It looks like we are in for a rough ride over the next 12 months. I frequent Tesco on an almost daily basis and I think my costs have risen by 30%. Some of the rises are very sneaky in my opinion, for example low cost articles have had big price increases but Gin for example seems to have stayed the same (phew). My gas/electric payments have risen to £280/m (2-4 people living in the house depending if my daughters are staying with their boyfriends). For sure I will be using my woodburner more this winter but this isn't good for the environment.
I am in a relatively lucky position but for others the ramifications are terrible.
Quote from: Nick on August 09, 2022, 06:19:59 PMIt looks like we are in for a rough ride over the next 12 months. I frequent Tesco on an almost daily basis and I think my costs have risen by 30%. Some of the rises are very sneaky in my opinion, for example low cost articles have had big price increases but Gin for example seems to have stayed the same (phew). My gas/electric payments have risen to £280/m (2-4 people living in the house depending if my daughters are staying with their boyfriends). For sure I will be using my woodburner more this winter but this isn't good for the environment.
I am in a relatively lucky position but for others the ramifications are terrible.
You make a good point. Environmental issues take a back seat when faced with ridiculous price hikes. Suspend the green levy. Virtue has a huge price in these times
It's going to be tough for some that's for sure. Some people these days seem to live life on the 'line' (they spend all that they earn or more) and this so-called 'crisis' will hit hard. We've had it quite easy these last few years, with inflation and interest rates being so low and I suppose there has been an expectation for a long time that you can have what you want, when you want it. I think most people will be able to ride it out by cutting back and managing their money a bit better. But there are those who will be in terrible trouble and are the ones who need the most help.
I well recall paying 16% on my mortgage in the early 90s and it was a massive part of my wage then. But now the costs are going up everywhere. I was reading today that a barrel of oil is now the cheapest since February - so why isn't that reflected at the pumps? Is it companies trying to recover all the money they lost through covid?
I fixed my gas/electric in March at £251/m. I'm glad I did as I will be well under the price cap come October/January. Our weekly food bill has gone up by about 25-30% too and that's with the majority spent at Aldi, with some more at Morrisons.
Yes, I certainly think some people live life on the 'line', and in a lot of cases more fool them. I've always lived within my means and still know where there's bits of fat to cut out.
I remember 15% mortgage rates and I still chuckle at the memory, Mrs S worked in a bank and we only paid 5% :)
The weekly shopping has certainly gone up - Charlie Bigham meals for one are now £5.50 at Tesco up from £4.50 - but they'd been fairly stable for years IIRC. The Bigham meals are quite often at £5 for Clubcard holders so that's not too bad.
On the energy front I'm currently paying £193 a month*, what that will end up at I don't know, but we're stocking up firewood for the log burner and I'll buy a couple of woolly jumpers for the winter to replace the ones the Moths ate so I can turn the thermostat down.
*It'd be less, but the boy does a lot of 3D printing to try and make a living selling trackside models for model railways and that seems to eat electricity. It seems to me that for every £1 he makes he spends £2 - and we don't see any of it :(
I'm fortunate in that I can almost certainly just absorb it, I don't even know what I pay for energy quite honestly. I don't really do household budgets. I just spend money on what I need / want with a vague idea of how much I've got in my bank account.
If I end up paying £2500 or whatever more for energy than I usually would in a year I'll just wear it, it won't hurt fortunately. It'll mean I divert less of my current account into my savings account I suppose.
Yes, it won't really affect us either. Could well be the start of the breakdown of society though :o
Making people pay four times what they think they should be paying for something that is essential is a recipe for unrest
As energy is a current hot issue, I decided to do some calculations on the ROI on our solar panels. we had installed in 2012. We paid £8505 for a 4KW system on our south facing roof. The projections we were provided with suggested we would reach 'payback' point after 7 to 8 years. I have known for ages that the figures were a load of tosh as they were based on an inflation figure far higher than we've experienced during the period since we had them installed..
I was actually pleasantly surprised today to calculate that we reached pay back after 9 years and have been making money since. We get around £1000 per year and the tariff rises with inflation over the 25 year contract period. That £15000 or so to come should help us out with our soaring bills. Only possible issues will be a decline in panel efficiency and the prospect of the inverter packing up (typical lifespan - 10 years), although we should get a replacement for considerably less than a grand.
As all electricity generated during the day is free to use, we try to get the most from it and currently we have a couple off powerful fans going during the day that are costing us nothing....nice! Wife now works from home so we shouldn't see that impact on energy bills during the summer months (I'll buy her a thick pullover for dull days in the winter 😄)
Probably a good deal better than putting that money in the bank, although probably not as good as using it as a deposit for a rental property.
Interesting topic because our neighbours next door have just had solar panels installed; actually the panels went on about a week ago but the scaffolding is still up for some reason. I quite fancy doing the same myself so I was talking to one of my colleagues about his own solar power, installed in 2012.
