Financial Crisis UK

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Furby
 
 
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Post by Furby »

They are there to help customers use the machines. Others are there to make appointmrnts at a later date for difficult customers to see a colleague for things you really cant do at machines like open a new type of account or ask a question. It wasn't just one bank it was a few of them so it's obviously what's done now to shoo customers away. Just employ highly trained staff one day a week and make customers go in at that time I suppose. Then they close the branch because footfalll is low when shooed customers don't count as footfall.
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Post by Furby »

Jeremy hunt who is still the chancellor has given a speech. We need 4 things beginning with e to get use out of this mess and to be hopelessly optimistic again.

The 4 e things are
E is for enterprise. Companies setting up online high tech business need to set up in Britain.
E is for education. The half of people not going to university need to train up in jobs that can only be filled by immigrants now.
E is for employment. 6 million.people not including students are not working layabouts and chancellor needs to look at conditions to make them work again because Britain needs them.
E is for everywhere. Because it's not all about that London.

As a layabout Britain might need me but it will have to need. For now anyway he hasn't given details about how he plans to make people work. Or how employers will be forced to accept older workers or train up the youngsters not at university. Employers willingness to employ people who aren't exactly what they are hoping for is a bigger problem than employees willingness to work.
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Post by eccles »

Perhaps Mr Hunt ought to consider whether creating graduates who are "overqualified" for mid-tech jobs when they have a useless degree in humanities or similar is a good idea. They are a legacy from the Blair years that should have been kicked into the long grass years ago.
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Post by Furby »

The pension lifetime savings limit might be increased more than a million. This won't help me work as I have lots left of mine already. And something about get off the golf course but nearest I have been is walking past one on the way to the post office so that doesn't help me either.

They do need a proper plan for everyone rather than picking on different groups at a time. Employers who need graduates in certain subjects should have to say so and pay towards the costs of those courses. If they don't they can't later be allowed to ask for degrees in recruitment.
There are other factors such as transport. I look on jobs occasionally to see what I am missing out on and increasing number are asking for the ability to reliably commute which rules out anyone without own transport these days and even they have to cope with traffic jams.

It power cuts are going to be the future not sure setting up loads of tech companies is too helpful either. There's enough fuss every time a bank is fighting denial attacks or last week when British gas meters couldn't be topped up for some reason not yet told. The priority people have been sent emails advising priority doesn't apply in emergency and asking them to make plans for the three hour power cuts so if looks like it's likely to happen or they wouldnt be panicking people . Perhaps they would are some evil people running things these days.
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Post by Wildrover »

Hunt was exactly right in what he said though. The Lifetime Allowance limit was a major reason I retired at 56 - who wants to pay 55% income tax? If the limit had been, say, £1.5 million I'd have kept working for a few more years. The person who took my job when I retired was American so that was a large loss of revenue to HMRC and I bet there are a lot like me. The current system is also discriminatory against those not on final salary schemes since for those on defined benefits the equivalent fund is calculated by multiplying the benefit by x20. At today's annuity rates x30 would be nearer the truth.

I don't think it's possible to ask employers to pay towards university courses. In electronics around 70% oof the students are from overseas, mainly India and China. Good luck getting their companies to contribute to UK university courses. When I was a student we received sponsorships from employers but the money went to the student not to the university. It is noticeable that James Dyson has set up his own university offering engineering degrees as he has become so dissatisfied with graduate programmes.
Last edited by Wildrover on Fri Feb 03, 2023 7:21 pm, edited 1 time in total.
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Post by OurCreature »

I think you make some very valid points WR. I've read in the press for several years that there are quite a lot of hospital consultants who are retiring years before they would like because of the pensions lifetime allowance.

Sir James Dyson tried for quite a long time to set up his engineering school/university; I recall at one time he wanted to convert some old clapped-out industrial buildings in Bath to house an engineering and design school at a cost of £56 million including £12.5 million from his own foundation but those short-sighted idiots on the local council put a stop to that idea despite at least 2 heritage bodies supporting Sir James' proposals. However, he has invested in engineering education in both Bath University and one of the London universities as well IIRC and it is the shame of our education system that we seem unable to produce enough students with either the ambition or the willingness to study engineering at degree level.

