What's going to collapse next...

[lid]

Nah they'll just bang the rents up 

[TheCountOfNowhere]

8 hours ago, lid said:

Nah they'll just bang the rents up rob the poor more to make sure the rich dont lose out

Fixed

[spygirl]

Wirecard files for insolvency proceedings

German payments company faced with ‘impending insolvency and over-indebtedness’

https://www.ft.com/content/ac949729-6167-4b6c-ac3f-f0aa71aca193

[leonardratso]

2 hours ago, spygirl said:

Wirecard files for insolvency proceedings

German payments company faced with ‘impending insolvency and over-indebtedness’

https://www.ft.com/content/ac949729-6167-4b6c-ac3f-f0aa71aca193

germany's enron incoming.

[reformed nice guy]

2 hours ago, spygirl said:

Wirecard files for insolvency proceedings

That has cheered me up today - good old schadenfreude.

I hope that it unwinds LOTS of derivatives leading back to Deutch Bank

[Chewing Grass]

6 minutes ago, reformed nice guy said:

That has cheered me up today - good old schadenfreude.

I hope that it unwinds LOTS of derivatives leading back to Deutch Bank

Bit like an exocet missile.

[Green Devil]

12 hours ago, Wig said:

What’s going to collapse next?

US indices, again, followed by world indices again. Followed by world wide house prices, rising finally.

🧐😁

FTFY.

[sancho panza]

[spygirl]

Outu.

Intu Administration.

Other puns work.

Just got to wait for Amigo loans now.

 

[sancho panza]

1 hour ago, spygirl said:

Outu.

Intu Administration.

Other puns work.

Just got to wait for Amigo loans now.

 

Greetings fellow Doomsbodders....

https://www.dailymail.co.uk/news/article-8462497/Intu-admits-likely-call-administrators-putting-Lakeside-Trafford-Centre-risk.html

 

'The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.

Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.

Intu Braehead (Glasgow)

Intu Broadmarsh (Nottingham)

Intu Chapelfield (Norwich) 

Intu Derby

Intu Eldon Square (Newcastle)

Intu Lakeside (Essex) 

Intu Merry Hill (Brierley, near Dudley)

Intu MetroCentre (Gateshead) 

Intu Milton Keynes

Intu Potteries (Stoke-on-Trent) 

Intu Trafford Centre (Manchester)

Intu Uxbridge

Intu Victoria Centre (Nottingham) 

Intu Watford 

[TheCountOfNowhere]

On 25/06/2020 at 01:06, Wig said:

What’s going to collapse next?

US indices, again, followed by world indices again. Followed by world wide house prices, finally.

🧐😁

Hey Wig-man, dont worry they'll just bang up the indexes again ?

How goes it ?

15 minutes ago, sancho panza said:

Greetings fellow Doomsbodders....

https://www.dailymail.co.uk/news/article-8462497/Intu-admits-likely-call-administrators-putting-Lakeside-Trafford-Centre-risk.html

 

'The group has struggled under a £4.5 billion debt burden for the past year, but has been hammered by significantly lower rent payments from retail tenants since the coronavirus outbreak.

Intu employs about 3,000 staff across the UK, while a further 102,000 work for the shops within its shopping centres.

Intu Braehead (Glasgow)

Intu Broadmarsh (Nottingham)

Intu Chapelfield (Norwich) 

Intu Derby

Intu Eldon Square (Newcastle)

Intu Lakeside (Essex) 

Intu Merry Hill (Brierley, near Dudley)

Intu MetroCentre (Gateshead) 

Intu Milton Keynes

Intu Potteries (Stoke-on-Trent) 

Intu Trafford Centre (Manchester)

Intu Uxbridge

Intu Victoria Centre (Nottingham) 

Intu Watford 

I hear they are going Intu Administration today ?

[TheCountOfNowhere]

1 hour ago, spygirl said:

Outu.

Intu Administration.

Other puns work.

Just got to wait for Amigo loans now.

 

Beat me too it.

I feel like my pun crown has been split Intu.

[sancho panza]

Here it comes...

https://metro.co.uk/2020/06/25/major-uk-cities-verge-bankruptcy-due-coronavirus-12900081/

City councils are on the verge of bankruptcy due to the devastating impact of coronavirus. It’s believed that at least five city councils are in complete financial crisis, with officials warning no amount of spending control could rectify the monetary destruction caused by Covid-19. Local authorities in cities such as Manchester, Birmingham and Liverpool have issued a desperate funding demand to the government, claiming vital services will be simply impossible to deliver to vulnerable residents without an urgent cash injection. Sir Richard Leese, Labour leader of Manchester City Council, said his administration was looking at a financial loss of £166 million, with a shortfall of £31 million this year and £162 million in the next – a quarter of its net budget.

