Author Topic: UK politics and the Osborne Budget 5 yesterday  (Read 4999 times)

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Offline Roger

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UK politics and the Osborne Budget 5 yesterday
« on: March 20, 2014, 07:42:32 PM »
I want to congratulate TT on his decision to return his coming Knighthood - I think I might hang on to mine when it arrives.
I watched the Osborne speech yesterday and although I want to bat for Labour, I have to say that Osborne often impresses me and I'm afraid DC does too.
My reservation is that Osborne is not nearly tough enough - he comments that the UK borrows too much, saves too little and doesn't invest or export enough which is a quite damning review. Frighteningly, the National Debt at £ 1.26 trillion equates to £21,000 for each man, woman and child in a population of 60 million. (Check my sums pls). (I think that excludes private debt). Nice of the World to lend us so much..........
Something about the UK achieving a surplus of £5 billion in 2018/9 which means another 253 years at that rate should sort it. OMG !
How the hell they keep the lid on this situation I don't know !
And Labour's brilliant answer to these issues - a bankers bonus tax to fund a job guarantee for all under 25's, and energy price freeze to address a 'cost of living' crisis. Really feasible and practical - what Boll*cks. Nice evening to all.





 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #1 on: March 20, 2014, 08:02:19 PM »
And for Brits to cheer themselves up - read Ambrose Evans-Pritchard in today's DT.
Current account deficit is over 5% of GDP - the worst in 25 years and the worst in the G7. Etc. Etc. Etc.
It all makes Thailand look a haven of economic sense and stability.
 

Offline coolkorat

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #2 on: March 20, 2014, 08:19:29 PM »
And worryingly there is a strong probability Labour will win the next election, and we will get Ed Balls as Chancellor. It will be a return to the Gordon Brown era of Big Spending. The presses at the Bank of England will need to run 24/7 to keep up. Once the £ is junked, we'll be in the Euro in no time. Chancellor Merkel meeting the Queen two weeks ago was a dry run - she'll be doing it regularly once she becomes our new de-facto Premier...
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #3 on: March 20, 2014, 08:35:16 PM »
Hey CK well yes, Milliband is not too inspiring and as for Balls - a completely objectionable and nasty muppet integral to the disastrous financial efforts of the last Labour govt. Labour need to bin him. Now !
I'm not sure Labour will get in next year - although surprisingly, the Tories seem bemused by the current 'cost of living' attack. That's a clever, attractive but scurrilous case for Labour to make, as they are greatly to blame for the current state of affairs.
As for a 'cost of living crisis' - imagine where we would be now had we not borrowed £21,000 per head historically.
OMG
 

Offline thaiga

Re: UK politics and the Osborne Budget 5 yesterday
« Reply #4 on: March 21, 2014, 11:48:19 AM »
Mr Osborne also outlined a new Pensioner Bond paying market leading rates to be available from January to all people over 65, with interest rates of 2.8% for one-year bonds and 4% for three-year bonds.

Wonder if that will apply to expats
Anyone who goes to a psychiatrist should have his head examined.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #5 on: March 21, 2014, 03:48:56 PM »
I'd guess that if you have managed to keep a UK current a/c, you should be able to get into these bonds.
Worth noting that there are sometimes some good rates out here in Thailand - I remember last year getting 3.5% at Bangkok Bank on a 12 month deposit - so some reasonable deals around in Baht.
The Budget measure soon giving people the freedom at 55, to utilise their 'money purchase' pension scheme funds in various ways, is a serious step forward. Happily I avoided the Annuity rip off altogether - apart from the very low interest rates with an Annuity, should you die quite soon, the Annuity provider just pockets all your dosh !
Good riddance to that particular scandal.
 

Offline coolkorat

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #6 on: March 21, 2014, 04:58:43 PM »
Roger - I agree ref. annuities. The industry has known this was a cash cow for years! The closest analogy is the gambling industry, but in the case of annuities the bet is on whether you live or die, and highly-paid actuaries work out the odds. Needless to say, like any gamble, the odds are heavily stacked in favour of the 'house'. I can't understand Labour attacking this: they have enough ammunition with the cost of living argument and should leave this issue well alone! To suggest flocks of retirees will run off to the nearest Porsche dealer is rubbish! But so what if they decide to book the cruise of a lifetime? It's their money.

