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Cynical Me.   | |||
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"Doubtful it will make much difference. Inflation still on the rise across Europe. Public sector pay rises will create massive inflationary pressure. Any savings that homeowners make will be dwarfed by Labour’s impending tax rises." Good job we’re not in “Europe” It’ll be fine. Just don’t liquidate any assts for next 5 years or die. Labour will be gone and CGT and IHT will go back down…maybe! | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me. "Very much this. Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget. I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack. Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop. It will slide back into the treasury. | |||
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"The Telegraph The FTSE 250, which is focused on domestic companies, jumped 0.8pc higher as policymakers voted by a majority of five votes to four to reduce the Bank Rate from its 16-year high of 5.25pc to 5pc. The FTSE 100 was 0.3pc higher while the pound dropped by 0.7pc against the dollar as traders bet that the Bank of England will cut interest rates again before the end of 2024. The Governor of the Bank of England, Andrew Bailey, said at a press conference that the decision to cut rates was “finely-balanced”. Money markets indicate there will be 35 more basis points of reductions in the Bank Rate this year. This means they expect at least one more quarter of a percentage point reduction to 4.75pc by the end of 2024." Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury."How? Money not paying on mortgage or borrowing will either be squirrelled away or spent in retail. So maybe a small uplift in tax receipts on savings (though saving rates will reduce so will this actually be a zero sum game) and promised no VAT increases. Surely the base rate (ergo mortgages and lending rates) have little bearing on decisions around CGT and IHT both of which I think are a given in October. | |||
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"Well inflation is 2% and the pound is up against the dollar but personally I think the BOE should have held them at 5.25 until the end of the year and then review. Lol daily mail idiot comment of the day "This will badly affect the majority of country as they are savers. This is just labour giving the unions what they want" What bothers me is these people are free to breed" Daily Mail demographic includes many who will be mortgage free and now want higher return on savings (strangely correlates with BoE board - been raking it in for a while now huh!) | |||
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"The Telegraph The FTSE 250, which is focused on domestic companies, jumped 0.8pc higher as policymakers voted by a majority of five votes to four to reduce the Bank Rate from its 16-year high of 5.25pc to 5pc. The FTSE 100 was 0.3pc higher while the pound dropped by 0.7pc against the dollar as traders bet that the Bank of England will cut interest rates again before the end of 2024. The Governor of the Bank of England, Andrew Bailey, said at a press conference that the decision to cut rates was “finely-balanced”. Money markets indicate there will be 35 more basis points of reductions in the Bank Rate this year. This means they expect at least one more quarter of a percentage point reduction to 4.75pc by the end of 2024. Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers " Can you change lender as that is rubbish! Quite a few down around 4% now and I think Nationwide first to drop below 4%? | |||
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" Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers Can you change lender as that is rubbish! Quite a few down around 4% now and I think Nationwide first to drop below 4%?" Fixed = penalty for switching  | |||
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" Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers Can you change lender as that is rubbish! Quite a few down around 4% now and I think Nationwide first to drop below 4%? Fixed = penalty for switching "Ah I assumed new deal in progress but if already in a fix = ouch | |||
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" Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers Can you change lender as that is rubbish! Quite a few down around 4% now and I think Nationwide first to drop below 4%? Fixed = penalty for switching "I've been a nationwide customer for 25 years and they were offering me amazing deals. However as my wife and I are separated I can't change lenders as on paper I can't afford it. | |||
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" Now I'm just bitter as the best deal I could get off my lender was 2 year fixed at 5.5 which is intil February 2026! They only offer trackers to new customers! Tossers Can you change lender as that is rubbish! Quite a few down around 4% now and I think Nationwide first to drop below 4%? Fixed = penalty for switching
I've been a nationwide customer for 25 years and they were offering me amazing deals. However as my wife and I are separated I can't change lenders as on paper I can't afford it."Sorry to hear that. Silver lining - in Feb 26 if thing go well you should see a big drop in your mortgage, hang on in there! | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How? Money not paying on mortgage or borrowing will either be squirrelled away or spent in retail. So maybe a small uplift in tax receipts on savings (though saving rates will reduce so will this actually be a zero sum game) and promised no VAT increases.
