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How Money Have You Squirrelled Away Through Lockdown?


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BBC leading with Kier Starmer’s plan to fleece everybody who’s been saving money during lockdown (wants everyone to buy government war recovery bonds) so the government can claw back the cash and then inflate it away.   All very cunning.

The bit that surprised me was the amount that’s apparently been saved.. £250bn by June this year.

Fag packet calculation,  that’s an average of £8k per household in the UK. 
 

So who has managed to save this reported national average since the lockdown began?   What will you spend your new wad on..   government war bonds?

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Well, I'm down 10's of thousands keeping the business afloat. Anyway, talk about missing the point -- about half of the working population (about quarter of the population?) has been decimated by

Fill your boots mate, my plan is to get the man off my back sooner rather than later. The truly wealthy in the 21st century will be those who can retire comfortably at a sensible age.

When I first read this I somehow gained the impression that Mr B could be eradicated with a trip to the vets.

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4 minutes ago, Libspero said:

BBC leading with Kier Starmer’s plan to fleece everybody who’s been saving money during lockdown (wants everyone to buy government war recovery bonds) so the government can claw back the cash and then inflate it away.   All very cunning.

The bit that surprised me was the amount that’s apparently been saved.. £250bn by June this year.

Fag packet calculation,  that’s an average of £8k per household in the UK. 
 

So who has managed to save this reported national average since the lockdown began?   What will you spend your new wad on..   government war bonds?

Well I haven’t due to a significant change in personal circumstances. However, anyone who has saved their money in a bank, rather than cash in the current climate deserves to lose it. 

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Well, I'm down 10's of thousands keeping the business afloat.

Anyway, talk about missing the point -- about half of the working population (about quarter of the population?) has been decimated by covid.  so what does Kier of Starmer say -- lets give a higher-than-the-banks interest rate to all those who've saved up!

If they were 'fair' they'd announce a 'excessive profits' tax for people and businesses, where you pay a bit more tax if you're actually done better than average over the last 12 months.

But they won't do that, because they only see the public sector, and everyone in the public sector has kept their jobs and incomes but haven't had stuff to spend it on (you know, spend it in the rest of the economy).

It is extremely insulting to all those whose income has actually been affected by covid.

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12 minutes ago, One percent said:

Well I haven’t due to a significant change in personal circumstances. However, anyone who has saved their money in a bank, rather than cash in the current climate deserves to lose it. 

Yes I know the feeling I had just skinted myself decorating the house ended up doing the doors and double glazing.in spring early summer I then spunked at least 1.2k on camping gear due to my holiday being cancled .so I probably started with about 1k after the x went barking .would have been mid October before I got a penny out of the system I went a bit beserk at Xmas and probably spent 1.5k and 400 on 2 birthdays. I’ve spent like a sailor on shore leave compared to my normal frugal self another iPad phone 380 on a washer dryer and a new fridge .do I trust the goverment or social no fucking way I’ve got about 4K in the house and 1900 in the bank so yes I surpose I have saved .one of my mates has also saved about the same.obviesly the investment in the camping gear will hopefully show dividends this summer ie a very cheap holiday

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16 minutes ago, dgul said:

Well, I'm down 10's of thousands keeping the business afloat.

Anyway, talk about missing the point -- about half of the working population (about quarter of the population?) has been decimated by covid.  so what does Kier of Starmer say -- lets give a higher-than-the-banks interest rate to all those who've saved up!

If they were 'fair' they'd announce a 'excessive profits' tax for people and businesses, where you pay a bit more tax if you're actually done better than average over the last 12 months.

But they won't do that, because they only see the public sector, and everyone in the public sector has kept their jobs and incomes but haven't had stuff to spend it on (you know, spend it in the rest of the economy).

It is extremely insulting to all those whose income has actually been affected by covid.

Correct most people I know have actually lost money the only saveing they will have had will be no holiday less haircuts and trips to the pub.I’ve just lend one 20 quid has they have no gas till Monday else 

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4 minutes ago, stokiescum said:

Yes I know the feeling I had just skinted myself decorating the house ended up doing the doors and double glazing.in spring early summer I then spunked at least 1.2k on camping gear due to my holiday being cancled .so I probably started with about 1k after the x went barking .would have been mid October before I got a penny out of the system I went a bit beserk at Xmas and probably spent 1.5k and 400 on 2 birthdays. I’ve spent like a sailor on shore leave compared to my normal frugal self another iPad phone 380 on a washer dryer and a new fridge .do I trust the goverment or social no fucking way I’ve got about 4K in the house and 1900 in the bank so yes I surpose I have saved .one of my mates has also saved about the same.obviesly the investment in the camping gear will hopefully show dividends this summer ie a very cheap holiday

I went shopping the other day in lidl and handed over an old 20 quid note. Ooh, where you got these stashed, haven’t seen one in ages...  9_9  

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34 minutes ago, Libspero said:

BBC leading with Kier Starmer’s plan to fleece everybody who’s been saving money during lockdown (wants everyone to buy government war recovery bonds) so the government can claw back the cash and then inflate it away.

How did Sir Kier of Starmer define 'savings', was his source information referenced?

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17 minutes ago, Chewing Grass said:

How did Sir Kier of Starmer define 'savings', was his source information referenced?

BoE..  “excess” savings / money in people’s accounts:

It comes off the back of figures from the Bank of England, which showed households had accumulated over £125bn in excess savings by November 2020 - estimated to hit £250bn by June 2021 - but with only around 5% of the savings expected to be spent, with much of the rest sitting in savings accounts.

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1 minute ago, stokiescum said:

Just shows how much can be saved if people cut back a bit it just seems an insanely high figure. This is very low hanging fruit for any government 

If £8k is the average,  and many will be worse off..  how much are some people saving,  and what on earth were they spending it on before?   
 

I have a feeling this/next year may be the year of lavish holidays and a booming new luxury car market O.o

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10 minutes ago, Libspero said:

I have a feeling this/next year may be the year of lavish holidays and a booming new luxury car market O.o

Fill your boots mate, my plan is to get the man off my back sooner rather than later.

The truly wealthy in the 21st century will be those who can retire comfortably at a sensible age.

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17 minutes ago, Libspero said:

If £8k is the average,  and many will be worse off..  how much are some people saving,  and what on earth were they spending it on before?   
 

I have a feeling this/next year may be the year of lavish holidays and a booming new luxury car market O.o

Just shows all you need to do to cripple the government is not go the pub don’t get your hair cut and don’t go on holiday abroad .they have shown me how weak any government is and it’s none violent

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Out of pocket by a lot. I lost out on six months freelance work that I should have started just after Easter last year. I've kept things going with sporadic bits and bobs.

If I had been living where I was before Covid in my old job, I could have potentially saved 10-12k.

However, if I had been doing that job when covid hit and had to be under lockdown at the same time I don't think I would have lasted more than a few weeks anyway. My life outside of work was the only thing keeping me same and had been for a couple of years.

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