Wednesday, February 8, 2012

Radical!!! Whos pension pot?

The Manchester mortgage: 250 new homes plus loans for first-time buyers in bid to tackle housing crisis

Council chiefs have unveiled radical plans to help the housing crisis by launching a ‘Manchester mortgage’ for first-time buyers – and £25m of pension cash is to be used to build new homes. Bosses have identified five sites on which it aims to build nearly 250 properties for sale or rent as part of a pilot scheme.

Posted by mark @ 03:04 PM (2392 views)
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13 thoughts on “Radical!!! Whos pension pot?

  • mark wadsworth says:

    They own land, or want to at least, so let’s give them money!

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  • Mark, I thought I’d make your day ! Council “Pension pots” to be used for building new homes and a Tesco mortgage to facilitate the mortgage (think of all those clubcard points)

    “Tesco to launch into mortgages in the next few months”

    Tesco Bank says it is on track to launch into the mortgage market in the next couple of months.

    The supermarket giant was due to enter the mortgage market in 2011, but announced in October 2011 that it was postponing its launch until early 2012.

    When asked about its launch in an interview with The Times today, Benny Higgins, chief executive of Tesco Bank, told the paper: “We would expect to launch in the next couple of months.” He also claimed the bank has a good relationship with the Financial Services Authority and its delay into the market was not because of issues with the regulator.

    Tesco has not yet confirmed whether the bank will offer its product through brokers.

    Higgins also revealed in the interview that the bank is delaying its launch into current accounts until 2013.

    It had intended to launch the products this year, but waiting until 2013 will allow it to take advantage of new rules making it easier for current account customers to switch providers.

    A spokeswoman for the banks says it is taking a cautious approach to its current account offering, following glitches in its IT system for loans and savings products last year.

    SOURCE http://www.mortgagestrategy.co.uk/tesco-to-launch-into-mortgages-in-the-next-few-months/1045607.article

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  • I wish had an edit facility on here ! “Tesco mortgage to facilitate the PURCHASE”

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  • I knew MARX

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  • I knew Marx Wadsworth would support this. Of course, it is a breach of contract for the Council to use money saved in good faith by workers to built homes. This is why it is not a good idea to have government run pensions, because they steal the money. Those contributing to the scheme could rightly sue if a private company tried to pull such a scam.

    But of course, just like the Marx who proceeded him, Marx Wadsworth is fully in favor of a transfer of wealth from workers to non-workers. Stalin proved that this is what collapses economies, but that doesn’t matter to a true believer in the religion of Socialism, where the State is God. Of course, the analogy to religion is key, because the Communist Manifesto calls for the abolition of God. Why? Because the Bible says Though Salt Not Steal, which instantly makes the Socialist State evil and immoral. Take God out of the picture and all of a sudden, the religion of Socialism becomes virtuous. But in reality it is the blinding light of Lucifer.

    Of course, who will look after these pensioners when no money is left for them? Well of course, the tax payer or, if the economy has been destroyed by then they will have to live in destitution.

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  • Here is the news flash. The moral code which says Do Not Steal, applies just as much to the State as it does to individuals. Maybe this is why Socialist States are damned to destruction. You break the moral code, which is there for a reason, and things just collapse. Society becomes unhinged.

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  • “New homes built with pension fund cash would be in Chorlton, Wythenshawe and Gorton”

    Wonderful idea, Gorton makes the dark side of the moon seem attractive.

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  • mark wadsworth says:

    Libertas is our very own comedy club. He doesn’t appear to recognise heavy sarcasm on my part, and seem to miss the whole point of replacing income tax with land value tax – it is to prevent the constant funnelling of wealth from productive economy to rent seekers (land owners, banks, public sector, whatever).

    But then again, he has revolutionary ideas on bookkeeping and says that everybody over the last five centuries have missed the point – when they lend out money, that stops being an asset and become a liability. Truly radical! Presumably when a business takes cash from teh bank and buys a machine, the machine is a liablilty, not an asset. Way to go! Why doesn’t he contact the govenrment to clear them up on this?

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  • libertas – can I politely ask that any debate is kept on a courteous and sensible level – continually starting a response with Marx (Wadsworth) immediately undermines (IMO) what you’ve got to say.

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  • actually i bought a load of tesco shares when they crashed down lol

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  • Only government would invest people’s pension pot into a falling asset class.

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  • Not only would gov’t invest into a falling market (IMO contrived to keep prices inflated), they will not think twice about using other peoples money, in this case pension funds, (IMO devised as a mechanism to syphone more money from joe public, shifting the nations wealth upwards), and to top it all, they will end up paying over the odds for what they get. I can just imagine the oportunities for dirty little back-handers.
    And who’s going to measure performance and be accountable? Noone. Any problems will be swept under the carpet, and years from now we’ll all be wondering where our moneys gone. Too late as usual.

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  • Wythenshawe? Why not just go the whole hog and build them in Compton. At least you’ll have nice weather whilst you’re being shot at. If you are doing something as dodgy as using pension funds at least build them all in Chorlton where they might actually sell, maybe Didsbury too.

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