Just had a look again through our chat on MS Teams, salient / interesting points were:
- In the winter, some days peak at 80W
- In the very best conditions in the summer, he can get roughly 3.4KW
- Clouds going over have a dramatic effect, even Cirrus
- He runs the dishwasher and washing machine in the middle of the day
- In terms of electricity saving it's "pennies" and what's paid for it is the Feed In Tariff, over 50p / KWh generated
The tariffs available now are a lot less generous than that of course. So for me I think it would be an expensive toy, a hobby. Not really practical to do now.
Quote from: Slim on August 11, 2022, 01:05:55 PMInteresting topic because our neighbours next door have just had solar panels installed; actually the panels went on about a week ago but the scaffolding is still up for some reason. I quite fancy doing the same myself so I was talking to one of my colleagues about his own solar power, installed in 2012.
Just had a look again through our chat on MS Teams, salient / interesting points were:
- In the winter, some days peak at 80W
- In the very best conditions in the summer, he can get roughly 3.4KW
- Clouds going over have a dramatic effect, even Cirrus
- He runs the dishwasher and washing machine in the middle of the day
- In terms of electricity saving it's "pennies" and what's paid for it is the Feed In Tariff, over 50p / KWh generated
The tariffs available now are a lot less generous than that of course. So for me I think it would be an expensive toy, a hobby. Not really practical to do now.
No, I'm afraid the boat sailed a long time ago, regarding tariffs. My generation tariff started at 21p and is now 27.85p/kWh plus the 'deemed' tariff is 4.25p/kWh
Sounds like your neighbour probably got in really early when the Labour govt screwed up by setting the tariff at over 40p/kWh. I have a friend who got the same.... But he had to pay over £12k for a similar installation to ours. He's still done very well though
We installed a pellet stove in April which we're hoping will reduce the use of kerosene which fires the boiler for the central heating.
This Winter is shaping up to be a nasty one for many. Hopefully it won't be too cold.
Energy prices will be crippling and then there's the lack of crops. Not only caused by the war in Ukraine but also the dry Summer stunting crops in Europe.
Good Government will be required ::)
Luckily the previous owners of my house had the panels installed right at the beginning when tariffs were high...and I've got 40 of the fuckers.
Latest inflation figure - 10.1%
Just knocked the water temp back a couple of clicks.
Quote from: Nick on August 25, 2022, 08:24:25 PMJust knocked the water temp back a couple of clicks.
Did ours yesterday ;)
I must do that as well, hadn't thought of it
I used to love about three baths a week. Might have to limit them to one night only now. Perhaps Sundays...just like the schooldays, when it was soaking to the sound of the Pop Chart followed by Sing Something Simple.....halcyon days!
I have one every day. I never shower unless I'm in a hotel that doesn't have a bath.
Quote from: Slim on August 25, 2022, 10:39:36 PMI have one every day. I never shower unless I'm in a hotel that doesn't have a bath.
Whaaaat? You're killing the planet man! ;D
Just announced - the new energy price cap will be £3549. People are definitely going to have to choose between heating or tattooing
Quote from: David L on August 26, 2022, 07:08:19 AMJust announced - the new energy price cap will be £3549. People are definitely going to have to choose between heating or tattooing
Can't see any Tattoo parlours going out of business...
Maybe people will have false nails on every other finger :)
Quote from: Nickslikk2112 on August 26, 2022, 10:03:55 AMQuote from: David L on August 26, 2022, 07:08:19 AMJust announced - the new energy price cap will be £3549. People are definitely going to have to choose between heating or tattooing
Can't see any Tattoo parlours going out of business...
Maybe people will have false nails on every other finger :)
And perhaps only one lip filled with cow fat
Downsizing my home lab to one ESXi host with local storage running various virtual machines...to save on electricity
Quote from: Fishy on August 28, 2022, 11:53:01 PMDownsizing my home lab to one ESXi host with local storage running various virtual machines...to save on electricity
I wish I had a clue what that meant........ ;D
OK, energy bills are capped at £2500. I fixed at £251 a few months back - so I'll be paying more than the cap. I wonder what will happen to people like me who fixed - hopefully a penalty free transfer to the capped price. I do wish it was the actual Unit price that's discussed not an average cap.
Inflation for September - 10.1%
At the moment we have the central heating on only for an hour or so in the morning, although I use a fan heater intermittently in my study while I'm working. The weather's pretty mild at the moment, though.
Quote from: Slim on October 27, 2022, 10:44:48 AMAt the moment we have the central heating on only for an hour or so in the morning, although I use a fan heater intermittently in my study while I'm working. The weather's pretty mild at the moment, though.
We've all been lucky in that the temperature has been unseasonably warm. Our central heating has hardly come on over the last few days (stat set just over 20 degrees).
Due to change towards the middle of next month, I believe.
Quote from: David L on October 27, 2022, 02:11:29 PMQuote from: Slim on October 27, 2022, 10:44:48 AMAt the moment we have the central heating on only for an hour or so in the morning, although I use a fan heater intermittently in my study while I'm working. The weather's pretty mild at the moment, though.
