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" Britons Have Never Had It So Bad Financially"

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http://www.citywire.co.uk/News/NewsArticle...VersionID=94518

Investment trust company Alliance Trust has urged Britons to curb their spending as research shows that real earnings have reached their lowest level in 10 years.
The findings from the Alliance Trust Research Centre were based on an in-depth analysis of economic conditions, from wage inflation and employment statistics to mortgage repayments and council tax. It shows that while earning levels have dropped, household spending over the past 12 months has not.
...../

Gordon's miracle economy was just an illusion to con the sheeple into accepting higher taxes and lower REAL growth in return for expert opinion that their houses values were real and the debt incurred illusory.

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What's strange is that during the mid-90s the set economic data was all on the upturn but the government fretted that there was no 'feelgood factor'. Of course, people were still reeling from redundancies from the recession and the craze for downsizing and coming to terms with the end of the job for life idea.

Bafflingly, people have it so much worse now but are splurging like crazy, getting into financial hot water but just kind of thinking their ship will come in and solve all their worries.

What changed? Could it be that in the mid 90s homes were just homes not a effort-free path to supposed riches?

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I found this bit quite interesting:

Shona Dobbie, head of Alliance Trust Research Centre said: ‘We’ve seldom had it so bad, with homes squeezed by lower earning growth, higher mortgage repayments and chronic council taxes, to name just a handful of issues. But British families continue to borrow big and spend bigger which confirms this reality just isn’t hitting home. It’s only really thanks to recent economic growth and lower utility prices that we’ve seen even a mild improvement in the predicament facing households.’

It's just a matter of time before people will start to realise how bad the situation is.

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Merv patting himself on the back for the BOE's economic framework yesterday in the press, which he thinks is wonderful and a huge success or somesuch.

It's debt Merv and money supply, you've done squat for the real economy, apart from jeopardize it long term and flood it with liabilities and huge costs, as for the public, they'll have time to regret what has gone on when they draw their pensions (those that actually have them).

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What's strange is that during the mid-90s the set economic data was all on the upturn but the government fretted that there was no 'feelgood factor'. Of course, people were still reeling from redundancies from the recession and the craze for downsizing and coming to terms with the end of the job for life idea.

Bafflingly, people have it so much worse now but are splurging like crazy, getting into financial hot water but just kind of thinking their ship will come in and solve all their worries.

What changed? Could it be that in the mid 90s homes were just homes not a effort-free path to supposed riches?

Even I feel the pressure sometimes. My youngest lad can't stop going on about his mates' dad's cars - X5s, M5s, big Mercs etc. "His Dad's got a well cool car. It's got four MASSIVE exhausts"

He doesn't understand, of course, that most of them are on borrowed money and that I am not going to buy into that nonsense. He just thinks I am a miserable, tight-fisted git who wants to have a bit of money around when he's retired.

Correct.

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I found this bit quite interesting:

It's just a matter of time before people will start to realise how bad the situation is.

I'm continually amazed that most people aren't debt saturated by now. :blink:

The miracle has to stop soon - or is debt still simply being serviced with more debt. :blink:

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I'm continually amazed that most people aren't debt saturated by now. :blink:

The miracle has to stop soon - or is debt still simply being serviced with more debt. :blink:

"or is debt still simply being serviced with more debt"

You just rumbled Gordon's economic plan for a prosperous Britain. This idea was fuelling the miracle in the US until the credit markets began to buckle and they discovered that the "money" backing the loans doesn't actually exist anywhere. In the UK we have been paying off debt with debt and hoping no one, especially the currency markets, notice.

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...../[/indent]

Gordon's miracle economy was just an illusion to con the sheeple into accepting higher taxes and lower REAL growth in return for expert opinion that their houses values were real and the debt incurred illusory.

You mean labour over-taxed the public and then spent it all??!?!?! But that's never happened before!!!!

:rolleyes:

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Actually for people who bought pre 1997-98 I think things are ok - everyone else is screwed though !

I hope you're right, I spend very little I don't have to. It amazes me where people are getting the money from.

Shopping seems to be the national pastime.

I had to go to try and find a new gas cooker, my other is about 18 years old and getting a bit beat up.

My husband was staggered when he saw retail car parks absoloutely chock-full, and the queues at the check outs were miles long.

We came home without anything in the end, I think I'll get one on online, it was all so stressful.

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Shona Dobbie, head of Alliance Trust Research Centre said: ‘We’ve ....................................

Enjoy this article?

Yes, I did enjoy this article. Thank you City Wire.

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Alliance Trust PLC is currently the UK’s largest generalist investment trust company investing on a global basis across all major markets and sectors.

no surprise there urging people to stop spending hey,

offers a range of competitive investment dealing products including share dealing Investment Plans, ISAs, PEPs and SIPPs
Edited by crash2006

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real earnings have reached their lowest level in 10 years

But the bulls insist that "prices will keep rising. There is too much demand and not enough supply." There can only be demand if the government prints and then gives us all tens of thousands of pounds each!

It doesn't add up - it just doesn't add up! :blink:

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But the bulls insist that "prices will keep rising. There is too much demand and not enough supply." There can only be demand if the government prints and then gives us all tens of thousands of pounds each!

It doesn't add up - it just doesn't add up! :blink:

yeh-it's like that slogan 'it shouldnt work- but it does!'

how widespread do you think the problem is? i would have thought it affects homeowners how have bought recently- who have >5x mortgages- this would count for a large proportion of the nation suggesting 2 things

1) gordon will do all he can to keep these people happy as he knows if they begin to think about the problems theyve let themselves in for- they'll vote him out

2) could the government wipe out everyone's debt? i know its something like 1.3 trillion pounds and 72 pence, but as so many people are fooked- maybe the government will make their debts disappear ?

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