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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded." That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand." Businesses constantly expanding means more consumerism, which means more climate change. So basically people buying more shit they don't need. Also where are they going to find the workers for this expansion. | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.”" Will the people who have been striking and won pay increases due to inflation have to give it back or will the increase in wages encouraged inflation to persist. | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.” Will the people who have been striking and won pay increases due to inflation have to give it back or will the increase in wages encouraged inflation to persist." Popular misconception on inflation (I know as usual you are being tongue in cheek). If inflation means something goes up by 10% it has still gone up and stays up. You need deflation for the price to drop back down. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. Businesses constantly expanding means more consumerism, which means more climate change. So basically people buying more shit they don't need. Also where are they going to find the workers for this expansion. " Not all industries/business are about consumerism though are they? What about companies developing green/clean energy sources? They still require investment. If they don’t succeed we’re fucked anyway! | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.” Will the people who have been striking and won pay increases due to inflation have to give it back or will the increase in wages encouraged inflation to persist. Popular misconception on inflation (I know as usual you are being tongue in cheek). If inflation means something goes up by 10% it has still gone up and stays up. You need deflation for the price to drop back down." To illustrate: Year 1 product cost £100 Year 2 inflation at 10% product now cost £110 Year 3 inflation falls to 2% so cost now £112.20 Year 4 needs deflation of c.11% to get cost back to £100 | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.”" Good for borrowers sh!t for savers. The interest rates should be sat somehwere around the 4% mark ideally. Sadly for 2 decades the uk has protected its housing market and done far too much fiscal expansion( bofe to blame in the main) You need to aim for a balance. Of rewarding savers and people who strive for improving their holdings as well as those looking to purchase assets. Since 2008 this balance has been in favour of those looking for homes at the expense of savers. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded." 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation " Wages will then need to keep up with inflation. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand." That's why fixed mortgages were invented. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. That's why fixed mortgages were invented." Only if you fix when they are low! | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation." Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. That's why fixed mortgages were invented. Only if you fix when they are low!" It stops fluctuation with monetary expansion and allows you to budget better | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder?" Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. That's why fixed mortgages were invented. Only if you fix when they are low! It stops fluctuation with monetary expansion and allows you to budget better " Thanks for the home economics 101  | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage?" When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded." Is that interest rates for savers, as well as borrowers? | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. Is that interest rates for savers, as well as borrowers?" The flat/base rate is the same that the bofe sets. The free market( banks )set their interest rate on property purchases usually 0.5-2% above base and typically savings 0.5% above base.( base being bofe rate) The reasons for the differences? Well the bank wants to pay its savers minimum, but use their savings for investment They want higher repayments for mortgages as an Income and these are typically fixed. If tne base rate goes up it usually means inflation is going up and the value of the 150k it leant you is now a lot less and so they need to recoup it back by higher mortgage rate. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. " The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? " It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. " So people who stay in the same job should or should not see their wages keep pace with inflation? | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation?" Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. | |||
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"Got to feal for the people how fixed when it was going up and are now stuck on a hi percentage for probably 5 years will they get a free move back down?" Thats the gamble. Floating vs fixed. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. " You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction). | |||