We've all been lucky in that the temperature has been unseasonably warm. Our central heating has hardly come on over the last few days (stat set just over 20 degrees).
Due to change towards the middle of next month, I believe.
Ours is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Still monsoon season in these parts, so only have the central heating on for short bursts occasionally to stave off the cold damp feeling. Been using the log burner in the lounge most nights which has been enough for comfort, and to keep the macaw happy as the fire cools down overnight. I think there is a lot of log burner activity in my area now, judging by the nice firewood smells when I'm out with the dogs. Local authorities might not like that but I reckon it seems healthier than the stuff buses and lorries belch out.
Quote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
ONS reports average gas prices have dropped 60% in the week to 23rd October :o
Quote from: David L on October 27, 2022, 03:46:15 PMQuote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
18's comfortable! No wonder the planet's in crisis.
I've not had the heating on at all yet, not felt the need.
Quote from: The Picnic Wasp on October 27, 2022, 04:47:16 PMQuote from: David L on October 27, 2022, 03:46:15 PMQuote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
18's comfortable! No wonder the planet's in crisis.
Might be alright for you........I suppose you're hibernating ;D
Quote from: David L on October 27, 2022, 06:36:51 PMQuote from: The Picnic Wasp on October 27, 2022, 04:47:16 PMQuote from: David L on October 27, 2022, 03:46:15 PMQuote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
18's comfortable! No wonder the planet's in crisis.
Might be alright for you........I suppose you're hibernating ;D
Can't argue with that. Daft username.😁 Might have to do a Dr Who and regenerate (if permitted).😉
Quote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Ours is currently set at 18 - as it always is - as soon as it starts kicking in it's down to 17. I'll be hiding the bloody thermostat thingy too as Mrs S will want to turn it up. I've already caught her putting it up to dry stuff on the radiators >:(
Quote from: The Picnic Wasp on October 27, 2022, 07:15:16 PMQuote from: David L on October 27, 2022, 06:36:51 PMQuote from: The Picnic Wasp on October 27, 2022, 04:47:16 PMQuote from: David L on October 27, 2022, 03:46:15 PMQuote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
18's comfortable! No wonder the planet's in crisis.
Might be alright for you........I suppose you're hibernating ;D
Can't argue with that. Daft username.😁 Might have to do a Dr Who and regenerate (if permitted).😉
I think you can change your username from the profile page .. yes it's in "account settings".
I quite like it personally but hey
Quote from: Slim on October 27, 2022, 09:55:52 PMI think you can change your username from the profile page .. yes it's in "account settings".
I quite like it personally but hey
It's a brilliantly unique user name - respect
With an airing cupboard containing an insulated immersion tank, the mild but wet weather meaning the central heating doesn't need to be on and a newly found aversion to using the tumble dryer, mean that drying clothes is tricky. Nothing worse than putting on a top and discovering it has that musty smell from not drying properly.
Rock 'n Roll eh!
Quote from: David L on October 27, 2022, 03:46:15 PMQuote from: Pudders on October 27, 2022, 02:45:40 PMOurs is set to 18 - not come on at all so far. Obviously once temp drops to 18 in the house I'll knock another degree off ;)
Blimey! It must be 'woolie pullies' in the Pudney household. Brrrrrrr!
Haha! I've had to stop wearing shorts! Seriously though, not really felt cold in the house but do have the challenge of a half Maltese wife to deal with. Log burner will go on before the CH as well and. as you say, temperature falling next week.
Looks like my Scrooge tactic of thermostat set to 16 might have come back to bite me. My Geddy Lee Jazz bass neck seems to have moved a bit recently. I keep meaning to buy a proper hard case for it rather than the gigbag it came with, so kicking myself a bit. It probably just needs a slight truss rod relief but it's a neck off adjustment so I might just try the case route first and crank the heating up. Houses don't really do very well when the temperature is constantly low either, so it's a bit of a double edged sword.
Don't have to worry about gas usage now, the boiler's packed in :(
Quote from: Nickslikk2112 on October 30, 2022, 10:50:01 AMDon't have to worry about gas usage now, the boiler's packed in :(
Fixed it :)
Thought the fuse had gone, turned out that the Circuit breaker on the boiler circuit wasn't quite clicked in. Don't think it had tripped, just dislodged slightly probably from the vibrations as the boy was destroying the contents of his bedroom...
ONS reveals that the UK economy shrank by 0.2% in the last quarter as the cost of lockdown crisis begins to bite.
Biggest ever recession is on its way
In 2000 I started a new job. There was a girl in the office exactly twenty years younger than me. She used to really live the high life. Expensive holidays at every opportunity, the highest car payments she could manage and generally lived in party mode. I used to talk to her occasionally about tricky financial periods I had experienced in the past, and gently advised her not to stretch herself too much and perhaps think about that rainy day. It was good natured and she would always begin her loud reply to entertain the office with "oh you and your recessions!" I wonder if she ever thinks of those chats with the grumpy old git?