 

Councillor Philip Whitehead, Tory leader of Wiltshire Council, echoed Sir Richard’s concerns on the same programme, with his administration seeing a net financial impact of £51 million after accounting for money already granted by the Government.

 

Read more: https://metro.co.uk/2020/06/25/major-uk-cities-verge-bankruptcy-due-coronavirus-12900081/?ito=cbshare

Twitter: https://twitter.com/MetroUK | Facebook: https://www.facebook.com/MetroUK/

[spygirl]

5 minutes ago, sancho panza said:

Here it comes...

https://metro.co.uk/2020/06/25/major-uk-cities-verge-bankruptcy-due-coronavirus-12900081/

City councils are on the verge of bankruptcy due to the devastating impact of coronavirus. It’s believed that at least five city councils are in complete financial crisis, with officials warning no amount of spending control could rectify the monetary destruction caused by Covid-19. Local authorities in cities such as Manchester, Birmingham and Liverpool have issued a desperate funding demand to the government, claiming vital services will be simply impossible to deliver to vulnerable residents without an urgent cash injection. Sir Richard Leese, Labour leader of Manchester City Council, said his administration was looking at a financial loss of £166 million, with a shortfall of £31 million this year and £162 million in the next – a quarter of its net budget.

 

Councillor Philip Whitehead, Tory leader of Wiltshire Council, echoed Sir Richard’s concerns on the same programme, with his administration seeing a net financial impact of £51 million after accounting for money already granted by the Government.

 

Read more: https://metro.co.uk/2020/06/25/major-uk-cities-verge-bankruptcy-due-coronavirus-12900081/?ito=cbshare

Twitter: https://twitter.com/MetroUK | Facebook: https://www.facebook.com/MetroUK/

Lets have a looky.

http://wiltshire.gov.uk/news/articles/budget-council-tax-agreed#:~:text=There will be a steady,projects over the next decade.

There will be a steady growth in Wiltshire Council's budget of around £10M per year rising from around £344m to £386m over the next five years. The council is also expected to invest around £800m in capital projects over the next decade.

So, a reduction of income  ~15%.

Jesus.

How much non statutory spend does WiltsCC have?

Id bet its more than $£50m.

What is the cost of sick days over 5 days/year?

Lets have a look at capital spend

https://cms.wiltshire.gov.uk/documents/s172870/Capital Strategy.pdf

Growing the Economy (£508.559 million in the period 2020/2021-2029/2030)

We want to continue sustainable growth in our communities, and grow the skills of the local workforce so that we can continue to attract and retain high value businesses in Wiltshire. To do that we also recognise we need to have high quality schools, colleges and Higher Education provision, good transport networks and employment sites, as well as sufficient housing in clean, safe and attractive environments. Capital projects include Chippenham Station Hub; Regeneration of the Maltings and Central Car Park, Salisbury; Council House Build Programme; Refurbishment of the Council’s Housing Stock; Highways Structural Maintenance; and LED Street Lighting.  Stronger Communities (£132.529 million in the period 2020/2021-2029/2030) We want people in Wiltshire to be encouraged to take responsibility for their wellbeing, build positive relationships and to get involved, influence and take action on what’s best for their own communities – we want residents to succeed to the best of their abilities and feel safe where they live and work. Capital projects include Health & Wellbeing Centres; Schools Basic Need; Special Schools and Schools Maintenance & Modernisation.

Protecting Those Who Are Most Vulnerable (£32.287 million in the period 2020/2021-2029/2030)

We want to build communities that enable all residents to have a good start in life, enjoying healthy and fulfilling lives through to a dignified end of life. We will provide people with the opportunities and skills to achieve this by investing in early intervention, prevention and promoting community inclusivity. Where care is needed, health and social care will be delivered seamlessly to the highest standards. For the most vulnerable we will work closely with health and the voluntary sector to provide appropriate, local, cost efficient and good quality care packages, support and facilities. Capital projects include Disabled Facilities Grants and Adult Care Transitions.

An Innovative and Effective Council (£224.955 million in the period 2020/2021-2029/2030) Looking ahead, we must continue to be innovative in how we work. Doing things differently means that some difficult decisions will need to be made in order that the rising demand for some services can be met. We will also focus on generating income by adopting a more commercial approach in what we do and seizing the opportunity to work with businesses for mutual benefits. By working closely with communities, businesses and public sector partners we can achieve so much more and together we can make Wiltshire an even better place in which to live, work and visit. We will continue to make Wiltshire a special place where communities are strong, more connected and able to cope with any challenges they face. Capital projects include those that are cross-cutting; aiming to transform services or facilitating a more commercial approach such as a Housing Company; Commercial Investment; Carbon Reduction; Operational Property Energy Efficiency and Generation; and a number of ICT related schemes such as ICT Get Well and ICT Applications, which 

 

None of those are capital projects.