Surely the base rate (ergo mortgages and lending rates) have little bearing on decisions around CGT and IHT both of which I think are a given in October."The amount of disposable cash will find its way in the treasury through many tax hikes we are about to see. What Reeves said a couple of days ago. “Ms Reeves reiterated that she would not raise VAT, national insurance or income tax, as promised in Labour's manifesto, but she did not rule out increasing inheritance tax, capital gains tax, or reforming tax relief on pensions”. The Treasury said there will be "further difficult decisions on tax and spending" at the Budget in the autumn. Expect fuel duties to rise as the big hitter. Fuel hikes will see household item increase significantly along with haulage and manufacturing costs, which in turn puts more VAT into the treasury. She will play this out until we start to crack, but that won’t be for a while as the public sector pay rises have taken this strategy into account and as I said some mortgages will reduce which will put money into the pocket of home owners, increasing their spend capacity. This gives the government a window of opportunity to recoup the money it gave away and keep the public sector and unions happy for a while. Once the public sector start to feel the crunch, it will then be time to hit income tax, much to the delight of those feeling the pinch if they hit upper tax brackets, making them feel as though they are being looked after. I will stop there but you get the idea? | |||
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"Doubtful it will make much difference. Inflation still on the rise across Europe. Public sector pay rises will create massive inflationary pressure. Any savings that homeowners make will be dwarfed by Labour’s impending tax rises." European inflation estimated to be marginally up by 0.1% on previous month. Your analysis is someone sweeping there | |||
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" The Treasury said there will be "further difficult decisions on tax and spending" at the Budget in the autumn. Expect fuel duties to rise as the big hitter. Fuel hikes will see household item increase significantly along with haulage and manufacturing costs, which in turn puts more VAT into the treasury. What cost percentage of a household item is down to fuel duty? Oil prices are down significantly from their peak. Did prices of items fall? Is there VAT on food? She will play this out until we start to crack, but that won’t be for a while as the public sector pay rises have taken this strategy into account and as I said some mortgages will reduce which will put money into the pocket of home owners, increasing their spend capacity. This gives the government a window of opportunity to recoup the money it gave away and keep the public sector and unions happy for a while. Isn't this called growth? I will stop there but you get the idea? Actually I don't get the idea. I would much prefer to see working people getting more money to spend in the UK ecomony, than the £100s of billions taken out of the UK by mates of the Tories. " | |||
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"Doubtful it will make much difference. Inflation still on the rise across Europe. Public sector pay rises will create massive inflationary pressure. Any savings that homeowners make will be dwarfed by Labour’s impending tax rises. European inflation estimated to be marginally up by 0.1% on previous month. Your analysis is someone sweeping there" Thank you for fact checking my statement and confirming its accuracy. A useful public service. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury."How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all."Anyone coming off a fixed will get better deal than few months back (and that carries forward as, apparently, millions coming up over next year). Base rate changes also ultimately impact most other borrowing costs too, so credit cards and personal loans. Also impacts business finance and borrowing. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all.
Anyone coming off a fixed will get better deal than few months back (and that carries forward as, apparently, millions coming up over next year).
Base rate changes also ultimately impact most other borrowing costs too, so credit cards and personal loans. Also impacts business finance and borrowing.