Quote from: The Picnic Wasp on November 11, 2022, 11:04:35 AMIn 2000 I started a new job. There was a girl in the office exactly twenty years younger than me. She used to really live the high life. Expensive holidays at every opportunity, the highest car payments she could manage and generally lived in party mode. I used to talk to her occasionally about tricky financial periods I had experienced in the past, and gently advised her not to stretch herself too much and perhaps think about that rainy day. It was good natured and she would always begin her loud reply to entertain the office with "oh you and your recessions!" I wonder if she ever thinks of those chats with the grumpy old git?
I doubt it. Too many people today live the "I want it now and I want it Yesterday" lifestyle, never thinking about what-ifs and then blaming everybody but themselves when things go wrong.
I wish savings rates were going up more...
Quote from: Nickslikk2112 on November 11, 2022, 02:21:01 PMI wish savings rates were going up more...
I put £20k in a two-year fixed rate ISA a couple of weeks ago. I wonder if I should have hung on for a bit.
The rest of my savings are in a pretty ordinary variable rate NatWest saving account.
Savings have been shit for years and are now at least starting to move in the right direction. I gave up with any savings accounts and dumped all our cash in premium bonds - at least with those I get a win every month, some more than others of course but it's worked out better than interest. I also rent out another house that we own right out and again the money back from that is way better than savings interest (all the hassle is a pia though and we are looking to sell next year now savings rates are improving). Shares are another option but can be risky. With mine I just take dividends twice a year and don't worry about if they go up or down.
Yes, Premium Bonds have been the way to go in recent times. I get annoyed now if I don't get at least £25 at the start of each month, and it's great when a nicer amount comes my way. No life changing amounts yet though. Too far north I think.
Quote from: pxr5 on November 11, 2022, 03:20:45 PMSavings have been shit for years and are now at least starting to move in the right direction. I gave up with any savings accounts and dumped all our cash in premium bonds - at least with those I get a win every month, some more than others of course but it's worked out better than interest. I also rent out another house that we own right out and again the money back from that is way better than savings interest (all the hassle is a pia though and we are looking to sell next year now savings rates are improving). Shares are another option but can be risky. With mine I just take dividends twice a year and don't worry about if they go up or down.
Property is the way to go. Never regretted our decision to get our rental properties. We owe just over £250k but the value of our three properties is far in excess of that. The era of cheap money may now have come to an end though. Luckily our fixed rates have a few years to go
Even though savings interest rates have gone up, the disparity between those and the inflation rate means you're making nothing, in real terms, on savings
And now bloody Charlie Bigham ready meals are up to £9.50 in Tesco. Luckily the Chicken and Ham Gratin was £7.50 for Clubcard holders.
Quote from: Nickslikk2112 on November 11, 2022, 09:24:20 PMAnd now bloody Charlie Bigham ready meals are up to £9.50 in Tesco. Luckily the Chicken and Ham Gratin was £7.50 for Clubcard holders.
Lidl and Aldi looking slightly more attractive, Nick?
Quote from: David L on November 11, 2022, 10:53:03 PMQuote from: Nickslikk2112 on November 11, 2022, 09:24:20 PMAnd now bloody Charlie Bigham ready meals are up to £9.50 in Tesco. Luckily the Chicken and Ham Gratin was £7.50 for Clubcard holders.
Lidl and Aldi looking slightly more attractive, Nick?
No.
Their Ready Meal game needs a big raise. The shoppers in there smell even worse than the one's in Tesco, thank gawd for me and the fragrant Mrs S.
Quote from: Nickslikk2112 on November 11, 2022, 11:58:47 PMNo.
Their Ready Meal game needs a big raise. The shoppers in there smell even worse than the one's in Tesco, thank gawd for me and the fragrant Mrs S.
Very few supermarkets where you can buy a cheap loaf
and a mig welder you didn't think you needed though
Looks like I'll be getting another £1500 consolidated pay rise in January (on top of a £1500 rise on 1st April).
Better than a kick up the arse. Will cover the money I've lost through striking, I suppose.
All dependent on acceptance by the membership, of course.
"Up the Workers!"
Here's something you can do to save a bit of energy in the present conditions. If you bring stuff home from Tesco or Asda, instead of putting it straight in the fridge, leave it outside overnight. Or during the day, if it's cold enough. That way you won't be using electricity to reduce its temperature.
In fact if it's cold enough out there, a few degrees colder than fridge temperature, a sufficiently chilled bottle of water, a couple of bottles of wine or a few cans of diet coke (or whatever) will effectively power the fridge without electricity for a few hours once you stash them in there.
10.5% - slightly down but still eye-watering
Quote from: David L on November 11, 2022, 07:07:59 AMONS reveals that the UK economy shrank by 0.2% in the last quarter as the cost of lockdown crisis begins to bite.