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"IMF are usually wrong about most things, just like the CBI and OBR. The overvalued property prices are probably the worst problem in the UK today. Interest rates are at a normal level and fiat currencies are weak, I'd be surprised if rates fall at all." Probably right. Especially as long as monetary policy is set by people who tend to be mortgage free but savings rich. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. That helps one group but fails to help younger people still paying mortgages or businesses wanting to borrow to expand. Businesses constantly expanding means more consumerism, which means more climate change. So basically people buying more shit they don't need. Also where are they going to find the workers for this expansion. Not all industries/business are about consumerism though are they? What about companies developing green/clean energy sources? They still require investment. If they don’t succeed we’re fucked anyway!" Those businesses should get special tax relief and incentives. I run a property company and see first hand the accumulation of cheap junk people leave behind when they leave properties. When I was growing up, there was more reuse of things and lots of second hand shops. Nowadays things are built cheap to last a very short life and fill up land sites. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction)." The point is you're not stuck on that pay without moving. In the private sector you generally don't get guaranteed parishes per annum typically you get inflation linked payrises or less than inflation. There's a difference between private and public sector. Public sector get parishes based on service length in many areas. The private sector offers no such thing. Care workers are underpaid...that's why there's a huge gap in the market for them. The problem with most businesses is that they have a budget for recruitment fees and not staff retention it's a well known flaw in the model. My way would be that if a business valued its employees it would pay them a good wage and increase that wage for retention. At a previous employer they fave me a 10% pay rise in 2021 because I said I'd leave. They valued my knowledge and work ethic At another indidnt get a payrise for 4 years. I left. Subsequently. They were fined by the gambling commission in the area I left because they never properly replaced me. Thisnsi the free market. If they'd have paid me my worth they wouldn't jave had the 2m fine. Instead they chose not to pay me my bonus or give emergency a fair wage. I left. That's the free market. If steady Eddie's want to just stay where they are That's fine. I've come across many accountants who want that. Some give up on their exams. But don't expect a qualified wage. If they want to leave they can...you backfill them with assistant accountants and train them up.then they can either steady Eddie. Move on. Or climb up. | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction). The point is you're not stuck on that pay without moving. In the private sector you generally don't get guaranteed parishes per annum typically you get inflation linked payrises or less than inflation. There's a difference between private and public sector. Public sector get parishes based on service length in many areas. The private sector offers no such thing. Care workers are underpaid...that's why there's a huge gap in the market for them. The problem with most businesses is that they have a budget for recruitment fees and not staff retention it's a well known flaw in the model. My way would be that if a business valued its employees it would pay them a good wage and increase that wage for retention. At a previous employer they fave me a 10% pay rise in 2021 because I said I'd leave. They valued my knowledge and work ethic At another indidnt get a payrise for 4 years. I left. Subsequently. They were fined by the gambling commission in the area I left because they never properly replaced me. Thisnsi the free market. If they'd have paid me my worth they wouldn't jave had the 2m fine. Instead they chose not to pay me my bonus or give emergency a fair wage. I left. That's the free market. If steady Eddie's want to just stay where they are That's fine. I've come across many accountants who want that. Some give up on their exams. But don't expect a qualified wage. If they want to leave they can...you backfill them with assistant accountants and train them up.then they can either steady Eddie. Move on. Or climb up. " So I simply do not see an issue of ensuring wages track inflation. Keep the steady eddies with a fair wage for fair labour. Reward and incentivise the rising stars. Maybe some of the steady eddies will see that and say “I want a but of that” and up their game. Your personal examples do not change that approach. You were clearly a star (in terms of your knowledge and experience) and that company learned a hard lesson. I wonder if they are now better at remuneration? Your “no inflation linked pay rises” is actually proving to be detrimental to UK society and the public purse. Just one example = Nurses and Doctors are dropping out of the NHS and going freelance. They then come back in as locums on vastly higher day rates (plus agency mark up). Many of them would not have bothered if their pay had kept pace with inflation. Means the NHS has huge staff shortages and are busting budgets to stand still. Crazy way to operate. Pay well in the first place! P.S. your autocorrect did give me a giggle “parishes” | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction). The point is you're not stuck on that pay without moving. In the private sector you generally don't get guaranteed parishes per