How all this affects expat retirees is much less clear: some wise investing is called for, and from personal experience of the expat financial adviser market I reckon most internet-savvy people who can monitor markets and events can do as good a job. See http://www.telegraph.co.uk/finance/personalfinance/investing/funds/10598725/The-UK-income-funds-that-outpace-inflation.html

Increasingly investors are banding together to share the potentially costly elements (which tend to be access to data and dealing/ management fees - like anything, price is dependent upon economies of scale). Perhaps it's time to create a 'Korat Investors Club'? What is also worth noting is the different requirements of different nationalities in the investment sphere, which has much to do with trust. But I believe it would be possible to create a non-profit club capable of dealing with different nationalities and different currencies. I am NOT suggesting pooling money!! But where there is a common & shared interest, approaching suppliers as a 'unit/ club' may garner a better outcome than an individual could achieve. 
 

Offline thaiga

Re: UK politics and the Osborne Budget 5 yesterday
« Reply #7 on: March 22, 2014, 10:55:25 PM »
Voters Back George Osborne's 'Pensions Revolution'

Chancellor George Osborne has been boosted after a majority of UK voters said they back his "pensions revolution".

According to a poll from researcher YouGov, which questioned 1,904 respondents and was commissioned by The Sun, more than six in ten people (66%) said they support the government's radical retirement reforms.

The study also found that three quarters (75%) of respondents said they support the chancellor's proposal to reduce tax on savings by ending the 10p tax on savings income up to £5,000 and increasing the amount of money people can save tax-free in an ISA to £15,000.

But the voters were more split on whether they thought Osborne's budget was fair, as just 47% said it was and 26% of respondents stated it was unfair.

The results come after Osborne unveiled a range of radical pension reforms that will change the way workers retire in the UK.

The Conservative MP said that anyone over the age of 55 will be able to take their whole pension pot as cash from April 2015.

Osborne also announced that workers will no longer have to take a compulsory annuity purchase in order to avoid a huge tax bill.

The chancellor explained that the lump sum, otherwise known as the trivial commutation limit, will jump from £18,000 to £30,000 on 27 March.

In addition, Osborne said that the limit on personal pension pots worth £2,000 will be increased to £10,000.

ibtimes
Anyone who goes to a psychiatrist should have his head examined.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #8 on: March 23, 2014, 08:14:47 AM »
CK an interesting idea re. an Investors Club. But I think where this might fall down is that most folks already have their resources 'deployed' and there won't be a lot floating around waiting for any good ideas.
Myself I previously erred on the side of caution - putting funds in interest bearing bonds in the UK, but the rates got so low I became more adventurous. I have a resourceful friend in UK who gave me some share tips in 2012, Thorntons 25p now 125p, Nanaco 60p now 120p, Immupharma 33p now 50p and Scancell PLC 18p now 32p. Good friend to have !
I'm in Scancell only now and have been for nearly 2 years - though it's in a risky sector - Biotech - Scancell's achievements are amazing and it has 'Immunobody' vaccines ready now to sell to Big Pharma for final development to tackle advanced stage melanoma, lung cancer and other cancers. Also they have a serendipity discovery 'Moditope' which could be widely significant even a new industry in itself - I predict 2 Nobel prizes for Prof. Lindy Durrant and hold great hopes for this investment. Generally I'm very cautious with my hard earned savings.
This share at 32p is well below the radar but could reach staggering heights when the first deal comes in. Wishing !
ATB

 

Offline thaiga

Re: UK politics and the Osborne Budget 5 yesterday
« Reply #9 on: March 23, 2014, 01:54:24 PM »
Budget 2014: Legal and General Shares Plunge 14% on George Osborne's Pension Reforms

The FTSE 100 group, which sells financial products including life insurance, general insurance, and pensions, opened at 231p per share, but plunged to 198.10p as of 1443 GMT after Osborne's statement in the House of Commons.

uk.news.yahoo.com
Anyone who goes to a psychiatrist should have his head examined.
 

Offline thaiga

Re: UK politics and the Osborne Budget 5 yesterday
« Reply #10 on: March 23, 2014, 11:14:52 PM »
I'd guess that if you have managed to keep a UK current a/c, you should be able to get into these bonds.
Worth noting that there are sometimes some good rates out here in Thailand - I remember last year getting 3.5% at Bangkok Bank on a 12 month deposit - so some reasonable deals around in Baht.

In addition, the Government has announced the introduction of new Pensioner Bonds through National Savings & Investments (NS&I).