Biggest ever recession is on its way
Looks like we've avoided it. However, looks like the world's central banks went too far, too quickly with interest rises - bit of a banking crisis building
ECB have poured petrol on the fire by raising interest by 0.5%. I'm sure they know what they're doing ::)
How much of a difference the mild weather makes: our "smart" meter shows way under a cost of £2.00 for today's gas use so far - it reached that before midday when it was freezing recently.
Must get myself a smart meter
No smart meter for me. I don't want people having control over my usage, no siree! Not quite tinfoil hat time, but not far off.
Quote from: Nick on March 17, 2023, 08:46:42 PMMust get myself a smart meter
why? So they can cut you off when ever they want without warning?
Quote from: Matt2112 on March 17, 2023, 07:32:45 PMHow much of a difference the mild weather makes: our "smart" meter shows way under a cost of £2.00 for today's gas use so far - it reached that before midday when it was freezing recently.
Got smart meters installed in December then they forgot to charge us for gas in Jan and feb.. I had to bloody well tell them ffs..
Quote from: Nickslikk2112 on March 17, 2023, 09:08:07 PMNo smart meter for me. I don't want people having control over my usage, no siree! Not quite tinfoil hat time, but not far off.
I'm not a fan myself, but it's inherited and I'm also averse to the robbing bastards unilaterally setting a DD at a piss-taking amount.
The third US bank to fail recently, Signature, cut ties with Donald Trump some time ago because of the events of Jan 6th.
Go woke, go broke ;D
Inflation unexpectedly jumps to 10.4% for February (0.5% above the prediction). Means that it's more likely that BoE will raise rates by 0.5%, putting more strain on the banking sector.
I can't understand why diesel prices remain so high, must be a huge factor in high prices.
Quote from: Basspedalman on March 22, 2023, 05:35:36 PMZERO reason for diesel being 20p more per litre than diesel.
Can't disagree with that :)
Fuel duty should increase dramatically. It's been frozen for years even though it should have gone up. Let's price car drivers off the road. ON YER BIKES YER BRAIN DEAD DRIVISTS!
Quote from: David L on March 22, 2023, 08:44:45 AMInflation unexpectedly jumps to 10.4% for February (0.5% above the prediction). Means that it's more likely that BoE will raise rates by 0.5%, putting more strain on the banking sector.
I can't understand why diesel prices remain so high, must be a huge factor in high prices.
Of course, I meant 0.25%!
Although, BoE governor, Andrew Bailey is
threatening the country with another rise if companies continue to raise prices. I'm a bit bemused tbh. I'd have thought that energy price is a huge component of inflation and is pegged to natural gas prices. The peak of natural gas prices was March 2022. In a month or so, I would have thought that inflation would fall as the energy price hikes fall out of the inflation calculation. Why are the BoE intent on ramping up rates at the moment?
They seem content to force millions more into difficulties and possibly drive small banks to the wall.
As a saver, I guess I should be happy :-\
In the US the Federal Reserve has made its tenth consecutive interest rate rise
It's almost as if they want to put regional banks out of business
https://uk.finance.yahoo.com/news/shares-two-more-us-banks-131606957.html
Predictably, the ECB is playing the same dangerous game. Probably means another rate rise on the cards in the UK. Could end in tears
Quote from: David L on May 04, 2023, 05:36:42 PMIn the US the Federal Reserve has made its tenth consecutive interest rate rise
It's almost as if they want to put regional banks out of business
https://uk.finance.yahoo.com/news/shares-two-more-us-banks-131606957.html
Predictably, the ECB is playing the same dangerous game. Probably means another rate rise on the cards in the UK. Could end in tears
https://www.google.co.uk/amp/s/www.thisismoney.co.uk/money/comment/article-12047369/amp/ALEX-BRUMMER-Central-banks-lose-plot-fight-against-inflation.html
Quote from: Basspedalman on May 11, 2023, 05:59:21 PMRaising interest rates to deal with SUPPLY SIDE inflation is just insane...
Agreed
Quote from: Basspedalman on May 11, 2023, 05:59:21 PMThe inflation we have is caused by the war in Ukraine and Brexit.
You forgot the main ones, pointless lockdowns and printing money
Quote from: Basspedalman on May 11, 2023, 05:59:21 PMRaising interest rates to deal with SUPPLY SIDE inflation is just insane... The inflation we have is caused by the war in Ukraine and Brexit. If it was caused by people spunking money everywhere then fine, but it isn't. The pointless Austerity years since 2010 have killed the spending power of the middle and working classes but given the 1% a huge bonus. Inflation would come DOWN quicker if you lowered interest rates and the economy might actually grow if people didn't have to spend an extra £600 per month on their mortgages and could actually spend it in the real economy instead. This country is utterly screwed.
I think it's fantastic news. I've got savings :)
I think you should also take a look at what other central banks are doing too, it isn't just happening in the UK and there's no point giving people more money to spend as that would start to add demand inflation to the supply side.
If only people didn't want it all and want it NOW things would be a lot better. Thank goodness for being a prudent accountant.