annum typically you get inflation linked payrises or less than inflation. There's a difference between private and public sector. Public sector get parishes based on service length in many areas. The private sector offers no such thing. Care workers are underpaid...that's why there's a huge gap in the market for them. The problem with most businesses is that they have a budget for recruitment fees and not staff retention it's a well known flaw in the model. My way would be that if a business valued its employees it would pay them a good wage and increase that wage for retention. At a previous employer they fave me a 10% pay rise in 2021 because I said I'd leave. They valued my knowledge and work ethic At another indidnt get a payrise for 4 years. I left. Subsequently. They were fined by the gambling commission in the area I left because they never properly replaced me. Thisnsi the free market. If they'd have paid me my worth they wouldn't jave had the 2m fine. Instead they chose not to pay me my bonus or give emergency a fair wage. I left. That's the free market. If steady Eddie's want to just stay where they are That's fine. I've come across many accountants who want that. Some give up on their exams. But don't expect a qualified wage. If they want to leave they can...you backfill them with assistant accountants and train them up.then they can either steady Eddie. Move on. Or climb up. So I simply do not see an issue of ensuring wages track inflation. Keep the steady eddies with a fair wage for fair labour. Reward and incentivise the rising stars. Maybe some of the steady eddies will see that and say “I want a but of that” and up their game. Your personal examples do not change that approach. You were clearly a star (in terms of your knowledge and experience) and that company learned a hard lesson. I wonder if they are now better at remuneration? Your “no inflation linked pay rises” is actually proving to be detrimental to UK society and the public purse. Just one example = Nurses and Doctors are dropping out of the NHS and going freelance. They then come back in as locums on vastly higher day rates (plus agency mark up). Many of them would not have bothered if their pay had kept pace with inflation. Means the NHS has huge staff shortages and are busting budgets to stand still. Crazy way to operate. Pay well in the first place! P.S. your autocorrect did give me a giggle “parishes”" OK. My issue is that inflation isn't sector specific. Your sector my not have it inputs go up and thus you can't generate more sales revenue to compensate for the change in wages. Not every item is in the cpi basket. The steady eddies receive a fair wage. They can move employers if they ant more without upskilling My previous employer never learned their lesson..they've subsequently been fined 7m for other failing recently. Nurses and drs are dropping out of the NHS. We get about 50% of our labour from abroad for tbe nhs I think. We just signed an agreement to hire 30k buses from Nigeria. Where are these dra and Nurses going? If they wish to locum that is fine. Hopefully with our new skills requirements for visas and no fom we cam hire more from abroad willing to work for a reasonable sum | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction). The point is you're not stuck on that pay without moving. In the private sector you generally don't get guaranteed parishes per annum typically you get inflation linked payrises or less than inflation. There's a difference between private and public sector. Public sector get parishes based on service length in many areas. The private sector offers no such thing. Care workers are underpaid...that's why there's a huge gap in the market for them. The problem with most businesses is that they have a budget for recruitment fees and not staff retention it's a well known flaw in the model. My way would be that if a business valued its employees it would pay them a good wage and increase that wage for retention. At a previous employer they fave me a 10% pay rise in 2021 because I said I'd leave. They valued my knowledge and work ethic At another indidnt get a payrise for 4 years. I left. Subsequently. They were fined by the gambling commission in the area I left because they never properly replaced me. Thisnsi the free market. If they'd have paid me my worth they wouldn't jave had the 2m fine. Instead they chose not to pay me my bonus or give emergency a fair wage. I left. That's the free market. If steady Eddie's want to just stay where they are That's fine. I've come across many accountants who want that. Some give up on their exams. But don't expect a qualified wage. If they want to leave they can...you backfill them with assistant accountants and train them up.then they can either steady Eddie. Move on. Or climb up. So I simply do not see an issue of ensuring wages track inflation. Keep the steady eddies with a fair wage for fair labour. Reward and incentivise the rising stars. Maybe some of the steady eddies will see that and say “I want a but of that” and up their game. Your personal examples do not change that approach. You were clearly a star (in terms of your knowledge and experience) and that company learned a hard lesson. I wonder if they are now better at remuneration? Your “no inflation linked pay rises” is actually proving to be detrimental to UK society and the public purse. Just one example = Nurses and Doctors are dropping out of the NHS and going freelance. They then come back in as locums on