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The retirement property plan. £300k-ish home owned and paid for, equity release the feck out of it, lets say for arguments sake 50%, the interest to be paid on that should ensure that there's little left at the end. Take the £150K and... If you want to gift your ungrateful brats their inheritance early do so and then maybe keep £50K and have some fun with it. Alternatively the brats deserve FA so buy yourself a Lamborghini and indulge in coke hookers and vodka until death the combination of those should prove to be a timely death. After all the state is likely to take most of the value from your home whilst it practices painful expensive palliative medicine on you for your final years. I'm not into giving the UK anything given it's behaviour especially over the last few years. The whole set of ideas sounds great to me.

Yeah, I'm thinking that the playbook from Germany is the one. If you can get a FIXED rate loan for 5-10 years, and you have enough income to cover the ongoing payments, you'll be sitting pretty.

I would not bet against that ,but looking at what the US are doing now regarding Japan`s currency crisis it`s hard to see how that can last for any amount of time all things considered ,as always interest rates are key ,last time around Zirp save the day ,i don`t think they can go there again any time soon if ever Inflation is the big one though ,when money starts chasing hard assets so who knows As for team reds promises in an election year ,when the last time a party actually delivered on what they promised saying and doing are gulfs apart in that scenario, regardless it will be a coalition government so fuck all will get done ,,go long on stab proof vests

if you want to buy in the UK, find a place you can stand for 20 years and go balls deep looks like the rational call. Blue, Red, Purple, none will stop the housing market on principle...

I just watched Rachel Reeves on LBC. What a cunt.

"Boom Bang-a-Bang" of course. https://en.wikipedia.org/wiki/Boom_Bang-a-Bang

Right enough tangents, let's get back on topic. Who's your pick for Eurovision winner, @DurhamBorn @Castlevania?

Interesting bit on the 1920s Peoples Car, comparing 2015 equivalent wages and car price back then. YearAv Income / year2015 equivalent 1930 Wages £195 16s 2015 £11210.84 1930 Car £130 or £135 with Pytchley Sunshine Roof £7443.36 We have been financialised to death by economic parasites. https://www.austin7.org/Other Articles/A7 Launch Prices/

IMO it is more complicated than that. The reserves backing the credit creation weren't themselves created by the lender in the same transaction. The profits they wish to retain are reduced by loan write offs.

They have no skin in the game because the money they lend isn't real.

Its the one arguement in favour of the existence of IVAs, bankruptcy, and lenders having to accept an offer of £1 a week from a borrower in arrears etc (even though some scummers taking the piss out of it in a calculated way is sickening): it means the lender has skin in the game when assessing credit risk. The same holds true as an arguement against debtors' prisons etc (even though the idea is appealing).

interesting... Turkey always reminds me of one of my all time favorite films, Midnight Express ...for those that don't know ...in 1978 Billy Hayes, an American college student, is caught smuggling drugs out of Turkey and thrown into prison.(based on a TRUE STORY) If you lot haven't seen it, watch it here for FREE! The book is even BETTER!

Well ain't that handy unsustainable pension crisis solved brah!

Exactly. Debt jubilees had the same effect. It made the lender far more careful in assessing the credit worthiness of the borrower.

Such drivel. Is this the best they can manage? It's just pathetic. They make me sick.

38% of universal credit claimants are working ,almost all of those on working tax credits have now been transferred to UC

The most terrifying words in the world... "I'm from the Government and I am here to help"

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Interesting thanks SP. 'GDP' is used a lot in that article the problem is it's a false concept, the situation is far worse than the article sees it. GDP as a measure is totally pointless, Dr Tim has it sussed. He's been talking sense for more than ten years I've been reading his blog, I introduced his site here several years ago IMO he needs more coverage. 'Over that same period, global real GDP expanded by $45tn, or 74%. This means that each dollar of reported growth between 2002 and 2023 was accompanied by $3.20 of net new debt, or by about $8 of net new broad financial assets. If it takes somewhere between $3 and $8 of new debt or quasi-debt to generate a dollar of GDP growth, paying off debt incurred in the present from growth generated in the future is a mathematical impossibility. An example here is the United States which, during 2023, generated reported real growth of $675bn on the back of a $2.4tn fiscal deficit.' https://surplusenergyeconomics.wordpress.com/2024/05/07/277-at-the-limits-of-monetary-possibility/#comments

It is easy to have an economy when you are constructing stuff(both private and public) with printed and borrowed money. This was the US Economy from WW1 once the Gold Rush was done and dusted. Once you have a 'built world' around you its over and the importation of millions of useless feckers just accelerates the demise.

Full employment is a malleable statistic. It must never be achieved or else workers would have pricing power.

It is worse than that. Imputed rent has risen because of an increased population. The existing housing stock is generating more GDP because we're trying to cram more people into it. This demonstrates how stupid GDP is as a measure of economic wellbeing. A better measure would be disposable income per capita. No doubt that is falling more rapidly than GDP per capita. Although the latter is likely worse than reported if you doubt the inflation statistics, as I do.

Because of magical 16hr bennie jobs. Our economy revolves around made up part time and grifter gig workers to meet the tax credit threshold so it makes it look like we have a lot more employment on paper than we do. Clever eh? Shhh just keep it under your hat though 🤫 it’s a good thing for our other main part of the economy, house prices. By carving up respectable houses, renting them out as HMO shitboxes and fleecing the younger generation it’s great for the figures. Meh who needs outdated things like productivity? Just don’t draw attention to the giant elephant in the room ok, as it’s a good gig we’ve got going on as you’ll spoil it for all of the boomers and MPs.