Don't bother saving for your retirement : Wed Nov 13, 2013 11:44 am  

Hidden in reports of David Cameron's announcement of permanent austerity, comes this little gem: "The Prime Minister said the biggest threat to the cost of living was if Britain allowed its debts to get out of control, driving up interest and mortgage rates." If this is correctly reported, then Cameron is saying that interest rates need to stay low. So, how will that encourage anyone to save? Besides, house prices are on the rise again anyway, but it's difficult to see how, even if interest rates were to rise, that would change much, given the rate at which interest presently is and the rates at which the likes of transport and fuel costs are going up. Presumably, his 'point' is that interest rates need to stay low to encourage people to spend. Now I could be wrong, but hasn't everyone decided that cheap credit was a bad thing, and didn't even Cameron's Tories suggest that the economy needs rebalancing? Have they not also suggested that saving is a positive thing to do? Or was that all rhetoric, as opposed to the 'truth', as fed to him by big business and big finance?

Hidden in reports of David Cameron's announcement of permanent austerity, comes this little gem: "The Prime Minister said the biggest threat to the cost of living was if Britain allowed its debts to get out of control, driving up interest and mortgage rates." If this is correctly reported, then Cameron is saying that interest rates need to stay low. So, how will that encourage anyone to save? Besides, house prices are on the rise again anyway, but it's difficult to see how, even if interest rates were to rise, that would change much, given the rate at which interest presently is and the rates at which the likes of transport and fuel costs are going up. Presumably, his 'point' is that interest rates need to stay low to encourage people to spend. Now I could be wrong, but hasn't everyone decided that cheap credit was a bad thing, and didn't even Cameron's Tories suggest that the economy needs rebalancing? Have they not also suggested that saving is a positive thing to do? Or was that all rhetoric, as opposed to the 'truth', as fed to him by big business and big finance?

[DaveO]

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 11:58 am  

Mintball wrote:

Now I could be wrong, but hasn't everyone decided that cheap credit was a bad thing, and didn't even Cameron's Tories suggest that the economy needs rebalancing?

Of course they did and the fact this has not happened has meant they conveniently forget they ever said it. The fact the economy is growing in the exact same way as they said caused the problems in the first place has been conveniently forgotten. Institutions such as the IMF have not and point this our but it isn't very well reported. No surprise there then.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 12:08 pm  

I can't save anything anyway so Call Me Dave will be happy with me.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 12:51 pm  

Dead Man Walking wrote:

I can't save anything anyway so Call Me Dave will be happy with me.

I resemble that remark.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 12:54 pm  

So Cameron espouses a "culture that...values that typically British, entrepreneurial, buccaneering spirit"

Let's check some definitions, shall we?

buc·ca·neer·ing (b k -nîr ng). adj. Showing boldness and enterprise, as in business, often to the point of recklessness or unscrupulousness.

buc·ca·neer noun \ˌbə-kə-ˈnir\
: a person who tries to become wealthy or powerful by doing things that are illegal or dishonest

1
: any of the freebooters preying on Spanish ships and settlements especially in 17th century West Indies; broadly : pirate
2
: an unscrupulous adventurer especially in politics or business

Yep, makes perfect sense. Mildly surprised he admits it so openly but they have become recklessly emboldened in recent times so maybe I shouldn't be.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 12:59 pm  

It's all a ploy to return the country to the pre-Thatcher status quo - ie the masses with no prospect of advancement; and with power and prosperity held only by those who inherited capital and went to Eton or Harrow. Poor old Michael Gove, with his self-professed intellect one day he may realise he's the mouth piece for a party that despises him and oiks like him.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 1:13 pm  

Dally wrote:

It's all a ploy to return the country to the pre-Thatcher status quo - ie the masses with no prospect of advancement; and with power and prosperity held only by those who inherited capital and went to Eton or Harrow. Poor old Michael Gove, with his self-professed intellect one day he may realise he's the mouth piece for a party that despises him and oiks like him.

You are John Major and I claim my £5.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 1:17 pm  

It's just a load of nonsense. He talks about not spending public money but then talks about HS2 (a complete white elephant that will just enhance London's dominance in the UK economy). They've also committed ridiculous sums of UK tax payers money to the French and Chinese governments over Hinkley Point. As to interest rates, the Governor on the BoE said they'd rise when employment improved. Well Cameron is today excitedly wittering about the huge rise in employment, so maybe interest rates will go up sooner than he thinks?

Talk about double-speak. The guy is a total nice person.

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 1:40 pm  

When announcing permanent austerity, it is advisable to do so whilst standing around lots of gold things.... http://www.businessinsider.com/picture- ... ty-2013-11

When announcing permanent austerity, it is advisable to do so whilst standing around lots of gold things.... http://www.businessinsider.com/picture- ... ty-2013-11

Re: Don't bother saving for your retirement : Wed Nov 13, 2013 1:41 pm  

bramleyrhino wrote: When announcing permanent austerity, it is advisable to do so whilst standing around lots of gold things.... http://www.businessinsider.com/picture- ... ty-2013-11 And wearing swanky evening get up and having had what was presumably a slap-up dinner. Yes, I'd seen that but decided not to go for what seemed a rather obvious target.

bramleyrhino wrote: When announcing permanent austerity, it is advisable to do so whilst standing around lots of gold things.... http://www.businessinsider.com/picture- ... ty-2013-11 And wearing swanky evening get up and having had what was presumably a slap-up dinner. Yes, I'd seen that but decided not to go for what seemed a rather obvious target.