vastly higher day rates (plus agency mark up). Many of them would not have bothered if their pay had kept pace with inflation. Means the NHS has huge staff shortages and are busting budgets to stand still. Crazy way to operate. Pay well in the first place! P.S. your autocorrect did give me a giggle “parishes” OK. My issue is that inflation isn't sector specific. Your sector my not have it inputs go up and thus you can't generate more sales revenue to compensate for the change in wages. Not every item is in the cpi basket. The steady eddies receive a fair wage. They can move employers if they ant more without upskilling My previous employer never learned their lesson..they've subsequently been fined 7m for other failing recently. Nurses and drs are dropping out of the NHS. We get about 50% of our labour from abroad for tbe nhs I think. We just signed an agreement to hire 30k buses from Nigeria. Where are these dra and Nurses going? If they wish to locum that is fine. Hopefully with our new skills requirements for visas and no fom we cam hire more from abroad willing to work for a reasonable sum" Still do not see why wages should not go up with inflation. While some are happy to be static, nobody should expect their wages to decline in real terms. As for Doctors and Nurses (and 30k buses lol) as a taxpayer I would be happier with paying a decent wage, having higher numbers of permanent staff (with forecastable budgets) rather than paying through the nose for agency locums! | |||
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"Interest rates should be pegged at 2% above inflation so that us savers are rewarded. 100% whatever stops the credit expansion getting out of control. Usually a percentage take point or so above inflation Wages will then need to keep up with inflation. Why? It's not for the private businesses to keep paying you more for the same job. You have 40-50 years of a working life. And you don't want tk improve your wage expectations by going uo the corporate ladder? Rhetorical question I assume rather than directed at me? Rather a naive take from you unusually! If inflation is 0% then you don’t need to give pay rises. If cost of living increases then yes people doing the same job need a pay rise otherwise they are being paid less in subsequent years. Not everyone can climb the corporate ladder (or wants to). Not all nurses want to become ward sisters (is that a thing? You know what I mean though). Not all car mechanics want (or have the skills) to be the boss of the garage. Not every factory floor worker on the production line wants or can be the foreman. Etc If everyone becomes a boss then who is doing the work? If corporate profits increase, shouldn’t workers expect to share in that with a better wage? When has inflation been kept at 0% in any economy? I'll await the data on a economy with 0% I flatiron for 40 years. If people don't want to get better wages. That's their problem.. its not flr me a d the governemnt to subsidise their life choice. Mechanics etc can change garages. They can set up their own business. Garages can charge more and pay more. That's the free market a d if they don't pay more the mechanic can leave for a garage that does. Again that's the free market. The naivety continues. I am surprised compared to your normal posts! I didn’t say an economy can/should or has be/been kept at 0% inflation (they call that stagflation right?) I stated a simple mathematical fact that if a workers wages do not keep up with inflation then they end up with a year-on-year pay cut for doing the same job. Yep a mechanic can go get another job in another garage. Guess what? That garage are paying better. Guess what else? The garage they left will either have to up their wages to replace the mechanic or accept a less experienced/qualified mechanic. What if the success of that garage is down to how happy customers are with the work of that particular mechanic so they get repeat custom and positive word of mouth and referrals. Shouldn’t the mechanic share in the success of the garage with a decent pay rise? So what about people working as Nurses? Firefighters? Careworkers? Etc. Should they all just up sticks and move to another industry for a better wage? Perhaps they should but 1) society loses their skills and experience and 2) They will no longer be doing the job that they originally trained for and presumably wanted to do for personal reasons. Doesn’t seem like a smart approach to me as you end up with lower motivation ergo lower productivity. A drop in standards linked to loss of experience. A loss of all that investment (time and money) skilling people up. An odd thing to do? It seems pointless stating something as a possibility that never occurred in real life. Its a moot point. Agreed the place he left will have to uo their wages or get a crapper mechanic...should have just paid better. Don't we love the free market. You're entire post read like a free market trumpeterring. That's good to see. I worked in a different industry until I was 30( that's 9 years of my working life) I changed jobs at 30 took a 50% payout. But no. Many jobs in nursing a d doctoring go up in bands and automatically increase in pay every 2 years. For example firefighter Trainee 28k Development 29k Competent 38k Leading 41k So on so forth These are based on time spent. It's the same in the army and nursing. Care workers are some of the worst paid. That's why the industrynis struggling. People are leaving. Because care hoe owner don't