These bonds for the over 65s will be launched in January 2015 with a maximum limit of £10,000 per person and interest rates up to 4 per cent.


limit of £10,000 per person at 2.8% for 1 year 4% is over 3 years :-[ - yes roger you can get a good or better deal here but if you have to bring the money here to invest it  :-[ 53 bht to the pound
Anyone who goes to a psychiatrist should have his head examined.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #11 on: March 24, 2014, 06:49:49 AM »
Yes Thaiga, the new Pensioner Bond at 4% is pretty good - but only £10K's worth - and 3 years is a long time to tie up those funds for some and of course, interest rates are likely to start rising in the next 12 months anyway.
These Scancell shares, (have a look at the BB today on LSE.co.uk/SCLP as the Guys have put on some useful links today giving outside authoritative looks at it), can be put into an ISA under current rules until April 6th and a full £15K worth after April 6th.
Just for interest while investments get discussed. GLA
 

Offline Roger

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Re: UK politics and Budgets
« Reply #12 on: September 25, 2014, 01:00:22 PM »
UK Austerity - what austerity ?
Coming into line with EU standard accounting standards, the DT today reports that, Total Government debt is GBP 1.4 trillion - higher than previously reported.
That's GBP 1,400,000,000,000 I believe. Divided by a population of 60 million - that's a comforting mere GBP 23,333 per head of population, or nearly GBP 100,000 per family of four.
Austerity George ? Barely started yet M8 !
Borrowing to support current spending levels in the last Fiscal year was GBP 99 billion apparently - again, a comforting and mere GDP 1,650 each or say a round GBP 6,000 per family of four - in just one year.
And due to poor tax revenues, the current year, so far, is clocking in at 6% above last year.
E. and O.E. accepted. MMMMmmmm.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #13 on: October 13, 2014, 08:27:02 AM »
Recent events in UK politics are startling - David Cameron's undertaking to devolve more powers to the Scottish Parliament will create momentum for the UK Parliament to accommodate 'English' concerns, with Scottish MP's being denied a vote on English matters, cutting out Labour's votes from North of the Border. Labour MUST win the next election to prevent DC taking such measures which may render Labour unelectable in the future.
The election of Douglas Carswell as a UKIP MP is massively significant in itself - according to Liam Halligan in the DT today, 'Douglas Carswell truly grasps the root of our malaise' - alluding to the dreamworld of present 'head in the sand' economic policy. LH notes that the total Govt. deficit so far, represents some GBP 40,000 per taxpayer, (twice what it was when the Tories were elected). Carswell will hopefully now be free to take on the Osborne policies and talk more reality - he is well respected on these matters.
The Lib Dems cling tight to ideas long past and as a Party are likely to almost disappear soon.
Change everywhere - though myself left leaning, IMO DC is the best Guy on the scene, but he is going to have to get much more radical on Europe, Immigration and maybe, the economy to have a chance of re-election.
The whole shebang seems to be hanging by threads as the Euro heads for a crisis again.
Amazingly, most seem concerned to defy 'austerity' - exactly what austerity is that ?
The Western world lives wildly above it's means on borrowed money.
IMHO - there is quite a lot of drama to come in the next few years.

 

Online Taman Tun

Re: UK politics and the Osborne Budget 5 yesterday
« Reply #14 on: October 13, 2014, 08:56:38 PM »
This is shamelessly lifted from order-order.com:-

Chris Deerin goes all Carswellian…

“The political classes display blatant contempt for the intelligence of the electorate. They see themselves as wizards, making us ‘ooh’ and ‘ahh’ with their clever illusions, their levitations and rabbits and hats. They don’t realise the audience can see the colourful handkerchief hanging from their sleeve, the trapdoor in the stage floor, that the lovely assistant’s legs remain attached to the rest of her body. Politics needs to be saved from the politicians. We live in an age of peer-to-peer communication, in which a lie or a bluff can be exposed as such on the internet within minutes. Deference is gone, institutions are tottering, people have choice and empowerment in most areas of their lives. No one believes in magic or magicians any more.”
We are masters of the unsaid words, but slaves of those we let slip out. Churchill
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #15 on: October 13, 2014, 09:07:22 PM »
TT. I'd be interested in your view on all this. Good piece you quote. ATB
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #16 on: November 11, 2014, 02:24:23 PM »
Headline in the FT yesterday, 'Osborne faces double austerity cuts to GBP 48 billion (that's GBP48,000,000,000) in order to hit targets'. That's per annum.
Doing the arithmetic on that one, GBP800 a year CUTS per person or say GBP3,200 for a family of 4.
Alarming statistics, (see reply 12 for more), illuminating the way the UK has been living above it's income.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #17 on: November 22, 2014, 08:26:20 AM »
Austerity ? UK Govt. borrowing for April-Oct 2014 is higher by GBP 3.7 billion at GBP 64.2 billion.
Partly caused by low tax revenues due to stagnant wages, low paid and part-time jobs.
The UK is still living above it's means. (DM today).
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #18 on: December 04, 2014, 12:39:26 PM »
Andrew Evans-Pritchard in the DT today.
George Osborne makes claims about Britain seeking to live within it's means.
The UK 'has a current account deficit of 5.2% of GDP, 'the worst of any major Country' and that's 'a full 5 years
into the economic recovery'.
Despairingly, the deficit results from the financing of 'incurable shopping habits'.

