Rising cost of living

[1andrew1]

Things are getting so bad for nurses financially that the Royal College of Nursing is recommending they take their first ever strike. A vote is being held next month.
https://www.mirror.co.uk/news/politi...-ever-27691880

Meanwhile, in-touch Ministers focus on the important issues the nation faces like privatising Channel 4 and too much perceived civil service equality training.

[nomadking]

Originally Posted by 1andrew1

Things are getting so bad for nurses financially that the Royal College of Nursing is recommending they take their first ever strike. A vote is being held next month.
https://www.mirror.co.uk/news/politi...-ever-27691880

Meanwhile, in-touch Ministers focus on the important issues the nation faces like privatising Channel 4 and too much perceived civil service equality training.

So where are they focusing on those issues, to the exclusion of everything else?

[1andrew1]

Originally Posted by nomadking

So where are they focusing on those issues, to the exclusion of everything else?

The fact that they have proposals to privatise Channel 4 but not to tackle inflation by getting some of the one million over 50s back into work who left the job market during the pandemic tells you all you need to know.

https://www.bbc.co.uk/news/business-62471260

[tweetiepooh]

I guess good times is relative but over the past decades the percentage of wages spent on food dropped remarkedly. (I read somewhere it dropped from 25%+ to below 10%). If that were true then that is some capacity to save.
If you are buying luxuries that is also capacity to save, do you really need that luxury?

[1andrew1]

Originally Posted by tweetiepooh

I guess good times is relative but over the past decades the percentage of wages spent on food dropped remarkedly. (I read somewhere it dropped from 25%+ to below 10%). If that were true then that is some capacity to save.
If you are buying luxuries that is also capacity to save, do you really need that luxury?

Food is just one part of household expenditure so whilst that may have dropped - what about the sharp rise in house prices and rental costs?

[Taf]

The September CPI, which is used to set next year's changes in Benefits, etc. will no doubt plunge well into single figures. I wonder how that happens?

Originally Posted by tweetiepooh

I guess good times is relative but over the past decades the percentage of wages spent on food dropped remarkedly. (I read somewhere it dropped from 25%+ to below 10%). If that were true then that is some capacity to save.
If you are buying luxuries that is also capacity to save, do you really need that luxury?

You may find this informative.

https://ahdb.org.uk/news/consumer-in...-money-on-food

According to the Office of National Statistics, between 1957 and 2017 the share of household expenditure spent on food has halved. This partly reflects our larger incomes, smaller households and a greater choice of products at different price points. Over the same period, the share of our spending going on housing has doubled and spending on transport has also significantly increased.

For many low-income families in the UK, food poverty is a pressing issue and putting sufficient nutritious food on the table is a struggle. The Eatwell Guide is Public Health England’s official guidance on a diet that meets standard nutrient requirements. Analysis by the Food Foundation showed that the poorest 50% of households who wanted to eat a diet following Eatwell guidelines would need to spend almost 30% of their disposable income on food. The lowest 10% of households by income would need to spend almost 75%.

---------- Post added at 14:29 ---------- Previous post was at 14:26 ----------

Originally Posted by Taf

The September CPI, which is used to set next year's changes in Benefits, etc. will no doubt plunge well into single figures. I wonder how that happens?

Not sure if that’s accurate, as inflation is forecast to rise to 13% by the end of this year…

Originally Posted by Maggy

Thankfully I own my home outright.It's about the only high point in my life.

I worked two jobs for a few years, and was able to reduce my mortgage to £50 in 2018.
I keep it at that value as I can dip back into it as an emergency backup should I require.
I have not had to do so yet, but these bills are going to dig deep, so I may have to consider it.

Originally Posted by Paul

I worked two jobs for a few years, and was able to reduce my mortgage to £50 in 2018.
I keep it at that value as I can dip back into it as an emergency backup should I require.
I have not had to do so yet, but these bills are going to dig deep, so I may have to consider it.

What kind of mortgage product do you have that allows the balance to sit there at £50 for four years? Even if you overpay I thought they still wanted monthly payments.

First Direct, I forget its actual name, Ive had it for well over 20 years.
Its basically like a bank account with a huge overdraft, I can pay in, or take out, as I please.
They charge monthly interest (only if my linked main account goes below £50). The only requirement is its cleared by my 65th birthday.

[ You cant get them anymore, although they still do something similar, but the requirements for those are out of my reach ].

Fair enough, seems like a clever way to have an easy (and i assume cheap) line of credit available.

Originally Posted by Damien

Fair enough, seems like a clever way to have an easy (and i assume cheap) line of credit available.

Yep, and its been used that way in the past.
I've bought my car using it as a cheap loan, and at least two holidays in the 2000's.

[TheDaddy]

Originally Posted by Damien

Fair enough, seems like a clever way to have an easy (and i assume cheap) line of credit available.

Plus they have to securely look after the deeds and paperwork

[pip08456]

Originally Posted by Hugh

You may find this informative.

https://ahdb.org.uk/news/consumer-in...-money-on-food





---------- Post added at 14:29 ---------- Previous post was at 14:26 ----------

Not sure if that’s accurate, as inflation is forecast to rise to 13% by the end of this year…

I wonder how so many fast food joints continue to survive when so many now know how to cook?

Originally Posted by pip08456

I wonder how so many fast food joints continue to survive when so many now know how to cook?

Knowing how, and actually wanting to, are two very different things.