Cost of Living

[faraway saint]

Talk, and it's only projected, that the interest rate could go up to 6% next year for mortgages.

Not great but alongside that the interest rate for savings should rise significantly so I'm going to hold off for a few months and see what happens. 

That big bag of cash will stay under the mattress. 

[Rascal]

One view on the right wing budget 

[Callum Gilhooley]

Jonathon Pie is brilliant 🤩. 
 

Id love to see him across the despatch box from Liz Truss & Co . 😂😎👍

[faraway saint]

The Scottish government scheme of providing free travel for under 22's on busses is a great idea.

Gives young people some independance and could save them, and their families, a considerable amount over the week/month.

Heard an item that a teenager had started an apprenticeship and this was saving him a fortune. 

It's not all bad from politicians. 

Edited October 1, 2022 by faraway saint

[Rascal]

The Triple Lock promise on Pensions seems to next in line for a U turn. Choices are (approximately) Inflation rate 10%, Average Wage Rate Rise 5% or 2.5% Which is your money on? 

[Wooden Saint]

6 hours ago, Rascal said:

The Triple Lock promise on Pensions seems to next in line for a U turn. Choices are (approximately) Inflation rate 10%, Average Wage Rate Rise 5% or 2.5% Which is your money on? 

Hi, can you post a link with this as I can't find anything that suggests these figures.

I have just over 12 years until I retire but I do keep an eye on any pension development.

Thanks. 

[Rascal]

12 minutes ago, Wooden Saint said:

Hi, can you post a link with this as I can't find anything that suggests these figures.

I have just over 12 years until I retire but I do keep an eye on any pension development.

Thanks. 

Hope this helps you. 

Supposed to be the highest of:

2.5%
Rise in average earnings 5.4%
Inflation 10.8%
 

Boris and Sunak had confirmed it would be inflation.
 

https://www.walesonline.co.uk/news/uk-news/what-government-plans-universal-credit-25173255.amp

[faraway saint]

4 minutes ago, Rascal said:

Hope this helps you. 

Supposed to be the highest of:

2.5%
Rise in average earnings 5.4%
Inflation 10.8%
 

Boris and Sunak had confirmed it would be inflation.
 

https://www.walesonline.co.uk/news/uk-news/what-government-plans-universal-credit-25173255.amp

Are you quoting figures for benefits rather than pensions?

I can't see a direct link about pensions other than the quotes below?

Forgive me, these type of reports you've posted are three quarters adverts. 

State pensions, however, normally have the protection of the “triple lock”, which guarantees that pensions are uprated by inflation, earnings or 2.5% – whichever is higher.

Chancellor Kwasi Kwarteng has said the Government is committed to the triple lock.

[Wooden Saint]

8 minutes ago, Rascal said:

Hope this helps you. 

Supposed to be the highest of:

2.5%
Rise in average earnings 5.4%
Inflation 10.8%
 

Boris and Sunak had confirmed it would be inflation.
 

https://www.walesonline.co.uk/news/uk-news/what-government-plans-universal-credit-25173255.amp

I had a quick look on my phone and like the post above not sure the pensions are that the article give the numbers for? 

Suppose it'll be clearer when they decide to make a definite statement eh pal? 

[Rascal]

1 hour ago, Wooden Saint said:

I had a quick look on my phone and like the post above not sure the pensions are that the article give the numbers for? 

Suppose it'll be clearer when they decide to make a definite statement eh pal? 

That’s part of the debate. Some of the government want benefits and pensions to rise by inflation (the highest rate). Some want Pensions only to increase by Inflation - suggested to be 10.8% at the Rhine the decision needs to be made according to regulations.Some want both to be at 5.4% - average increase In earnings. None seem to want to to be restricted to 2.5%.

[Rascal]

Mortgage rates soar.

 

[waldorf34]

20 hours ago, Rascal said:

That’s part of the debate. Some of the government want benefits and pensions to rise by inflation (the highest rate). Some want Pensions only to increase by Inflation - suggested to be 10.8% at the Rhine the decision needs to be made according to regulations.Some want both to be at 5.4% - average increase In earnings. None seem to want to to be restricted to 2.5%.

I think they will wait  until January to announce  benefits  increases when inflation  will be around 8% 

[faraway saint]

1 hour ago, waldorf34 said:

I think they will wait  until January to announce  benefits  increases when inflation  will be around 8% 

You're not the best with figures are you..........................

UK inflation now stands at more than five times the 2% target set by the government for the Bank of England (BoE). The BoE recently forecast that inflation will peak at around 13% by the end of this year and will continue at “elevated levels” through 2023.

[portmahomack saint]

29 minutes ago, faraway saint said:

You're not the best with figures are you..........................