"None of this will be of any benefit to me as someone with no debt. The fall in interest rates will have a marginally negative impact on savings but savings rates never kept pace with interest rate increases anyway. I’m anticipating that falling interest rates will have a marginally positive impact on some pensions arrangements. But as someone who has worked and saved hard, and never relied on the state for anything, I am going to be a prime target for Labour to skim so it can pay off its indolent public sector and trade union mates. Same old story under Labour I’m afraid. Work, effort, planning for the future, not expecting your neighbours to fund you, and self reliance don’t pay. Anyone who thinks this is a sound basis for a successful and harmonious society is deluding themselves. | |||
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" How does this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all." It's a good point. Basically raising interest rates was/is a crude tool to attempt to cut demand and lower inflation, but with a majority of home owners now on fixed rates or owned outright must be less effective. It also benefits those with savings, often wealthy pensioners. I asked Andrew Bailey chief at the BoE why not raise VAT temporarily to cut demand as it's more fairly spread across society. He replied tax policy is a government matter. Whilst that is correct it rather missed my point! | |||
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" How does this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all. It's a good point. Basically raising interest rates was/is a crude tool to attempt to cut demand and lower inflation, but with a majority of home owners now on fixed rates or owned outright must be less effective. It also benefits those with savings, often wealthy pensioners. I asked Andrew Bailey chief at the BoE why not raise VAT temporarily to cut demand as it's more fairly spread across society. He replied tax policy is a government matter. Whilst that is correct it rather missed my point!" Raising interest rates is the correct approach. If you can't slow demand inflation will continue to grow. It is basic supply and demand. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all."Probably? Why? There is a great deal of history for people to look at where mortgages are concerned. Unless those in unforeseen circumstances, you have to play the game or simply make informed decisions. | |||
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"The Telegraph The FTSE 250, which is focused on domestic companies, jumped 0.8pc higher as policymakers voted by a majority of five votes to four to reduce the Bank Rate from its 16-year high of 5.25pc to 5pc. The FTSE 100 was 0.3pc higher while the pound dropped by 0.7pc against the dollar as traders bet that the Bank of England will cut interest rates again before the end of 2024. The Governor of the Bank of England, Andrew Bailey, said at a press conference that the decision to cut rates was “finely-balanced”. Money markets indicate there will be 35 more basis points of reductions in the Bank Rate this year. This means they expect at least one more quarter of a percentage point reduction to 4.75pc by the end of 2024." That’s my forecast too. Although there is a chance it might not happen, this cut was only on a 5 to 4 majority so it’s not like they have consensus cutting rates is the right strategy now. They have also cautioned against cutting rates too quickly. I think we will see them come down to about 3 1/2 to 4% over 2 to 3 years that’s all. They are then going to stay where they should’ve always been unless anything really unexpected happens. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all."Thousands of mortgages and remortgages are taken up every day and the products available respond very quickly to rate changes. Plus large numbers of people are on tracker and variable rates for whatever reasons, not everybody takes a fix, The product fees of affix of them make them and competitive products for a lot of people. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How? Money not paying on mortgage or borrowing will either be squirrelled away or spent in retail. So maybe a small uplift in tax receipts on savings (though saving rates will reduce so will this actually be a zero sum game) and promised no VAT increases.
Surely the base rate (ergo mortgages and lending rates) have little bearing on decisions around CGT and IHT both of which I think are a given in October.
The amount of disposable cash will find its way in the treasury through many tax hikes we are about to see.
What Reeves said a couple of days ago.
“Ms Reeves reiterated that she would not raise VAT, national insurance or income tax, as promised in Labour's manifesto, but she did not rule out increasing inheritance tax, capital gains tax, or reforming tax relief on pensions”.
The Treasury said there will be "further difficult decisions on tax and spending" at the Budget in the autumn.
Expect fuel duties to rise as the big hitter.
Fuel hikes will see household item increase significantly along with haulage and manufacturing costs, which in turn puts more VAT into the treasury.
She will play this out until we start to crack, but that won’t be for a while as the public sector pay rises have taken this strategy into account and as I said some mortgages will reduce which will put money into the pocket of home owners, increasing their spend capacity.
This gives the government a window of opportunity to recoup the money it gave away and keep the public sector and unions happy for a while.
Once the public sector start to feel the crunch, it will then be time to hit income tax, much to the delight of those feeling the pinch if they hit upper tax brackets, making them feel as though they are being looked after.
I will stop there but you get the idea?
"I think the rate reduction may have a tenuous effect on how much the government pays out on the national debt so they may gain money themselves. I agree fuel rises are a likely target and that it will have a negative effect on prices. Although that will give more VAT it could damage the economy and growth so but of a juggling act. Be prepared for them using the green card to justify the rise. After the war on pensioners they need new victims and motorists have often been favourites. It also may be the case that caving into the union's on doctors pay so quickly has just set a precedent for all others to follow | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How dose this put more money in home owners pockets if you have a mortgage it's probably on a fixed rate, and if you own your home is no help at all.