pay enough but some of the profit are exorbitant. Again the free market. If you take the piss out of your staff with wages. They will leave. And they have done. I'm not quite sure why you believe some one has to stay in an industry theynoriginally trained in I worked in bookmaking then anti money laundering then accounting. Many people re skill. I dont see productivity declining. Infact evidence shows if you're replaceable by a machine productivity goes up immensely. So people who stay in the same job should or should not see their wages keep pace with inflation? Nope. It disincentivises people from bettering themselves. Why would you try and earn a better wages when your salary goes u automatically and covers your expenses. They tried this experiment in a Scandinavian country. Where you earned a basic living income regardless of.having a job etc. People didn't try and better their wages or get off the benefit system...but apparently they were happier. You just said careworkers are underpaid. Not sure if you support pay grades based on experience and your example re firefighters but I take it you do not think those grades should be adjusted now and then to keep in line with inflation? I know you are an accountant but I wonder if you have run a multi-employee business? Recruitment and retention is a nightmare. Your approach would see a constant churn of staff bringing both instability and loss of knowledge and experience. The best way to incentivise people is to actually incentivise them! As an accountant you obviously know a lot about numbers but I have to wonder how much you know about people and motivation. While every business needs some stars, some high achieving shining lights, it also needs a chunk of steady Eddies who are happy just getting on and doing what they are asked. If everyone is ambitious you have a stability problem and an ego problem. Likely an HR problem too. A good business looks after the steady Eddies knowing the shooting stars will look after themselves (with a bit of guidance and pointing in the right direction). The point is you're not stuck on that pay without moving. In the private sector you generally don't get guaranteed parishes per annum typically you get inflation linked payrises or less than inflation. There's a difference between private and public sector. Public sector get parishes based on service length in many areas. The private sector offers no such thing. Care workers are underpaid...that's why there's a huge gap in the market for them. The problem with most businesses is that they have a budget for recruitment fees and not staff retention it's a well known flaw in the model. My way would be that if a business valued its employees it would pay them a good wage and increase that wage for retention. At a previous employer they fave me a 10% pay rise in 2021 because I said I'd leave. They valued my knowledge and work ethic At another indidnt get a payrise for 4 years. I left. Subsequently. They were fined by the gambling commission in the area I left because they never properly replaced me. Thisnsi the free market. If they'd have paid me my worth they wouldn't jave had the 2m fine. Instead they chose not to pay me my bonus or give emergency a fair wage. I left. That's the free market. If steady Eddie's want to just stay where they are That's fine. I've come across many accountants who want that. Some give up on their exams. But don't expect a qualified wage. If they want to leave they can...you backfill them with assistant accountants and train them up.then they can either steady Eddie. Move on. Or climb up. So I simply do not see an issue of ensuring wages track inflation. Keep the steady eddies with a fair wage for fair labour. Reward and incentivise the rising stars. Maybe some of the steady eddies will see that and say “I want a but of that” and up their game. Your personal examples do not change that approach. You were clearly a star (in terms of your knowledge and experience) and that company learned a hard lesson. I wonder if they are now better at remuneration? Your “no inflation linked pay rises” is actually proving to be detrimental to UK society and the public purse. Just one example = Nurses and Doctors are dropping out of the NHS and going freelance. They then come back in as locums on vastly higher day rates (plus agency mark up). Many of them would not have bothered if their pay had kept pace with inflation. Means the NHS has huge staff shortages and are busting budgets to stand still. Crazy way to operate. Pay well in the first place! P.S. your autocorrect did give me a giggle “parishes” OK. My issue is that inflation isn't sector specific. Your sector my not have it inputs go up and thus you can't generate more sales revenue to compensate for the change in wages. Not every item is in the cpi basket. The steady eddies receive a fair wage. They can move employers if they ant more without upskilling My previous employer never learned their lesson..they've subsequently been fined 7m for other failing recently. Nurses and drs are dropping out of the NHS. We get about 50% of our labour from abroad for tbe nhs I think. We just signed an agreement to hire 30k buses from Nigeria. Where are these dra and Nurses going? If they wish to locum that is fine. Hopefully with our new skills requirements for visas and no fom we cam hire more from abroad willing to work for a reasonable sum Still do not see why wages should not go up with inflation. While some are happy to be static, nobody should expect their wages to decline in real terms. As for Doctors and Nurses (and 30k buses lol) as a taxpayer I would be happier with paying a decent wage, having higher numbers of permanent staff (with forecastable budgets) rather than paying through the nose for agency locums!" 30k nurses sorry. | |||