UK inflation now stands at more than five times the 2% target set by the government for the Bank of England (BoE). The BoE recently forecast that inflation will peak at around 13% by the end of this year and will continue at “elevated levels” through 2023.

Aye better together you know it makes sense 

[Slarti]

You're not the best with figures are you..........................
UK inflation now stands at more than five times the 2% target set by the government for the Bank of England (BoE). The BoE recently forecast that inflation will peak at around 13% by the end of this year and will continue at “elevated levels” through 2023.

Inflation is measured on year-to-date so, as prices shot up this spring, inflation could be lower next spring even though prices are higher than now. Prices were still comparably cheap last winter which means that inflation could well reach 13% before dropping when we get to the anniversary of the Ukraine invasion, even though prices would still be higher than they are this winter. His 8% for next spring could be right, especially when you factor in the £400 fuel subsidy everyone's getting which will essentially keep inflation "lower" than it would otherwise have been.

Of course, if Putin uses a tactical nuke, all bets are off. [emoji265][emoji3509]

[faraway saint]

On 10/5/2022 at 7:04 PM, Slarti said:

Inflation is measured on year-to-date so, as prices shot up this spring, inflation could be lower next spring even though prices are higher than now. Prices were still comparably cheap last winter which means that inflation could well reach 13% before dropping when we get to the anniversary of the Ukraine invasion, even though prices would still be higher than they are this winter. His 8% for next spring could be right, especially when you factor in the £400 fuel subsidy everyone's getting which will essentially keep inflation "lower" than it would otherwise have been.

Of course, if Putin uses a tactical nuke, all bets are off.

I've been looking around for something to back up your THEORY but, alas, nothing.

There are some who indicate inflation could peak in January, over 14%, but I think it's unlikely to drop 6% in a couple of months.

As you indicated, the Ukraine situation will have an impact so we'll have to wait and see. 

I, as I don't work in this sector, really have no insight into where this could end but I tend to believe inflation will be well above the 8% quoted by a previous poster.

It will be what it'll be, I won't be greeting about it.

I seem to recall out first mortgage was at 12% and I didn't run around blaming the government, or anybody else, we just got on with it, a dying trait in this day and age. 

The news grows bleaker for the UK as another bank has predicted record-breaking inflation for the country, saying it could soar above 22% in 2023.

Investment Bank Goldman Sachs said inflation could peak at 22.4%, far above its 14.8% baseline forecast, 

 

 

[Slarti]

1 hour ago, faraway saint said:

I've been looking around for something to back up your THEORY but, alas, nothing.

There are some who indicate inflation could peak in January, over 14%, but I think it's unlikely to drop 6% in a couple of months.

As you indicated, the Ukraine situation will have an impact so we'll have to wait and see. 

I, as I don't work in this sector, really have no insight into where this could end but I tend to believe inflation will be well above the 8% quoted by a previous poster.

It will be what it'll be, I won't be greeting about it.

I seem to recall out first mortgage was at 12% and I didn't run around blaming the government, or anybody else, we just got on with it, a dying trait in this day and age. 

The news grows bleaker for the UK as another bank has predicted record-breaking inflation for the country, saying it could soar above 22% in 2023.

Investment Bank Goldman Sachs said inflation could peak at 22.4%, far above its 14.8% baseline forecast, 

 

 

What "theory"?  I was just telling it like it is.  The only thing that could possibly be classed as non-factual was when I said he "could" be right about the 8%.

If there was a big jump in February/March last year then, if prices have risen less sharply since then, there could well be a drop of 6% at the same time this year.  Using some easy numbers to simplify it, if the "basket of goods and services" cost £100 last January, jumped to £110 in February, then went up by £1 a month until next February, inflation would be 21% for the year to January (£100 to £121) but less than 11% for the year to February (£110 to £122).

As you say, historically, inflation has been much higher than what we have become used to.  From 1968 to 1992 there was only one year (1986) that was below 4% (in 1975 it was over 24%).  From 1993 to 2021 it was always under 4% (ranging from 3.86% at its highest, down to 0.37%).  Having said all that, it's gone to f**k now. 

[waldorf34]

I dont think any of the major players in the government  sector have had or agreed  wage increases  over 8% ,the next set of figures will be out in October 19th and they should show a fall in petrol and diesel prices to offset other increases   and going forward the cap on energy prices and financial  handouts should stem runaway  inflation. 

[faraway saint]

8 minutes ago, Slarti said:

What "theory"?  I was just telling it like it is.  The only thing that could possibly be classed as non-factual was when I said he "could" be right about the 8%.

If there was a big jump in February/March last year then, if prices have risen less sharply since then, there could well be a drop of 6% at the same time this year.  Using some easy numbers to simplify it, if the "basket of goods and services" cost £100 last January, jumped to £110 in February, then went up by £1 a month until next February, inflation would be 21% for the year to January (£100 to £121) but less than 11% for the year to February (£110 to £122).

