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Alas not house prices but my wages..

Only "temporary" and will be returned once key performance triggers are reached. So permanent then with the ever changing goalposts!

This is the law world in London.

How's everyone else?

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39 minutes ago, Fishfinger said:

Alas not house prices but my wages..

Only "temporary" and will be returned once key performance triggers are reached. So permanent then with the ever changing goalposts!

This is the law world in London.

How's everyone else?

That's interesting. What level? Associate? Partner? 

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15 hours ago, Fishfinger said:

Only "temporary" and will be returned once key performance triggers are reached. So permanent then with the ever changing goalposts!

This is the law world in London.

 

11 hours ago, hurlerontheditch said:

15% cut here 

 

14 hours ago, Fishfinger said:

Across the board - Partners to take a bigger hit.

This is of course the thing that many here seem to ignore.  They say that the economy will be shot so house prices will fall.  But if the economy is shot so will many who will still not be able to afford to buy at a lesser price as their own income will have gone down or they may not have a job.  

It is amazing how many here think that an economic disaster will affect everyone who own a house but not themselves. 

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The first time in history white collar professionals sustainably hit with falling aggregate incomes.  Add rising inflation and mortgage rates over the next years.

HPC building.

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15 hours ago, Fishfinger said:

Alas not house prices but my wages..

Only "temporary" and will be returned once key performance triggers are reached. So permanent then with the ever changing goalposts!

This is the law world in London.

How's everyone else?

10% temporary pay cut due to come in, (we will only agree if a time-scale is set- we hope) but with a 10% reduction in working hours, so pro-rata not a pay cut, this is everyone in the company (fridays off)

30% staff are currently furloughed

i have never been made redundant, had hours cut, been furloughed or anything like that in 15-20 years of working. So a 10% temporary cut is not too bad, but still a bit of a wake up call!

BUT please bear in mind that the loss of sales is not always due to lack of demand on our customers end, its mostly due to the rest of our customers supply chain cant produce the parts for the final product due to COVID-19, so demand is not down say 30% its more like say a 15% reduction, but it can have an out-sized effect on the rest of the world.

   

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35 minutes ago, richmondtw said:

This is of course the thing that many here seem to ignore.  They say that the economy will be shot so house prices will fall.  But if the economy is shot so will many who will still not be able to afford to buy at a lesser price as their own income will have gone down or they may not have a job.  

OTOH what kind of economy means only those in certain highly demand sectors can buy?  Current system is bordering on neo feudalism.

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23 minutes ago, Killer Bunny said:

The first time in history white collar professionals sustainably hit with falling aggregate incomes.  Add rising inflation and mortgage rates over the next years.

HPC building.

Were you alive in 2007 -2010 ?

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Wife's employer gave some a 15% pay cut, and the rest were furloughed at 80% (Gaming machines developer)

They were not impressed with having to work full hours for just 5% more pay!

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1 minute ago, Andy T said:

They were not impressed with having to work full hours for just 5% more pay!

i always feel that people are missing the point when they use this argument.

i would much rather be in work and feel a little bit more secure, than not be here, and not be missed

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1 minute ago, jiltedjen said:

i always feel that people are missing the point when they use this argument.

i would much rather be in work and feel a little bit more secure, than not be here, and not be missed

There is virtually no security in PAYE employment model.  I have seen this happen to quite a few PAYE types, with zero recourse in all cases.

The only security you have is making sure your skills are attractive and in demand.

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35 minutes ago, GregBowman said:

Were you alive in 2007 -2010 ?

It's older than that.

There was a big cull of white collar jobs in the early nineties.

A TV expose on this was screened with the title "will the south east ever work again?"

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14 minutes ago, Bluestone59 said:

It's older than that.

There was a big cull of white collar jobs in the early nineties.

A TV expose on this was screened with the title "will the south east ever work again?"

I was there as well ? will look at that doco can you remember which channel please ?

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1 hour ago, blackhole said:

OTOH what kind of economy means only those in certain highly demand sectors can buy?  Current system is bordering on neo feudalism.

Yes,  The best thing for the FTB especially is to let prices fall. i.e the free market. However people like @zugzwangconfuse the current propped up freak show as 'capitalism' when it is not!  We want the free market god damnit. NO HTB, ZIRP, QE or various schemes just let prices fall.

The problem is people have become accustomed to HPI Forever.

 

Edited by Warlord
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21 minutes ago, Warlord said:

capitalism

Capitalism requires access to capital.  For a while 70%+ of lending to SMEs etc went to property, both commercial and residential.   Might still be the case.

As mentioned its difficult to get loans for an SME starting up, even if you have a strong track record in that sector (!).

24 minutes ago, Warlord said:

The problem is people have become accustomed to HPI Forever.

Don't get me started on my generation - doesnt even occur to them there's a problem ?

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You can refuse a pay cut. Provided your contract specifies your salary entitlement. 

Of course that might make you likely to be made redundant but I'm sure a lot of people would rather their redundancy package now, especially if it's a good one, than a few more months employment then virtually nothing when their employer folds. I did the same thing and 'cashed out' of a decent package last year. 

1 hour ago, GregBowman said:

Were you alive in 2007 -2010 ?

I didn't see any cuts then, working as a permanent in banking at that time. I knew contractors who had to take 2 consecutive 10% rate cuts, but I'm not aware of anyone who took a pay cut who was permanent. 

I only know one person whose taken a pay cut in my working lifetime - 15 years of which I spent managing payrolls. My mum worked for M&S and they let all their staff impacted by the change in womens pension age take retirement the day before the change came in, on the condition they started a new contract the day after on the current new starts terms, lower wage, less holiday entitlement but getting their final salary pension from 62 instead of 65. Which my mum was happy to take as a trade off. 

This could be the first widespread Indiscriminate wage deflation for a long time, possibly set against a spike in inflation in everything else. 

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4 minutes ago, blackhole said:

Capitalism requires access to capital.  For a while 70%+ of lending to SMEs etc went to property, both commercial and residential.   Might still be the case.

As mentioned its difficult to get loans for an SME starting up, even if you have a strong track record in that sector (!).

Don't get me started on my generation - doesnt even occur to them there's a problem ?

Have you tried for the £50k 'bounce back'' loan?

 

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  • 415 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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