Poll - What do YOU THINK the MPC should do on 7th Feb?

Jennifer_Jane

firsttimetom wrote: »

Generali, is that true?

You blow me away with some of the things you know sometimes. Your mind is like a history of economics.

Perhaps Generali is just old! I remember tax being 19s 6d in the £. It resulted in a huge brain drain, so the government lost out on a lot of tax.

Generali is really informative and thanks for all your posts. I usually agree with you, otherwise I learn from you.

Re the interesting comment about negative interest rate returns from Swiss banks, presumably that was because the tax was so high, it was just a great idea to get the money out of Britain. (Illegal, of course unless you declare the tax on the interest!). I also remember in the early 70's that there were exchange controls and you could only take out of the Country £50 a year.

And just a personal bit of nostalgia, I can remember my brother-in-law borrowing £10000 from the bank in the 60's (a jaw-dropping amount) because he could invest it and get more from it. Must have been quite an early stoozer!

Jen

ManAtHome

PhilDS wrote: »

Would it be too simplistic to say that if your savings are less than your mortgage then a rate cut is good for you? Sure, you lose cash from your savings interest, but you gain on your mortgage.

Probably - first you have to rely on all rates going down, fixed rates definitely won't, any not linked to BoE rates may not. If the rate cuts drop the value of the pound you end up paying more for imports (which we do a lot of). If you have a BoE-linked mortgage which takes substantial percentage of your income to service you'll be better off - as the average mortgage is much lower, chances are you'll end up worse off.

Generali wrote: »

I believe so although I'm having trouble finding historic rates of tax.

Tis my recollection that top tax rates were 98% (late 60s early 70s) but don't think many people paid it - anyone in the bracket operated in a similar way to current "non-doms".

Generali

Jennifer_Jane wrote: »

Perhaps Generali is just old! I remember tax being 19s 6d in the £. It resulted in a huge brain drain, so the government lost out on a lot of tax.

36 so not that old! Just interested in economic history. Shillings would have been pre-Healy as Chancellor (I think - wasn't he Chancellor in the 1974-79 govt only?) I think he upped the rate to 98% after the '74 "Tax 'em 'til the pips squeak' election. He was a rotten politician IMO but a brave man in the war I believe - he was in charge on the beaches in Southern Italy.

Jennifer_Jane wrote: »

Re the interesting comment about negative interest rate returns from Swiss banks, presumably that was because the tax was so high, it was just a great idea to get the money out of Britain. (Illegal, of course unless you declare the tax on the interest!). I also remember in the early 70's that there were exchange controls and you could only take out of the Country £50 a year.

I think the trick was to keep offshore what you could and risk the occasional briefcase full of cash if you had enough to make it worth while.

Jennifer_Jane wrote: »

And just a personal bit of nostalgia, I can remember my brother-in-law borrowing £10000 from the bank in the 60's (a jaw-dropping amount) because he could invest it and get more from it. Must have been quite an early stoozer!

The govts of the day used to try to control the money supply by making the banks keep more or less cash in reserve rather than, as now, controlling supply and demand by changing the price (interest rates). If you were on the right side of the bank manager so could persuade him to lend you the cash then I guess it would have been fairly simple to get a far bigger return from shares or commercial property, at least until 1974-76 when the sky turned black with socialist chickens coming home to roost...

ds1980

!!!!!!? wrote: »

I'm in my 30s and have no debt whatsoever and a healthy amount of savings. So don't make out that people these days have no choice but to go heavily into debt.

I know a lot of people in my peer group in debt but that is because they have chosen to live beyond their means. ie. Expensive cars, big tellies, 2 foreign holidays per year etc.

Really, when you see people with average jobs driving around in flash new top of the range cars, owning a huge plasma telly with SkyHD, massive surround sound system, a wardrobe full of designer gear etc. etc. you know that something isn't right with the way people manage their finances.

but what has what other people decide their money on got to do with you? I could get 1000's on credit tomorrow blaze it all on the said above and die in a week. Will i regret it no cause im dead. People want to live for today not for when there 150! I agree there should be a balance but christ get over what others do with their money it has nothing to do with you whatsoever!

ManAtHome

ds1980 wrote: »

I could get 1000's on credit tomorrow blaze it all on the said above and die in a week. Will i regret it no cause im dead.

But statistically you won't be dead, so much more likely to be in regret mode...

WTF?_2

ds1980 wrote: »

but what has what other people decide their money on got to do with you? I could get 1000's on credit tomorrow blaze it all on the said above and die in a week. Will i regret it no cause im dead. People want to live for today not for when there 150! I agree there should be a balance but christ get over what others do with their money it has nothing to do with you whatsoever!

Oh sorry, didn't realise I wasn't allowed to hold an opinion about an irresponsible fiscal culture in our society. :rolleyes:

Thanks for clearing that up for me. :rotfl:

ds1980

why wouldn't you be allowed your opinion you sound like a female trying to have an argument......and we all know what happens when females try to have an argument.

WTF?_2

ds1980 wrote: »

why wouldn't you be allowed your opinion you sound like a female trying to have an argument......and we all know what happens when females try to have an argument.

Hmm, I thought you were responding to my observation about how so many people are getting themselves into debt by telling me: "get over what others do with their money it has nothing to do with you whatsoever".

Now, to me that sounds very much like telling me what opinions and observations I should and shouldn't have. Perhaps you can clarify what you're getting at instead of making witless and ill-judged comments like "you sound like a female trying to have an argument".

ds1980

ManAtHome wrote: »

But statistically you won't be dead, so much more likely to be in regret mode...

what regrets would i have......if (statistically) still alive from going to see the test match in australia, driving around the nurburgring in my ferrari, lumping £10k on red in vegas and having sex with the best hooker in the world?

Ok we lost the cricket, i should have took the lamborghini, maybe i could have gone a little longer, and darn it i should have bet on black................jesus i had fun doing it all though. will i pay it back? Maybe....maybe not but why would it matter to you? is my irresponsibilty going to affect you? Nope ill declare myself bankrupt and then do it all again! Not me you should be having a go at but the government for not safeguarding these eventualities in the first place. If there are cheap credit options then people will take them. Do they give a mokeys about what affects that will have on others? Much like do people care much about saving this planet from global warming? Will your recycling of two milk cartons a wekk do any difference.....nope. Enjoy life while you can buddy you might learn a little and learn to relax.:rotfl:

ds1980

!!!!!!? wrote: »

Hmm, I thought you were responding to my observation about how so many people are getting themselves into debt by telling me: "get over what others do with their money it has nothing to do with you whatsoever".

Now, to me that sounds very much like telling me what opinions and observations I should and shouldn't have. Perhaps you can clarify what you're getting at instead of making witless and ill-judged comments like "you sound like a female trying to have an argument".

I ask a question and you fail to answer coming up with one of the most common replies in the book of " most common forum replies"

If you havn't read it its a good read