As you say, historically, inflation has been much higher than what we have become used to.  From 1968 to 1992 there was only one year (1986) that was below 4% (in 1975 it was over 24%).  From 1993 to 2021 it was always under 4% (ranging from 3.86% at its highest, down to 0.37%).  Having said all that, it's gone to f**k now. 

There more if's and but's thant here is in the "IF'S and BUT'S" book, which is what I meant to your THEORY and I also said I could find nothing to back up your belief.

Anyhow, I was shopping with my wife today and quite a few items have rocketed, percentage wise, so I do feel some sympathy for people who's finances are tight.

[Slarti]

There more if's and but's thant here is in the "IF'S and BUT'S" book, which is what I meant to your THEORY and I also said I could find nothing to back up your belief.
Anyhow, I was shopping with my wife today and quite a few items have rocketed, percentage wise, so I do feel some sympathy for people who's finances are tight.

There was 1 "if" and no "buts" in the post you referred to. [emoji1787]

[waldorf34]

5 hours ago, faraway saint said:

There more if's and but's thant here is in the "IF'S and BUT'S" book, which is what I meant to your THEORY and I also said I could find nothing to back up your belief.

Anyhow, I was shopping with my wife today and quite a few items have rocketed, percentage wise, so I do feel some sympathy for people who's finances are tight.

You were obviously  not shopping at Aldi ,quite a few of their stable items are down.

On another note a lot of the wee grocer shops in and around  Foxbar have got good prices for milk and bread ,you just need to shop around.

[Guest]

3 hours ago, waldorf34 said:

You were obviously  not shopping at Aldi ,quite a few of their stable items are down.

Neigh 

[W6er]

12 hours ago, faraway saint said:

I've been looking around for something to back up your THEORY but, alas, nothing.

There are some who indicate inflation could peak in January, over 14%, but I think it's unlikely to drop 6% in a couple of months.

As you indicated, the Ukraine situation will have an impact so we'll have to wait and see. 

I, as I don't work in this sector, really have no insight into where this could end but I tend to believe inflation will be well above the 8% quoted by a previous poster.

It will be what it'll be, I won't be greeting about it.

I seem to recall out first mortgage was at 12% and I didn't run around blaming the government, or anybody else, we just got on with it, a dying trait in this day and age. 

The news grows bleaker for the UK as another bank has predicted record-breaking inflation for the country, saying it could soar above 22% in 2023.

Investment Bank Goldman Sachs said inflation could peak at 22.4%, far above its 14.8% baseline forecast, 

 

 

You should be posting in my Doomsday thread...  

 

 

 

[faraway saint]

9 hours ago, waldorf34 said:

You were obviously  not shopping at Aldi ,quite a few of their stable items are down.

On another note a lot of the wee grocer shops in and around  Foxbar have got good prices for milk and bread ,you just need to shop around.

Jeezo, you are really saying that Aldi are bucking the trend?

BELOW is the TRUTH about Aldi, (And this was JUNE this year) and every other supermarket................................and if you are really saying small grocer shops are managing to keep prices down they are running at a loss, and I doubt that very much.  

A year ago, my colleague tried to do a weekly food shop at Aldi with just £10 so I went to see how much more that same shopping basket would now cost. Trying to stick as much as I could to the items purchased a year ago, I found the same shopping basket now costs 20 per cent more - from £10.06 to £12.14.

A tomato soup has gone up by 10p (from 35p to 45p) - which is a rise of more than 28 per cent. All the other tinned items I bought had gone up in price as well: baked beans (29p to 35p, +20%), sweetcorn, (37p to 41p, +10%) and kidney beans (45p to 49p, +8%).

[faraway saint]

13 hours ago, Slarti said:

There was 1 "if" and no "buts" in the post you referred to.

Aye?  

Anyhow, I knew you'd take it literally, I'd hope most people get the drift.  

18 hours ago, Slarti said:

What "theory"?  I was just telling it like it is.  The only thing that could possibly be classed as non-factual was when I said he "could" be right about the 8%.

If there was a big jump in February/March last year then, if prices have risen less sharply since then, there could well be a drop of 6% at the same time this year.  Using some easy numbers to simplify it, if the "basket of goods and services" cost £100 last January, jumped to £110 in February, then went up by £1 a month until next February, inflation would be 21% for the year to January (£100 to £121) but less than 11% for the year to February (£110 to £122).

As you say, historically, inflation has been much higher than what we have become used to.  From 1968 to 1992 there was only one year (1986) that was below 4% (in 1975 it was over 24%).  From 1993 to 2021 it was always under 4% (ranging from 3.86% at its highest, down to 0.37%).  Having said all that, it's gone to f**k now.