Jump to content
House Price Crash Forum
Sign in to follow this  
Guest Charlie The Tramp

High Street Fears

Recommended Posts

Guest Charlie The Tramp

News Blog

Panic Saving

As gilts, the backbone of the private pension system, pay out less, more will have to be bought to provide pensioners with the same standard of living in retirement.

This, in turn, means household budgets will have to be cut, threatening retail spending.

David Kern, economic adviser to the British Chambers of Commerce, said: 'When the penny drops and people realise they should save more, there will be a potential crisis. It will affect consumer spending and business investment.

Share this post


Link to post
Share on other sites

Indeed: I'm 'panic saving' this year because I need to compensate for the money lost in the collapse of the pound and the cuts in interest rates. That's 10k I'd intended to spend that won't be being spent in the British economy this year, and over $100,000 shipped abroad in the last few months.

The great thing is, it's so easy to move money abroad these days and every one of us who ships out a few tens of thousands of pounds knocks a million or so off the amount that banks can lend.

Share this post


Link to post
Share on other sites

bit of an oxymoron isn't it - panic saving?

I don't think its the savers who are panicking. Or trying to engender a panic.

That would be marvellous, the first economy to tank because its people were saving too much. How dam inconsiderate of them!! GET OUT AND SPEND YOU SLACKERS! :lol:

Share this post


Link to post
Share on other sites

Another example of why so many are turning away from pensions in favour of bricks and mortar.

Share this post


Link to post
Share on other sites

Indeed: I'm 'panic saving' this year because I need to compensate for the money lost in the collapse of the pound and the cuts in interest rates. That's 10k I'd intended to spend that won't be being spent in the British economy this year, and over $100,000 shipped abroad in the last few months.

The great thing is, it's so easy to move money abroad these days and every one of us who ships out a few tens of thousands of pounds knocks a million or so off the amount that banks can lend.

How does one go about this business of moving money abroad? Is it like getting a euro or dollar account from a high street provider, or something else?

I for one would be interested to know a bit more, if you've time to reply.

Share this post


Link to post
Share on other sites

Yeah, most banks offer offshore accounts in various currencies, though there's usually a 5-20k minimum deposit and you'll lose maybe 1% on the exchange rate unless you're transferring large sums.

I'm panic saving to get out of this country!!!!

Me too :).

Edited by MarkG

Share this post


Link to post
Share on other sites

Yeah, most banks offer offshore accounts in various currencies, though there's usually a 5-20k minimum deposit and you'll lose maybe 1% on the exchange rate unless you're transferring large sums.

Me too :).

ta. i might look into a bit of overseas panic saving myself. :)

Share this post


Link to post
Share on other sites

This year I will mainly be

Panic saving,

Panic not spending on cheap Chinese rubbish in the shops that will fall apart in months

Panic buying good quality stuff off Ebay instead and panic selling stuff I no longer need

Panic closure of expensive policies that I no longer need and spending more time getting competitive quotes for ones that I need

Share this post


Link to post
Share on other sites

This year I will mainly be

Panic closure of expensive policies that I no longer need and spending more time getting competitive quotes for ones that I need

Ahha! Ive made the point many times to you that 'outsourcing to China' is a direct result of the behaviour you outline above.

OM, you started many a thread highlighting the loss of Brittish jobs.

For you to get competetive quotes = loss of expensive English staff with expensive regulation.

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

OM, you started many a thread highlighting the loss of Brittish jobs.

For you to get competetive quotes = loss of expensive English staff with expensive regulation.

Union leaders claim they have uncovered proposals to transfer civil service posts overseas which could result in tens of thousands of jobs being lost.

The Public and Commercial Services Union says the plan is revealed in an internal leaked document from the Department for Work and Pensions (DWP).

But the government has strongly denied it plans to move jobs offshore.

Here we Go

Share this post


Link to post
Share on other sites

Ahha! Ive made the point many times to you that 'outsourcing to China' is a direct result of the behaviour you outline above.

OM, you started many a thread highlighting the loss of Brittish jobs.

For you to get competetive quotes = loss of expensive English staff with expensive regulation.

Possibly, in a lot of cases companies simply hike their rates year after year playing the game of fleecing the lazy. In fact the bet quote I got for car insurance was a very small independent insurer, so in that case quite the reverse. Some of the big boys are offshoring to up their exceutive salaries, pay for the stupid commercial lets they have taken out and not to offer the deals down the line.

I also made good of my promise to ditch the broker/insurer who sent me a load of garbage on property/SIPPS.