Quote from: Nickslikk2112 on May 11, 2023, 07:20:18 PMQuote from: Basspedalman on May 11, 2023, 05:59:21 PMRaising interest rates to deal with SUPPLY SIDE inflation is just insane... The inflation we have is caused by the war in Ukraine and Brexit. If it was caused by people spunking money everywhere then fine, but it isn't. The pointless Austerity years since 2010 have killed the spending power of the middle and working classes but given the 1% a huge bonus. Inflation would come DOWN quicker if you lowered interest rates and the economy might actually grow if people didn't have to spend an extra £600 per month on their mortgages and could actually spend it in the real economy instead. This country is utterly screwed.
I think it's fantastic news. I've got savings :)
Me too ;D
And what interest rates are your banks offering?
Quote from: captainkurtz on May 11, 2023, 09:31:47 PMAnd what interest rates are your banks offering?
Not enough :(
Have a slight leaning towards a Tesco 5 year deal of 4.6% could be worth a punt, but I need to do more looking - by the time I'm done rates will be heading down again...
Quote from: Nickslikk2112 on May 11, 2023, 09:46:02 PMQuote from: captainkurtz on May 11, 2023, 09:31:47 PMAnd what interest rates are your banks offering?
Not enough :(
Have a slight leaning towards a Tesco 5 year deal of 4.6% could be worth a punt, but I need to do more looking - by the time I'm done rates will be heading down again...
Definitely not enough! I'm not looking to tie my money up so the best I'm getting is 3.4%. It comes with a 'best rate' guarantee so will probably move up a bit more but, of course I'm still around 6.5% adrift from keeping up with inflation. I kid myself that my attempts at saving money on the majority of our spend, food, means that inflation in our household is nowhere near as bad as the headline rate suggests.
We need inflation to come down and then the banks to show some sympathy towards savers by keeping savings rates from falling at the same time - some hope!
Quote from: Basspedalman on May 11, 2023, 05:59:21 PMThis country is utterly screwed.
Cheer up! The German economy is growing less than the UK's
;D
Inflation sticks at 8.7% which means the incompetents at the BoE will probably hike rates again tomorrow. Will definitely get ugly for many.
Meanwhile their failure with monetary policy is matched by the government's failure with fiscal policy
https://www.reuters.com/world/uk/uk-net-debt-passes-100-gdp-first-time-since-1961-2023-06-21/
Idiots, the lot of 'em
Interesting:
https://m.uk.investing.com/news/economy/central-banks-make-huge-mistake--financial-crash-like-1929-now-inevitable-3111998?ampMode=1
It appears recession is analagous to wildfires, natural and necessary
Governmental/institutional attempts to manage the economy seem very crude. They appear to be using the same basic tools that they always used. Why has there been no progression in the field of economics? No insight?
The wealth of data and the massive programming power of computers at our disposal and we're still using the same devices that we used when pen and paper were all economists had at their disposal. It really is a stunted "science" and the poor relation of most other fields of research.
Quote from: dom on August 10, 2023, 10:11:47 AMWhy has there been no progression in the field of economics? No insight?
Because economics is shit.
It's no better than sticking a wet finger in the air to judge the weather. A bit of Supply and Demand theory works well enough, the rest is all guesswork and dogma. Just because something worked in the past doesn't mean it will work in the future - probably because it didn't work in the past, it was just coincidence.
I bet if I studied for my Accountancy qualification now, barely any of the economics I studied will be on the course now.
I often leave a laptop on, idle, for a few days at a time. And of course I've wondered what that costs me. Well - I bought one of these:
https://www.amazon.co.uk/dp/B08X4M7TX2
It's a three pin power meter - plug it into the mains and it tells you how many KWh you've consumed since you've plugged it in, or reset it.
I plugged the laptop in - it was idle for about 12 hours, not hibernating but screen turned off from inactivity. Turns out it consumes 0.0054 KWh per hour or very roughly a penny every three hours.
Looked at another way, it would take me 125 continuous days of leaving the laptop off when it would otherwise be left on, to pay for the power meter.
Will plug an Echo Dot into it next, that will be interesting I think. Because we have 7 of them.
Yeah I've often wondered how much my little homeland is costing .. 3 pcs running 2x Esxi Hosts and a shared storage
I've got 40 solar panels and my bills still cost a bomb...
Our energy costs have fallen this month from £234 to £161
We've got over £500 credit with e-
on with an email saying prices will be falling...
Quote from: Slim on September 09, 2023, 11:28:06 PMWill plug an Echo Dot into it next, that will be interesting I think. Because we have 7 of them.
Well - according to the power meter, the Dot in my mancave has used 0.008 KWh over the last 12 hours while completely idle. No radio, no Amazon music, no asking it what time it is, no weather forecast etc etc. Just inactivity (unless it did a firmware upgrade overnight, which is unlikely).
Quite a bit less than the laptop, at 0.000666 KWh per hour. About 1/8 of the cost.
So just on idle, very roughly because they aren't all the same model and don't have the same type of charger, our seven Dots are using about a penny every three hours. A little bit more.
