Monday, Sep 28, 2009

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BBC: Scrappage scheme 'to be extended'

Excellent - it's only a matter of time before they give us our childrens' money to buy a house.

Posted by krustyatemyhamster @ 01:25 PM (1630 views)
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1. tyrellcorporation said...

'Buying stuff' now fully subsidised by the State, it's almost like there's an election coming.

Monday, September 28, 2009 01:35PM Report Comment

2. need-a-crash said...

krustyatemyhamster "Excellent - it's only a matter of time before they give us our childrens' money to buy a house."

Priceless, I like it!

Monday, September 28, 2009 01:55PM Report Comment

3. Natasha's Dad said...

This is the scheme where manufactureres increased their prices by £2,000 per vehicle just as the scheme started; !the consumer wins again!

Monday, September 28, 2009 02:00PM Report Comment

4. drewster said...

In the US there's already an $8,000 tax credit for first-time buyers. It has been in place since February and is due to expire at the end of November, although the usual VIs are clamouring for it to be extended. Let's hope Gordon doesn't get ideas!

CNN Money: Final score: $8,000 for homebuyers
First-time purchasers get a tax credit windfall if they buy before December.

NEW YORK ( -- There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday [17th Feb 2009]. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Monday, September 28, 2009 02:01PM Report Comment

5. 51ck-6-51x said...

But I thought it was the recoverh?!

Monday, September 28, 2009 02:01PM Report Comment

6. mrflibble said...

The zombie economy lurches forward yet further... brains... brains... give my brains...

Monday, September 28, 2009 02:09PM Report Comment

7. jack c said...

"car sales would fall sharply without continued incentives to boost demand" - tells us all we need to know really

Monday, September 28, 2009 02:28PM Report Comment

8. letthemfall said...

Since most shops are feeling the pinch, why not offered subsidies for everything else. The tattier the tat, the bigger the subsidy.

Monday, September 28, 2009 02:29PM Report Comment

9. hpwatcher said...

Silly irresponsible s0ds.......

Monday, September 28, 2009 02:38PM Report Comment

10. tyrellcorporation said...

I would hazard a guess that the car industry gets special help as it's workforce is largely situated in the Labour heartlands. It's MG Rover all over again!

Oooh, Tyrell you old cynic!

Monday, September 28, 2009 03:13PM Report Comment

11. jack c said...

In the BBC business section adjacent to the scrappage deal story is - "More seek help with water bills - The number of vulnerable people seeking help to pay their water bills in England has risen 20% in the past year, figures from the regulator Ofwat show". See for full story

Strikes me that both companies and individuals are finding that their finances are getting tighter and tighter as the months go by.

Monday, September 28, 2009 03:31PM Report Comment

12. str 2007 said...

On the plus side I guess my wifes car can't fall below £2k in value ? Or any car for that matter.

Providing I get a new one and loose £2k as soon as I drive it off the foecourt

D'oh !

Monday, September 28, 2009 03:42PM Report Comment

13. bystander said...

GB has already given our children's money and their children's money to the banks who will sell it back to us, "to buy houses" etc. Don't you just love a socialist democracy. I will have to explain to my children how a socialist government and their greed driven City mates enslaved them and their children, just to try to ensure re-election and a cushy 'bank' job after they slink away from public office.

Monday, September 28, 2009 04:02PM Report Comment

14. uncle tom said...

I can't help feeling the scrappage schemes have been afforded more credit than they really deserve.

From the taxpayer's standpoint, it can be argued that they are a money maker, as the average tax paid on a new car is much greater than the £1k the Govt. has been handing back.

However, as many of these sales would have gone through anyway, and most of the rest merely involve bringing a purchase decision forward a little, the taxpayer is not going to gain in the longer term.

Extending the scheme seems a bit daft - those tempted to bring forward a vehicle purchase will have done so already. From now on, virtually every buyer will be someone who was going to buy a new car anyway..

Monday, September 28, 2009 04:03PM Report Comment

15. brickormortis said...

A heavily indebted coutry buying lots more cars on finance! Yes, debt is good, debt is good, debt is good debt..... Now where is my soma?

Monday, September 28, 2009 05:14PM Report Comment

16. tyrellcorporation said...

@UT 'Extending the scheme seems a bit daft'

Not when you consider it's really aimed at preventing bad press and mass redundancies in the Labour heartlands.

Monday, September 28, 2009 05:15PM Report Comment

17. techieman said... what.. Those that 1. Have an "old banger" and 2. Want a new car; will have probably already pur-chased. This will have minimal effect going forward imo.