As to final salary schemes, I think when I retired the value of my 'pot' - real money because the local government scheme is real investments and not pay as you go - was £375k and my pension in my first year of retirement was £16.7k so my 'pot' was 22 times my pension. I await with interest the result of the triennial valuation which will be out at the end of March this year; the last valuation had the fund that pays my pension almost covering its liabilities but I suppose it might have slipped a bit with the financial chaos we have had since then.
Like the late Chaircat Midge, I am not always right.
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Post by Furby »

My pension gave me an estimate too. We looked at it and people said ooh can't I have the 100 grand or whatever it was seemed a fortune. So I read the million as even bigger fortunes way beyond most workers. I thought that people on such salaries would be making decisions on best for them having the choices lots of money give you and not be swayed by promises of a bit of tax saving so is interesting wildrover says he would have worked. Why would anyone with enough money to live well on their own means bother to work? It makes so sense to me.

Education isn't working well privatised because universities offer courses they can make money from and students do what is easiest and interesting to them at the time. So even if employers can't pay they need to be consulted about workplace needs and courses more closely matched to what jobs will be available and how many will be needed. But how private universities could be made to offer less profit making courses and fewer of them is a difficult question. I am not convinced many jobs need degrees though it's used more as a help to recruitment now 99% pass o levels and half get grade a. Maybe just reform o levels back to properly test who might be suitable for which type of jobs. All jobs need to train people whatever qualifications they have.
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Post by OurCreature »

All jobs need to train people whatever qualifications they have
That's something I understood even before I went to University in 1969. My best subjects at school were history and geography, though in sciences I got grade 3 O levels in biology, chemistry, physics (that last one was some sort of miracle) and a grade 2 in ordinary maths. So I went on to do my 2 best subjects at Leeds University, knowing that because I was biased towards the arts rather than sciences I would have to be retrained whatever I did unless I became a teacher (not a good idea) or stayed in academia (which in the event I could have done as I was heading for an upper second degree). At the time I wanted to be a public servant because I thought it would be a way of serving my fellow citizens - the idealism of youth - either in the Inland Revenue or local government. And grade 2 maths would be all right because in things like accountancy and tax it was only add-ups and take-aways whatever they tried to dress it up as.
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Post by eccles »

I started work in engineering, getting NVQ qualifications to HNC level then adding supplementary subjects that brought it up to degree level. By the mid-1980s I had achieved senior designer status. Mechanical design was moving towards computerisation and I quickly got into that as the company took it on, so much so that when I applied to move to the computer department I was accepted. I was taken on at ground level as a junior systems programmer but on the same salary. Two years later I was a senior systems programmer on a significantly higher salary than I'd have earned as a senior designer.

In short, engineering salaries were rubbish. I have no idea if this is the current state of affairs but I wouldn't be surprised, and if so, this would be the main reason why there are insufficient engineering graduates.
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Post by Furby »

Well the IMF has said the UK is the worst off country ever because public spending is too low and energy bills are too high. How are all the other better countries getting money for public spending and reducing energy bills though did they spend less in covid that UK did or have fewer welfare state expenses. The Imf isn't politically in charge of the world is it and should they really be encourarging more borrowing for public spending because Imf would need to bail countries out as they did last time UK tried to keep spending in bad times.
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Post by OurCreature »

The Swiss have very quietly managed to keep their national debt to 42% of GDP as at the end of 2021 so maybe we should get their finance people in as consultants to help us run our national finances properly. When I was there last year everything seemed to be working OK like trains, buses etc. The UK was on 95%.

On a completely different tack, the telephone utility companies have been coming in for a lot of flak about most of their contracts having annual increases of 3.8% or thereabouts plus CPI inflation, which means that for a lot of people their telecom costs will be going up by 14% or so in March. I wonder if that is why BT has suddenly given me Discovery+ for free to go along with my BT Sport subscription as an inducement to keep me when my contract runs out in November.
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Post by Furby »

Its in the contracts that they can so they will but why was it ever agreed with ofcom that they could rise +3.8 over inflation. To pay for something none of us want I bet.

I still have the old phones systems and I dread the day it's compulsory fibre as I don't have the electrics possible for it. Bt did abandon their plans to make everyone have fibre and take away landlines but I think it's back on the table again this year.

Interest rates up to 4% so we almost have normality. People are panic stations but historicwlly 5% ish has been normal and 10% in bad times. Very lowmrqtes in the fractions were always artificial but that seems forgotten as it's all some people know it went on for so long.
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