Edited by OnlyMe

Share this post


Link to post
Share on other sites

mmmm...annuity rates are at their lowest for years with no prospect of improving. The fact we are living longer means lower rates as well . Pensions were designed for when you all died at 69 !

Think people are going to continue putting money into traditional pensions which force you to take most of it in a poor value annuity?

:) Even poor BTL deals will probably look good !

Seriously the "it's my pension' mantra BTL'ers go on about is going to be a hard mindset to crack given complete failure of traditional pensions. So what if some of them are subsidising them , many chucked hundreds of pounds in traditional schemes for years as it was.

Edited by mercsl

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

Even poor BTL deals will probably look good !

Isn`t that borrowing to save. ;)

Share this post


Link to post
Share on other sites

Panic Saving. What a load off tosh. Most people have no savings and no real abillity to save.

Perhaps its like clear your debts in a hurry panic when redundancy looms. These people seem so out of touch with the pschology of the situation. The populace are binge drinkers, binge spenders, binge eaters not binge savers. Do they really think people poor over thier pension situation making tough decisions and big personal budget cuts into the early hours of the morning. Its survival in the jungle my friends, thats what it is about.

Share this post


Link to post
Share on other sites

Panic Saving. What a load off tosh. Most people have no savings and no real abillity to save.

Perhaps its like clear your debts in a hurry panic when redundancy looms. These people seem so out of touch with the pschology of the situation. The populace are binge drinkers, binge spenders, binge eaters not binge savers. Do they really think people poor over thier pension situation making tough decisions and big personal budget cuts into the early hours of the morning. Its survival in the jungle my friends, thats what it is about.

spot on, people don't save for things these days. The majority of people just stick it on credit because they need it RIGHT NOW!!

I've been saving up to travel round the world for about a year now, I spoke to quite a few people about it and most of them asked the question "why don't you just get a loan?".

Why would I want a loan when I'm perfectly capable of saving up!! :angry:

Share this post


Link to post
Share on other sites

That would be marvellous, the first economy to tank because its people were saving too much. How dam inconsiderate of them!! GET OUT AND SPEND YOU SLACKERS! :lol:

Many economists accuse the frugal Germans of ruining their economy by saving too much, and borrowing too little.

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

Many economists accuse the frugal Germans of ruining their economy by saving too much, and borrowing too little.

Well our economy could be ruined by the opposite, borrowing too much and saving too little. :rolleyes:

Share this post


Link to post
Share on other sites

Many economists accuse the frugal Germans of ruining their economy by saving too much, and borrowing too little.

I've often heard this over the last few years that the German economy is somehow gubbed. I mean, I gather they have high unemployment and other problems, but they are still the number one exporter in the world. Surely their economy can't be all that bad then?

Are Germany's problems not more to do with still trying to get the east up to scratch and deal with the high unemployment that was inevitably going to arise when dismantling the inefficient old 'soviet' ways?

I'd be interested in anyone's comments regarding Germany and the apparent contradiction between the fact that they are the number one exporter with minimal debt problems yet somehow have a failing economy.

Edited by aclwalker

Share this post


Link to post
Share on other sites

I've often heard this over the last few years that the German economy is somehow gubbed. I mean, I gather they have high unemployment and other problems, but they are still the number one exporter in the world. Surely their economy can't be all that bad then?

Are Germany's problems not more to do with still trying to get the east up to scratch and deal with the high unemployment that was inevitably going to arise when dismantling the inefficient old 'soviet' ways?

I'd be interested in anyone's comments regarding Germany and the apparent contradiction between the fact that they are the number one exporter with minimal debt problems yet somehow have a failing economy.

Sentiment. Most Germans are not so f7cking stupid that they would spend 1/4 million pounds on a tiny 2 up to down on the bad side of town and tie themselves down with a 25 year mortgage to do it.

The economy is getting better from what I have seen but it has been shakey.

Watch out for the following

Incentives for people to shop/spend money (already happening)

Ralaxing credit and mortgages (not happening yet but it will)

Confidence...people starting up business again (confidence is already growing slowly)

Germany sees the UK as having a wonderful eocnomic model and wants to copy it. They don;t see the downside..they just see economic growth and TB and GB swanning around Europe telling everyone how great we are and how cr@p they are...and the Germans want what we have.

If Germany takes off they will see the same growth we have had in the last decade (including HPI).

I do hope that in ten years time the Germans are still too sensible to spend 1/4 million pounds on that 2 up 2 down.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.