Thousands of mortgages and remortgages are taken up every day and the products available respond very quickly to rate changes. Plus large numbers of people are on tracker and variable rates for whatever reasons, not everybody takes a fix, The product fees of affix of them make them and competitive products for a lot of people." | |||
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"The Telegraph The FTSE 250, which is focused on domestic companies, jumped 0.8pc higher as policymakers voted by a majority of five votes to four to reduce the Bank Rate from its 16-year high of 5.25pc to 5pc. The FTSE 100 was 0.3pc higher while the pound dropped by 0.7pc against the dollar as traders bet that the Bank of England will cut interest rates again before the end of 2024. The Governor of the Bank of England, Andrew Bailey, said at a press conference that the decision to cut rates was “finely-balanced”. Money markets indicate there will be 35 more basis points of reductions in the Bank Rate this year. This means they expect at least one more quarter of a percentage point reduction to 4.75pc by the end of 2024. That’s my forecast too. Although there is a chance it might not happen, this cut was only on a 5 to 4 majority so it’s not like they have consensus cutting rates is the right strategy now. They have also cautioned against cutting rates too quickly. I think we will see them come down to about 3 1/2 to 4% over 2 to 3 years that’s all. They are then going to stay where they should’ve always been unless anything really unexpected happens. " Agree, we need to setup the economy to minimise inflationary shock, or we will continue on feast and famine cycles. | |||
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"While Labour can't claim that result - I'll bet they are thinking 'Ooooooooo! That means they have more money to tax!'.
Cynical Me.
Very much this.
Interest rates going down puts more money in home owners pockets. We will have had a further 2 interest rate decisions between now and the October budget.
I expect Reeves to put pressure on the BoE to get the rate down to 4.5%, giving her a double edged attack.
Limit the increased spending power of the public sector workers on inflation by introducing increased taxes and at the same time grab the extra available money from homeowners who see their mortgage rates drop.
It will slide back into the treasury.
How? Money not paying on mortgage or borrowing will either be squirrelled away or spent in retail. So maybe a small uplift in tax receipts on savings (though saving rates will reduce so will this actually be a zero sum game) and promised no VAT increases.
Surely the base rate (ergo mortgages and lending rates) have little bearing on decisions around CGT and IHT both of which I think are a given in October.
The amount of disposable cash will find its way in the treasury through many tax hikes we are about to see.
What Reeves said a couple of days ago.
“Ms Reeves reiterated that she would not raise VAT, national insurance or income tax, as promised in Labour's manifesto, but she did not rule out increasing inheritance tax, capital gains tax, or reforming tax relief on pensions”.
The Treasury said there will be "further difficult decisions on tax and spending" at the Budget in the autumn.
Expect fuel duties to rise as the big hitter.
Fuel hikes will see household item increase significantly along with haulage and manufacturing costs, which in turn puts more VAT into the treasury.
She will play this out until we start to crack, but that won’t be for a while as the public sector pay rises have taken this strategy into account and as I said some mortgages will reduce which will put money into the pocket of home owners, increasing their spend capacity.
This gives the government a window of opportunity to recoup the money it gave away and keep the public sector and unions happy for a while.
Once the public sector start to feel the crunch, it will then be time to hit income tax, much to the delight of those feeling the pinch if they hit upper tax brackets, making them feel as though they are being looked after.
I will stop there but you get the idea?
I think the rate reduction may have a tenuous effect on how much the government pays out on the national debt so they may gain money themselves. I agree fuel rises are a likely target and that it will have a negative effect on prices. Although that will give more VAT it could damage the economy and growth so but of a juggling act. Be prepared for them using the green card to justify the rise. After the war on pensioners they need new victims and motorists have often been favourites. It also may be the case that caving into the union's on doctors pay so quickly has just set a precedent for all others to follow"The leaked Whatsapp message from the BMA would indicate more to come... | |||
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