 

Offline Roger

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Re: UK politics and the Osborne Budgets
« Reply #19 on: December 07, 2014, 12:47:46 PM »
In the Daily Telegraph today, not a cheering read from Liam Halligan.
Headlined as 'Spin doctored Autumn Statement echoes an old Master'.
He refers to dear old Gordon Brown and his disastrous habit of not facing economic facts if he could spin his way out of it. And talks fearfully of George Osborne's folly now in pursuing the same path.
The annual deficit persists despite all 'austerity' and the UK continues to live much beyond it's means.
I don't get it - Mr Micawber showed the way - broadly.
Madness. And are the electorate to hand the problem back to the crazy gang for another 'Balls up' next year ?

 

Offline Roger

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UK politics and austerity ??????
« Reply #20 on: November 21, 2015, 07:11:43 AM »
In UK politics IMO it is the Tories that talk most realistically about deficit reduction but their fine words are not being matched by the economic figures coming through. Last month the Govt. spent £8.2 billion more than it earned in taxes and sell offs, that in one month is £133 per head or £532 for the nuclear family. In one month - admittedly a bad month.
The annual deficit target will not now be achieved.
The DT ticker today shows £1,518 trillion as being the National Debt or about £25,333 per head or £101,332 for the nuclear family. All very jolly when the R.O.W. will continue lending to us. But austerity, WHAT austerity ?????
The shadows looming include the USA Federal Reserve mooting interest rate increases which may have to be reflected here too if we are to continue to borrow. Then Gorgeous George is facing a revolution about cuts to Family tax credits whilst five spending departments including the Police and Education reportedly face cuts of 30% - the NHS and Defence are ring-fenced. In the NHS 98% of 'Junior' doctors (totally misnamed) are spoiling for a strike as their pay is dwarfed by the  pay of Consultants, GP's and the bloody Administrators.
I was also moved by the style of austerity being executed at the good ole' BBC where major popular programs face the axe BUT the jobs of 74 Bosses who earn more than the Prime Minister's £142,500 salary are not apparently being targeted and the BBC continues to employ 129 Press Officers, (compare to 35 at ITV).
IMHO the GOVT. are failing to tell the UK population about the level of austerity we really need and I am afraid that just this once, Jeremy Corbyn and his crew have a much better idea in that, the pampered RICH should be asked to cough up before this particular sh*t hits the fan !!
Happy Days !
 

Offline Roger

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UK politics and austerity ??????
« Reply #21 on: November 23, 2015, 03:32:11 PM »
The BBC management are obviously clueless and have now appointed Consultants at a cost £1 million or more, to advise on cost savings.
Coming back to a wider theme on austerity in the UK, I suspect that in every area of Government, Local Govt. and the NHS etc., savings will be made at cost of reduced services to the populace while the embedded fat cats continue to enjoy their burdensome vast salaries and sometimes far too generous pension arrangements etc. whilst paying modest tax rates.
(I heard recently of an RAF WingCo who retired at 48 on £50K a year - nice for him but someone has to pay).
Until the Govt. face up to the need for really drastic measures such as Child Allowance and Old Age Pensions being scaled down or cut for those who have enough other income, the good ole' UK is just tickling the problem.
 

Offline Roger

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Re: UK politics and the Osborne Budget 5 yesterday
« Reply #22 on: November 27, 2015, 02:55:58 PM »
Well George Osborne flunked it, just couldn't face up to cutting back spending. and has traded austerity for a hotchpotch of smoke and mirrors.
So the UK carries on regardless with it's current account deficit at 5.1% of GDP, the highest of any country in the OECD and a net international investment position of -25% due to sell-offs of assets - the IMF danger point is -30%.
I just don't know how they hold it together - let's hope others will continue to lend us money. Otherwise, when this tightens up it will not be a pretty sight ! AIMVHO 
 

 



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