1p per three hours is 8p per day .. let's call it 9p .. about £33 a year in electricity costs. Not a problem but not negligible.
I've had the little fan heater on in my mancave, this morning. So I checked it with the power meter - it's supposed to be 500w, but the power meter claims +370 (although interestingly there's a "settling in" period; it supposedly uses about 420w for the first 40 seconds or so then tails off quickly).
Anyway who knows whether the manufacturer's rating or the power meter's measurement is more accurate, but let's say it's 410w.
On that basis, with electricity at 27p per KWh.. I asked CHatGPT to do the sums. It's very rough (assumes I use it for 3 hrs per day between Oct - Mar).
(https://i.ibb.co/GWgnX1Z/chatgpt-elec.png)
Inflation falls to 4.6%. Should be making money on our savings now, in real terms
:)
(probably fiddled though - to allow the PM to reach one target)
Quote from: David L on November 15, 2023, 07:15:34 AMInflation falls to 4.6%. Should be making money on our savings now, in real terms
:)
(probably fiddled though - to allow the PM to reach one target)
I think most of the last year's inflationary pressures will have worked through by now anyway so the target would be hit whatever the government did.
And yes, most of my savings are now making me real money :)
I always worked in the private sector where things were pretty grim with regards to pay rises, so I'm always a bit of a grouch when I hear our skint government being held to ransom by public sector workers. Things must be starting to look a bit brighter for them now after those few weeks of poverty.
Quote from: Nickslikk2112 on November 15, 2023, 10:46:33 AMQuote from: David L on November 15, 2023, 07:15:34 AMInflation falls to 4.6%. Should be making money on our savings now, in real terms
:)
(probably fiddled though - to allow the PM to reach one target)
I think most of the last year's inflationary pressures will have worked through by now anyway so the target would be hit whatever the government did.
And yes, most of my savings are now making me real money :)
Yes, this has nothing to do with government policy.
Amusingly, one element that has contributed is a fall in the cost of hotel rooms. Possibly because the environment in a lot of hotels is now far from what one used to expect.
Recession worries as GDP falls sharply. Have the BoE gone too far?
Quote from: David L on December 13, 2023, 09:10:24 AMRecession worries as GDP falls sharply. Have the BoE gone too far?
You only have to look around any supermarket car park to realise that this economy we currently inhabit is not sustainable. Folk in pretty ordinary jobs driving around in hugely expensive vehicles, catered for by PCP deals. Tradesmen on massively inflated hourly rates of pay due to the country's lack of skilled labour. A huge amount of credit card and mortgage debt. I think we're on a cliff edge. Yours, Ebenezer.
Quote from: The Picnic Wasp on December 13, 2023, 09:36:47 AMQuote from: David L on December 13, 2023, 09:10:24 AMRecession worries as GDP falls sharply. Have the BoE gone too far?
You only have to look around any supermarket car park to realise that this economy we currently inhabit is not sustainable. Folk in pretty ordinary jobs driving around in hugely expensive vehicles, catered for by PCP deals. Tradesmen on massively inflated hourly rates of pay due to the country's lack of skilled labour. A huge amount of credit card and mortgage debt. I think we're on a cliff edge. Yours, Ebenezer.
That's exactly how I felt before the crash in 2008 and things didn't really change. The current model of debt works....for the banks....and government. The important thing is that the individual is reliant on either the banks or the government for a comfortable existence
'Unsustainable' has been made sustainable...by design IMHO
Quote from: The Picnic Wasp on December 13, 2023, 09:36:47 AMYou only have to look around any supermarket car park to realise that this economy we currently inhabit is not sustainable. Folk in pretty ordinary jobs driving around in hugely expensive vehicles, catered for by PCP deals. A huge amount of credit card and mortgage debt. I think we're on a cliff edge. Yours, Ebenezer.
But people don't have to drive round in huge cars and ram their homes full of stuff they don't need and pay vast sums to go and vomit in far flung countries. You don't have to buy what people are trying to flog you and borrow the money the banks want you to have to buy this shite.
If only people had a bit of nous and thought for themselves. If only.
Every car I've owned has been second hand. The only money I've ever borrowed was a mortgage and mortgage rates back then were 15%.
Neither a borrower or lender be and plough your own furrow.
Quote from: Nickslikk2112 on December 13, 2023, 03:33:06 PMQuote from: The Picnic Wasp on December 13, 2023, 09:36:47 AMYou only have to look around any supermarket car park to realise that this economy we currently inhabit is not sustainable. Folk in pretty ordinary jobs driving around in hugely expensive vehicles, catered for by PCP deals. A huge amount of credit card and mortgage debt. I think we're on a cliff edge. Yours, Ebenezer.
But people don't have to drive round in huge cars and ram their homes full of stuff they don't need and pay vast sums to go and vomit in far flung countries. You don't have to buy what people are trying to flog you and borrow the money the banks want you to have to buy this shite.
If only people had a bit of nous and thought for themselves. If only.
