Retired people could work for pensions..

PaulF81

CLAPTON wrote: »

complete rubbish

the 250% of GDP was the figure, the debt was reduced over an extended period of time

inflation was indeed a significant factor and so it will be again

the significance of the debt is that the repayments and interest lower the potential standard of living; all the people, youn,g medium and old shared that reduced living standard.

whilst suffering that lowered standard of living, those people invested heavily in rebuilding the infrastucture of this country so that people like you can benefit from the existing infrastructure, education, health etc for which you have made only a modest contribution

You are the one talking rubbish.

http://en.wikipedia.org/wiki/File:UK_GDP.png

And how interest payments compared to now:

http://en.wikipedia.org/wiki/File:UK_National_Debt_interest.png
The nation, on average, was paying debt off at barely 1% of GDP over the figure we are paying currently. Thats our overseas development budget right there. The vast majority of the debt, over 150% of GDP equivalent was seen off before the boomers were even in work. That left the remainder to be inflated away during the 70s and early 80s of course, the trashing your generation gave the purchasing power of the pound helped no end. As I said, the majority of the 250% figure was down to recovery of the economy (you divide by a bigger GDP, the debt to GDP ratio gets smaller, funny old thing).

Trashing the ppi of the pound helped of course. It's a shame coal costs so much now than when you got to buy it. Cheers for that.

http://www.parliament.uk/documents/commons/lib/research/rp99/rp99-020.pdf

Chart 3.

seven-day-weekend

Dunroamin wrote: »

I thought that you were in SERPS unless you'd contracted out and were paying into an occupational pension - it's one or the other, isn't it?

ETA

http://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

http://en.wikipedia.org/wiki/State_Second_Pension

Yes, you are correct,someone who is in an Occupational Pension Scheme will not usually contribute to SERPS as well; also it is earnings-related.

StevieJ

Dunroamin wrote: »

I thought that you were in SERPS unless you'd contracted out and were paying into an occupational pension - it's one or the other, isn't it?

ETA

http://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

http://en.wikipedia.org/wiki/State_Second_Pension

Yes the contribution was either paid to the state or invested in a personal pension (contracted out) as I said the state second pension/serps was contributory similar to a personal pension.

ash28

PaulF81 wrote: »

Fine, NHS enhanced entitlement past 75 for those having served their country in ww2 or any conflict thereafter.

We have already established this. The 250% figure was distorted by post ww2 GDP and besides, the boomers paid very little once the inflation of the 70s had seen off the capital.

35% basic rate of tax? Through out the 70s basic rate income tax varied between 30% and 35%. The lowest of the higher rates was 40%.

It didn't go to 25% until the end of the 1980s.

Personal tax allowances were very low too - especially if you were single.

So inflation may have been high but so was tax - the government still got it's slice.

It was a joy....

PaulF81

ash28 wrote: »

35% basic rate of tax? Through out the 70s basic rate income tax varied between 30% and 35%. The lowest of the higher rates was 40%.

It didn't go to 25% until the end of the 1980s.

Personal tax allowances were very low too - especially if you were single.

So inflation may have been high but so was tax - the government still got it's slice.

It was a joy....

How the uk retained its grafters I will never know...

StevieJ

ash28 wrote: »

35% basic rate of tax? Through out the 70s basic rate income tax varied between 30% and 35%. The lowest of the higher rates was 40%.

..

The highest marginal rate of tax 98%, I wonder what Biggles would have made of that :eek:

PaulF81

StevieJ wrote: »

The highest marginal rate of tax 98%, I wonder what Biggles would have made of that :eek:

Already commented thanks stevie, if that's aimed at me. Why voting labour is bad for your wealth.

StevieJ

PaulF81 wrote: »

Already commented thanks stevie, if that's aimed at me. Why voting labour is bad for your wealth.

True, it was only 90% under the Tories

ash28

PaulF81 wrote: »

How the uk retained its grafters I will never know...

It didn't, as I'm sure you know - ourselves included. We left and worked in the Middle East for a number of years. I say "we" but where we were I couldn't work or drive, but I did meet some very interesting people and learn how to make beer and wine and use a still - used to make a liquor called sadiqi - means friend in Arabic - it certainly made us lots of those. The American PX was great - cans of malt and grape concentrate!!

I'm sure people think that life was a breeze in the 1970s but it wasn't it was tough. One of the reasons we left was because we were so bloody poor, and there seemed to be no way out for us - couldn't afford a house - couldn't find anywhere decent to rent - never had any money or any real prospect of getting any. Taxed to death and inflation outstripping any pay rises we got. It just got harder and harder. Going overseas was the best thing we ever did.

I'm not moaning or complaining - it was what it was.

When we decided to start a family back we came.

PaulF81

ash28 wrote: »

It didn't, as I'm sure you know - ourselves included. We left and worked in the Middle East for a number of years. I say "we" but where we were I couldn't work or drive, but I did meet some very interesting people and learn how to make beer and wine and use a still - used to make a liquor called sadiqi - means friend in Arabic - it certainly made us lots of those. The American PX was great - cans of malt and grape concentrate!!

I'm sure people think that life was a breeze in the 1970s but it wasn't it was tough. One of the reasons we left was because we were so bloody poor, and there seemed to be no way out for us - couldn't afford a house - couldn't find anywhere decent to rent - never had any money or any real prospect of getting any. Taxed to death and inflation outstripping any pay rises we got. It just got harder and harder. Going overseas was the best thing we ever did.

I'm not moaning or complaining - it was what it was.

When we decided to start a family back we came.

I have spent the last 5 years in and out of the Middle East. We're you in Kuwait, Saudi or UAE? I am preparing for a move to the UAE potentially in the next 5 years. I love it out there and love the ethic out there.