Wiltshire is hillbilly land. Other than some leftovers in Swindon, the rest of the county is pretty much dead to any form medium to large business.

IIRC there are *NO* HE providers in Wiltshire. For a good reason - hill billy.

 Of course, I have a feeling theyll go down the route of FE college writing shit degrees.

Innocative effective council. Simple. Sack anyone taking more than 5 days off without a serious illness.

Then start gutting the admin.

 

 

 

 

 

[TheCountOfNowhere]

1 hour ago, sancho panza said:

 

City councils are on the verge of bankruptcy due to the devastating impact of coronavirus STUPIDTY, GREED, MISMANAGEMENT, LACK OF RISK, SHORT SIGHTEDNESS and CORRUPTION

 

 

 

[eek]

36 minutes ago, TheCountOfNowhere said:

City councils are on the verge of bankruptcy due to the devastating impact of coronavirus STUPIDTY, GREED, MISMANAGEMENT, LACK OF RISK, SHORT SIGHTEDNESS and CORRUPTION

But the world would have allowed that to continue (forever) unabated until Covid 19 resulted in the tide changing direction and the truth being revealed.

[TheCountOfNowhere]

19 minutes ago, eek said:

But the world would have allowed that to continue (forever) unabated until Covid 19 resulted in the tide changing direction and the truth being revealed.

Something was always going to come along and collapse the bankers pyramid scam.  

https://ag.ny.gov/consumer-frauds/pyramid-schemes

Pyramid schemes are doomed to fail because their success depends on the ability to recruit more and more investors. Since there are only a limited number of people in a given community, all pyramid schemes will ultimately collapse. The only people who make money are those few who are on the top of the pyramid.

 

If you aint at the top, you're going to lose.

[Castlevania]

Who wants to bet that John Whittaker will buy The Trafford Centre out of administration?

[eek]

8 minutes ago, TheCountOfNowhere said:

Something was always going to come along and collapse the bankers pyramid scam.  

https://ag.ny.gov/consumer-frauds/pyramid-schemes

Pyramid schemes are doomed to fail because their success depends on the ability to recruit more and more investors. Since there are only a limited number of people in a given community, all pyramid schemes will ultimately collapse. The only people who make money are those few who are on the top of the pyramid.

 

If you aint at the top, you're going to lose.

Councils aren't really pyramid schemes, they (just like all large businesses) use money from one source to pay for other things. Covid stopped the merry go round which meant money isn't coming in from some sources and won't be coming in for a while.

Just now, Castlevania said:

Who wants to bet that John Whittaker will buy The Trafford Centre out of administration?

That's a certainty no-one sane would take that bet.

[TheCountOfNowhere]

1 minute ago, eek said:

Councils aren't really pyramid schemes, they (just like all large businesses) use money from one source to pay for other things. Covid stopped the merry go round which meant money isn't coming in from some sources and won't be coming in for a while.

That's a certainty no-one sane would take that bet.

No, not the councils, the whole rotten system.

[janch]

2 hours ago, spygirl said:

. Capital projects include Chippenham Station Hub

Hilariously they are building a multi-storey car park opposite the station.  The existing station car park holds around 200-300 cars (I estimate) but at present only gets a handful whereas it used to be choc-a-bloc with commuters' cars.

 

The thing which makes me most cross is how much of the enormous council tax we pay is spent on paying out local authority pensions.  They used to tell you in a lovely pie chart sent out with the bill.....not any more and it's purposely difficult to find the figures.....and it goes up every year.

[Harley]

15 minutes ago, janch said:

The thing which makes me most cross is how much of the enormous council tax we pay is spent on paying out local authority pensions. 

It's the elephant in the room no-one (MSM, polos, etc) will talk about (like the myriad of other real issues).  The cries of under-funding (Police the latest) to justify piss-poor-performance are mostly fake.  Note the carefully selected metrics many use to obscure the truth (e.g. headcount rather than budget). 

Edited June 26, 2020 by Harley

[Harley]

Shoe shop Hotter going for a CVA.  Partner and MIL panic!  Partner just cashed the voucher MIL sent her and shoes on the way(?).  Not a good time to be holding vouchers! 

[Ash4781b]

Councils going under would be mayhem in light of the funding that is routed through them (schools, adult social care, nurseries I can think of). Government if it want to could could make a land grab but there probably wouldn’t be much left to manage locally plus they’d have to administer it all. There would also be no point to the local politicians.

Edited June 26, 2020 by Ash4781b

[Ash4781b]

15 minutes ago, Harley said:

Shoe shop Hotter going for a CVA.  Partner and MIL panic!  Partner just cashed the voucher MIL sent her and shoes on the way(?).  Not a good time to be holding vouchers! 

So if one property for example the landlord is Intu Plc. How does that all work? Presumably person holding Intu Equity then debt takes the hit?

 

edited

Edited June 26, 2020 by Ash4781b