they're going to have to default/hyperinflate, why not make a stealthy commitment to that process now? The only thing holding me back from going long is the potential fallout from a US rate hike in June.

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Just spotted this on the BBC Business news feed:

BTL boom sending house prices to the stratosphere coming in 3, 2, 1 ...

Err yer what???

Can someone please explain this (in words of one syllable if possible) to a financial idiot please.

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It's easy to get a BTL mortgage in retirement, as the assessment is based on the rental income, not your salary or pension

It is not easy but it is possible...... as you say mainly based on rental income...

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It is not easy but it is possible...... as you say mainly based on rental income...

Is there any evidence of lenders offering new 'products' to suit the conditions / needs of older borrowers?

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