Every car I've owned has been second hand. The only money I've ever borrowed was a mortgage and mortgage rates back then were 15%.
Neither a borrower or lender be and plough your own furrow.
You
and me - and don't they hate us!
We are, I'm afraid, a diminishing breed (I think they must be adding something to Big Macs)
Quote from: Nickslikk2112 on December 13, 2023, 03:33:06 PMQuote from: The Picnic Wasp on December 13, 2023, 09:36:47 AMYou only have to look around any supermarket car park to realise that this economy we currently inhabit is not sustainable. Folk in pretty ordinary jobs driving around in hugely expensive vehicles, catered for by PCP deals. A huge amount of credit card and mortgage debt. I think we're on a cliff edge. Yours, Ebenezer.
But people don't have to drive round in huge cars and ram their homes full of stuff they don't need and pay vast sums to go and vomit in far flung countries. You don't have to buy what people are trying to flog you and borrow the money the banks want you to have to buy this shite.
If only people had a bit of nous and thought for themselves. If only.
Every car I've owned has been second hand. The only money I've ever borrowed was a mortgage and mortgage rates back then were 15%.
Neither a borrower or lender be and plough your own furrow.
But it's that word again that I'm trying to use less often as I'm a bit obsessed. Entitled. They really believe this can go on forever. Sit at home for a few months and the government will borrow tens of billions to allow you to save money and splash the cash when you're allowed out again. Utter madness. I've always lived in the same town. It was a quiet, leafy suburb until about ten years ago. Now you can't cross the road unless you go to a crossing. A constant stream of traffic in both directions, heading who knows where after leaving their three or four car driveways. Ach, maybe I'm just old and bitter, but I think I'm right.
Quote from: Nickslikk2112 on December 13, 2023, 03:33:06 PMNeither a borrower or lender be and plough your own furrow.
Fine sentiment but soon
they won't allow you to plough
any furrow, unless the plough is powered by, wind, solar or a shire horse. And only then if Bill Gates has left you any land to plough ;)
Quote from: David L on December 13, 2023, 04:20:04 PMQuote from: Nickslikk2112 on December 13, 2023, 03:33:06 PMNeither a borrower or lender be and plough your own furrow.
Fine sentiment but soon they won't allow you to plough any furrow, unless the plough is powered by, wind, solar or a shire horse. And only then if Bill Gates has left you any land to plough ;)
My plough is bicycle powered and my land is Freehold :)
Quote from: The Picnic Wasp on December 13, 2023, 04:11:00 PMI've always lived in the same town. It was a quiet, leafy suburb until about ten years ago. Now you can't cross the road unless you go to a crossing. A constant stream of traffic in both directions, heading who knows where after leaving their three or four car driveways. Ach, maybe I'm just old and bitter, but I think I'm right.
Yes, the amount of traffic today is ludicrous. I've always lived in the same town, I took up cycling seriously back in 2015, back then I could ride down the road where I grew up at an average of 20+mph, these days I'm lucky to do 15mph with all the parked cars and traffic.
Does anyone have 3/4 car driveways? people used to manage with a one car garage, now they move in, brick up the door and make a new room, leaving a drive for one car and three more on the road. I was born old and bitter :) Perhaps this should be in what made you grumpy every day...
Inflation falls to 3.9% (nowt to do with the government, btw).
I'm not happy! Just had notification that the interest rate on one of my deposit accounts has been reduced. I think we'll see a rise again soon though as energy prices rise and oil supplies continue to be disrupted in The Red Sea
Quote from: David L on December 20, 2023, 08:14:44 AMInflation falls to 3.9% (nowt to do with the government, btw).
I'm not happy! Just had notification that the interest rate on one of my deposit accounts has been reduced. I think we'll see a rise again soon though as energy prices rise and oil supplies continue to be distupted in the Straits of Hormuz
Thankfully I got most of my savings into fixed rate deals a couple of months back :)
Managed to get a good chunk into NSandI's one year fixed at 6.2% just before it was withdrawn.
Quote from: Nickslikk2112 on December 20, 2023, 10:16:22 AMQuote from: David L on December 20, 2023, 08:14:44 AMInflation falls to 3.9% (nowt to do with the government, btw).
I'm not happy! Just had notification that the interest rate on one of my deposit accounts has been reduced. I think we'll see a rise again soon though as energy prices rise and oil supplies continue to be distupted in the Straits of Hormuz
Thankfully I got most of my savings into fixed rate deals a couple of months back :)
Managed to get a good chunk into NSandI's one year fixed at 6.2% just before it was withdrawn.
I got that NS&I rate at that time too. I also have a big chunk in there!
It's been revealed that three members of the nine-strong MPC voted for a base rate rise to 5.5% :o
They seem to think it's more imprtant to strengthen the banks' balance sheets than avoid recession. FFS, who the hell's interest are they supposed to be working for? Bailey out! >:(
Still two members of the BoE MPC voting to increase interest rates!
What planet are they on?