Monday, September 28, 2009 05:19PM Report Comment

18. rumble said...

"GB has already given our children's money and their children's money to the banks who will sell it back to us"
Only true if you stay in the country...

Monday, September 28, 2009 05:59PM Report Comment

19. tenyearstogetmymoneyback said...

str2007 @ 11 said

"On the plus side I guess my wifes car can't fall below £2k in value ? Or any car for that matter."

Not true at all. My 2001 50000 mile Vectra isn't worth £2000.

The stupid thing about this scheme is that it is removing perfectly good cars from the market.
The people most likely to use are this scheme are those with something just over ten years old.
In an article on the Scheme in AutoExpress this was certainly the case.

Anyone driving a £500 fifteen year old banger is now less likely to be able to replace it with
something a bit newer (unless of course they signed up for some finance deal: £200 a month for the next
ten years or similar).

Finally to get back on the subject of HPC, I've told you all about a friend who when applying for a mortgage
in the mid 80s had the value of his car loan deducted from his 3 times salary. that kept prices under control.

Monday, September 28, 2009 07:02PM Report Comment

20. letthemfall said...

Bear in mind, though, that the Labour Govt are a long long way from socialist. Their policies (or rather, no policies) that allowed the banks to behave as they did were exactly what you would expect from a Conservative govt.

Monday, September 28, 2009 10:11PM Report Comment

21. Bobcat said...

Sorry, but blaming the economic meltdown on socialists is about as accurate and well-founded as blaming it on martians.

This labour government has behaved like (the stereotype of) the tories on steroids for the last 12 years - pandering to laissez-faire economics and the sociopaths in the city, pandering to petty middle class wealth hoarders with their sense of entitlement to grow rich from house price growth and inheritance, bailing out farmers for foot-and-mouth to the tune of billions (despite the fact that it was one of their own that caused it and they did nothing collectively to prevent the spread of disease or insure against it), bribing GPs by lining their pockets with gold just to turn up and do the job they were doing anyway (at least Nye Bevan stuffed their mouths with gold for a reason), and finally bailing out all those wealth creators(sic) in the City to the tune of even more billions. They've spent their entire time of office throwing cash at sections of society that are traditionally associated with supporting the tories! - which may not necessarily be a bad thing, but who then represents the voices of those the labour party traditionally enjoyed support from? The real tragedy is that people who are honest and expect recompense for working for a living and doing a good job of it are getting kicked in the face by the policies of both the main parties now. Blaming it on socialism's not going to help (I can hear laughter coming from the square mile when they hear people blaming it on socialism). Unfortunately there is now a huge void in british politics. I wonder who's going to fill it now the mainstream parties no-longer represent the concerns of ordinary, honest folk? I'm guessing it's not going to be well-mannered moderates with a sense of fair-play.

Monday, September 28, 2009 10:56PM Report Comment

22. Gtrjazz said...

The car manufacturer puts £1000 towards the cost of the new car and VAT on a £6000 car is £950, so the scheme actually costs the Government £50 per car sold.

Tuesday, September 29, 2009 08:47AM Report Comment

23. mystie010 said...

letthemfall - What about ID cards? and not being able to look after your friends kids without childminder registration? And all those CCTV cameras? Or even fingerprinting the innocent even if they haven't actually committed a crime? Lethemfall you are right though they aren't socialist they are a bunch of comunist tw@t*s!

Tuesday, September 29, 2009 09:15AM Report Comment

24. krustyatemyhamster said...

The current government is firmly on the authoritarian right. I don't know which branch of socialism supports laissez faire economics, sucks up to bankers and supports land owners over workers.

Tuesday, September 29, 2009 09:46AM Report Comment

25. mystie010 said...

krustyatemyhamster - I can see your point but I have to say I think this is just a clever ruse to pull the wool over your eyes. Look at the way they sneaked in that legislation so you can't look after your friends kids, no-one knew about that. They will be telling us next that there is legislation to stop them having to call an election next. In fact they probably engineered all of this so that they could nationalise the banks and bring them into state ownership. They are commies make no mistake - Reds under the bed and all that!

Tuesday, September 29, 2009 09:55AM Report Comment

26. letthemfall said...

Labour Govt communist?? That is just being silly. The childcare legislation makes a lot of sense, given the things that have gone on in the past. It just so happens that a special set of circumstances leads to a unfortunate collision with the law, which makes the law seem absurd, though in general it is sound. BTW, is your real name McCarthy?

Tuesday, September 29, 2009 09:02PM Report Comment

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