Bank of England warns families to expect fall in living standards

carolt

Hardly unexpected (except by Hamish):

http://www.telegraph.co.uk/finance/economics/7450009/Bank-of-England-warns-families-to-expect-fall-in-living-standards.html

"Families have been warned by the Bank of England to expect an effective pay cut in the coming months because of the economic climate"

vaporate

Already happening, correct?

Graham_Devon

Now, I'm going to be a bull for a post.

This is good news for the housing market. The article only mentions families. Therefore, I can conclude that those without families will be richer, and will be buying houses. There is currently a lack of houses, 2 people on a boat making their way to live in the UK, and a couple in Aberdeen divorcing, which means less supply for everyone else.

So in conclusion, on the back of this news, house prices up. Not everyone can own a home anyway, and we have 70% ownership, the mostest ever. So families will just have to make do.

carolt

Do we know the couple in Aberdeen?

amcluesent

Just the start of the accelerating decline, as we pass peak-oil and food. Britain can stagger on for, at best, another 15 years, consuming the historical wealth built up since Victoria, after borrowing ourselves to 'prosperity' but cannot generate any real wealth from an economy based on cutting each others hair and installing insulation.

neas

fall in living is happening already... higher petrol prices, vat rose again.. basically we gonna get inflation and wages not keeping inline with said inflation.

carolt

amcluesent wrote: »

Just the start of the accelerating decline, as we pass peak-oil and food. Britain can stagger on for, at best, another 15 years, consuming the historical wealth built up since Victoria, after borrowing ourselves to 'prosperity' but cannot generate any real wealth from an economy based on cutting each others hair and installing insulation.

I bet you're a laugh a minute at parties.

amcluesent

>I bet you're a laugh a minute at parties.<

Yep, it's hedonism all the way for me now because I know this the 'fin de siècle' for a way of life based entirely on 100 years of exploiting cheap oil and wishing it were otherwise is pointless. The (far, far) fewer people alive at the end of this century will be living the local, sustainable lifestyle much closer to the 1800s.

Kohoutek

amcluesent wrote: »

Just the start of the accelerating decline, as we pass peak-oil and food. Britain can stagger on for, at best, another 15 years, consuming the historical wealth built up since Victoria, after borrowing ourselves to 'prosperity' but cannot generate any real wealth from an economy based on cutting each others hair and installing insulation.

Maybe we should try and do something about it, rather than indulge in that national habit of complaining?

Reduce excessive consumption, and increase spending on rebuilding British industry and electrified public transport and developing alternative energy.

The lead scientist on fusion research in the UK estimates we will have a working fusion power plant by the early 2030s, like you he has a pessimistic energy outlook in the intervening years. Look at the research that's being done on 3rd generations biofuels (algae oil). It's a long way from commercialisation, but promising. If they work, both of these are silver bullet solutions, not even considering conventional approaches to renewable energy (wind, tidal, solar, geothermal).

Doctor_Gloom

carolt wrote: »

"Families have been warned by the Bank of England to expect an effective pay cut in the coming months because of the economic climate"

I've been warning for some time now that Britain is effectively doomed. People laughed at me but look who's laughing now.

carolt

Well I am, for a start.

I mean if it's all going to go pear-shaped anyway, you might as well be positive about it.

Frankly, if we're as fin-de-siecle as amcluesent suggests, I'm all for big parties and enjoying it now while we still can.

Or actually getting off our !!!!!!, stopping moaning and doing something about it, as Kohoutek and my current thread on Doing Something Positive both stress.

Surely the worst of all posibble worlds is to see it coming, but do nothing but moan - not even enjoying it now.