Britons still spending like drunkards?

[BrilloPad]

Despite the crisis, Britons are still spending like drunkards - Telegraph

Some bad assertions here. One is that inflation won't take off. Second is that retirement age will not increase.

All the government has to do is to increase retirement age to the average life span and introduce tax cuts - the money can be printed.

Easy peasy.....

[Platypus]

We are in the unenviable position of having constructed an economy that expands only when consumers borrow beyond the limits of prudence and blow the lot on instant gratification.

That's me that is

[Platypus]

OK, serious point...

Defenders of unreformed state spending – an escalator with no down switch – like to talk of “fairness” between income groups, sexes and ethnic communities. What too few address, however, is fairness between generations, the unwritten contract between the living and those not yet born.
The reason, as Disraeli noted, is that statesmen think of the next generation, whereas politicians care only about the next election. Those seeking power keep spending to buy approbation and then send the bill to people who are not on the electoral register: those too young to vote, tomorrow’s taxpayers.

Should we all vote Labour and hang the future?

I'm getting to an age now when free state money, a fat pension, etc. is very appealing. I've paid enough tax, maybe it's time to grab what I can back for myself.

Whadya think?

[BrilloPad]

OK, serious point...



Should we all vote Labour and hang the future?

I'm getting to an age now when free state money, a fat pension, etc. is very appealing. I've paid enough tax, maybe it's time to grab what I can back for myself.

Whadya think?

I am not entirely convinced that from this point Labour would do much different to conservative.

With the s58 thing I am in the happy position of going bankrupt before too long - and I intend to go down owing the maximum.

[Platypus]

What is the S58 thing? Is that the offshore loan scheme that IIRC you were involved with?

[BrilloPad]

What is the S58 thing? Is that the offshore loan scheme that IIRC you were involved with?

Thats the one. With the retrospective legislation. My mortgage is about the value of my house. I have no savings. Though I still have a job. Interesting times ahead for me with HMRC.

A dose of hyper inflation would do me alot of good - though I accept that for the overall economy it would be bad.

[d000hg]

If we're spending, why is there a recession... I thought the whole point was that we get economic problems when we stop spending and this causes a spiral effect.

[ZARDOZ]

I intend to go down owing the maximum.

So you intend to shaft a few people. Nice. Not worried they will send you to prison?


PS how can a high earning contractor have no savings? Especially one that hasn't been paying much tax.

[alreadypacked]

In the City, they call it a “false market”. This occurs when erroneous information, often deliberately circulated, becomes the basis for investors’ decisions.

I have said for a long time that property in the UK is over priced.

What we have witnessed is inter-generational theft. In leaving today’s newborn babies with ballooning debts, unfunded pensions and a dysfunctional housing market, we have stolen their future and rendered ourselves morally bankrupt.

[BrilloPad]

So you intend to shaft a few people.

Its only the government who will not get their money. And as they introduced retrospecive tax legislation (the UK is one of only 5 countries in the world who allow this) then tough luck.

If people are not treated fairly they will not behave themselves.