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faraway saint

Effect of Coronavirus

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37 minutes ago, faraway saint said:

Good news, I'm rich. 🙄

The quote was from a larger interview given by the Bank of England's chief economist Andy Haldane who is pinning his hopes on a spending spree from Covid's financial winners to counter the economic downturn being caused by Covid and Brexit - so get spending.

 

Edited by Bud the Baker

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Just now, Bud the Baker said:

The quote was from a larger interview given by the Bank of England's chief economist Andy Haldane who was pinning his hopes on a spending spree from Covid's financial winners to counter the economic downturn caused by Covid and Brexit - so get spending.

 

What would you like? 😉

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2 minutes ago, Bud the Baker said:

The quote was from a larger interview given by the Bank of England's chief economist Andy Haldane who is pinning his hopes on a spending spree from Covid's financial winners to counter the economic downturn caused by Covid and Brexit - so get spending.

 

Maybe more people should follow these simple guidelines to financial independence.....

1. Avoid Debt;

2. Spend less than you earn;

3. Invest the difference.

My kids are nearing the end of their school education and not once have they been taught basic financial education regarding items like PAYE Taxes, National Insurance, Pensions, Benefits system, Mortgages, Credit Cards, Loans, Interest repayments, etc.

They can however list all the nicknames for class A, B and C drugs as well as understanding all the different genders and religious festivals around the world.

It rips ma knitting so it does seeing so many people lumbered with mortgages they can’t afford, loans that they struggle with repayments, credit card debts with enormous interest penalties. Don’t even get me started on the people who get sucked into long contracts for mobile phones and TV-Broadband deals.

When they lose their jobs or suffer ill health all these companies will want their pound of flesh. It’s frightening to think that Britons owe so much in consumer debt.

Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%) was financial debt and £1.16 trillion (91%) was property debt (mortgages and equity release).

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3 minutes ago, Yflab said:

Maybe more people should follow these simple guidelines to financial independence.....

1. Avoid Debt;

2. Spend less than you earn;

3. Invest the difference.

My kids are nearing the end of their school education and not once have they been taught basic financial education regarding items like PAYE Taxes, National Insurance, Pensions, Benefits system, Mortgages, Credit Cards, Loans, Interest repayments, etc.

They can however list all the nicknames for class A, B and C drugs as well as understanding all the different genders and religious festivals around the world.

It rips ma knitting so it does seeing so many people lumbered with mortgages they can’t afford, loans that they struggle with repayments, credit card debts with enormous interest penalties. Don’t even get me started on the people who get sucked into long contracts for mobile phones and TV-Broadband deals.

When they lose their jobs or suffer ill health all these companies will want their pound of flesh. It’s frightening to think that Britons owe so much in consumer debt.

Total household debt in Great Britain was £1.28 trillion in April 2016 to March 2018, of which £119 billion (9%) was financial debt and £1.16 trillion (91%) was property debt (mortgages and equity release).

Maybe I should've posted a link to the whole article where he says that Covid's financial winners banked £100 billion between March & September by savings made from working at home coupled with spending less on holidays, social activities etc...

UK public's £100bn Covid savings could help recovery, says Haldane | Business | The Guardian

The idea of raising taxes remains a remote possibility, so harden your hearts as we head into Austerity2!

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11 minutes ago, Bud the Baker said:

Maybe I should've posted a link to the whole article where he says that Covid's financial winners banked £100 billion between March & September by savings made from working at home coupled with spending less on holidays, social activities etc...

UK public's £100bn Covid savings could help recovery, says Haldane | Business | The Guardian

The idea of raising taxes remains a remote possibility, so harden your hearts as we head into Austerity2!

Feck that I’ll be sailing away in my yacht to my new home in Monaco.

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