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"You will be employing mpre people on a lower wage with less agency work with the agreements the uk is making for nurses from abroad. Happy day "Shhhh don’t tell anyone who is anti immigration! They were happy the EU workers went home, they’ll do their nut over this! | |||
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"You will be employing mpre people on a lower wage with less agency work with the agreements the uk is making for nurses from abroad. Happy day
Shhhh don’t tell anyone who is anti immigration! They were happy the EU workers went home, they’ll do their nut over this!"I've never had a problem with immigration, nor real asylum seekers. I want skilled workers and genuinely e refugees. I am happy we've do e out bit in operation pitting, raking in Ukrainians and Hong Kong people, 25000 others last year. I am happy to have 100 000 skilled immigrants come in if there's re specific shortages, welders, nurses etc. I dont think any one I have iterated with on here pro brexit has said anything differently. | |||
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"You will be employing mpre people on a lower wage with less agency work with the agreements the uk is making for nurses from abroad. Happy day
Shhhh don’t tell anyone who is anti immigration! They were happy the EU workers went home, they’ll do their nut over this!
I've never had a problem with immigration, nor real asylum seekers.
I want skilled workers and genuinely e refugees.
I am happy we've do e out bit in operation pitting, raking in Ukrainians and Hong Kong people, 25000 others last year.
I am happy to have 100 000 skilled immigrants come in if there's re specific shortages, welders, nurses etc.
I dont think any one I have iterated with on here pro brexit has said anything differently."Anyone you have “iterated with”? I didn’t say you. There are others and have been over the years who celebrated EU workers going home and how this would be better for UK wages. | |||
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"You will be employing mpre people on a lower wage with less agency work with the agreements the uk is making for nurses from abroad. Happy day
Shhhh don’t tell anyone who is anti immigration! They were happy the EU workers went home, they’ll do their nut over this!
I've never had a problem with immigration, nor real asylum seekers.
I want skilled workers and genuinely e refugees.
I am happy we've do e out bit in operation pitting, raking in Ukrainians and Hong Kong people, 25000 others last year.
I am happy to have 100 000 skilled immigrants come in if there's re specific shortages, welders, nurses etc.
I dont think any one I have iterated with on here pro brexit has said anything differently.
Anyone you have “iterated with”?
I didn’t say you. There are others and have been over the years who celebrated EU workers going home and how this would be better for UK wages."Interacted. Sorry I only ever post on here as a bit of fun while doing other things and don't bother spell checking / checking autocorrect | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.”" Interest rates are not historically high now. Why would they be reduced again? Would that not create another asset bubble. I understand this is a prediction and they are not setting policy, but it sounds like not learning much... | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.” Interest rates are not historically high now. Why would they be reduced again? Would that not create another asset bubble. I understand this is a prediction and they are not setting policy, but it sounds like not learning much..." Maybe to stimulate growth? | |||
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"Let’s hope the IMF have this right! Sure some of our resident economists can explain if this is good or bad (why they aren’t working as economists is a mystery for the ages!) “Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund (IMF). This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-COVID levels. Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said. "Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.” Interest rates are not historically high now. Why would they be reduced again? Would that not create another asset bubble. I understand this is a prediction and they are not setting policy, but it sounds like not learning much... Maybe to stimulate growth? " Is the growth helpful if it creates a bubble? This was supposed to be part of a temporary fix for a crisis. | |||
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"Why are they not working as economists ? Because they are probably better than that. Economists consistently get it wrong , with no impact , unlike traders who get it wrong and jump of buildings or the likes of people here who actually have to make the decisions on what to invest in and when " Economists inevitably get it wrong because it's a "little bit" complicated. They also live in the world so will feel the consequences. They provide the best data that they can with the associated caveats. It remains significantly better than guessing. | |||
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