Mortgage Rate Rises

I'm a bit lost where we are with zero hour contracts now though, are they the capitalist spawn of satan exploiting the workforce or aspirational goals offering flexible working with great opportunities! :p
 
Freakbro said:
I'm a bit lost where we are with zero hour contracts now though, are they the capitalist spawn of satan exploiting the workforce or aspirational goals offering flexible working with great opportunities! :p
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It's always been like that - I was desperate for a 0 hour contract when I worked retail as I wanted the flexibility... I was too ignorant to understand I was getting rinsed come holiday pay though.
 
Does anyone see any sense in putting rates up more?
I can't see any justification now apart from "keep up with the us"

More rates now is just going to hurt anyone with mortgages directly coming up for renewal.

Its also putting more pressure on landlords to exit causing a lack of supply and thus more costs for renters.

Edit.
I guess it encourages saving... If banks passed out on.
 
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0 hour is great for consultant type jobs which pay loads. For minimum wage jobs it seems almost like slave labour.

The interest hike is just going to make more people homeless in the end. Which means more crime, more people with nothing to lose. Less things being bought and more being stolen.
 
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Classic Blue Theme said:
It's always been like that - I was desperate for a 0 hour contract when I worked retail as I wanted the flexibility... I was too ignorant to understand I was getting rinsed come holiday pay though.
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Yea, there's nothing wrong with zero hour contracts per se (or bank staff as we used to call them) they suit a lot of people and sectors of business.

What was wrong was when bigger companies did exploit the workforce by trying to impose exclusivity, being available at all times at short notice etc etc

The rules on Hol Pay have been normalised with normal employees now and a lot of other rules tightened up, but they have never been a job that someone being the main bread earner trying to raise a family should be on.
 
Nasher said:
0 hour is great for consultant type jobs which pay loads. For minimum wage jobs it seems almost like slave labour
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I disagree. When I was on minimum wage I preferred 0 hours because if I ever got a sniff of a cash in hand job or something tasty, I knew I wasn't ball and shackled to my mundane existence elsewhere.
 
Classic Blue Theme said:
I disagree. When I was on minimum wage I preferred 0 hours because if I ever got a sniff of a cash in hand job or something tasty, I knew I wasn't ball and shackled to my mundane existence elsewhere.
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I suppose if it's alongside a regular job yea. But to rely on one 0 hour job is nuts.

Though I bet most people who get occasional cash in hand jobs don't have it on a book anywhere :D
 
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413x said:
Does anyone see any sense in putting rates up more?
I can't see any justification now apart from "keep up with the us"

More rates now is just going to hurt anyone with mortgages directly coming up for renewal.

Its also putting more pressure on landlords to exit causing a lack of supply and thus more costs for renters.

Edit.
I guess it encourages saving... If banks passed out on.
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Putting up rates in the first place didn't make much sense. The only objective reason was to keep parity with the Fed and ECB to maintain exchange value.

In terms of our monetary system, properly targeted taxes would've been more effective at combating the primary source of inflation which was the additional government spending during Covid.

Rate rises are the last resort because the government tried nothing else.
 
MichaelAwkward said:
Putting up rates in the first place didn't make much sense. The only objective reason was to keep parity with the Fed and ECB to maintain exchange value.

In terms of our monetary system, properly targeted taxes would've been more effective at combating the primary source of inflation which was the additional government spending during Covid.

Rate rises are the last resort because the government tried nothing else.
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It’s the BoE that manage inflation and they don’t have control over taxes. I know you know this but that’s why we haven’t seen taxes to try and manage it. Have taxes ever been used to manage inflation? Could be an interesting approach if other countries have been successful doing this.
 
I can see .5 coming again today, best we can hope for is .25 increase.

They dragged their feet at the beginning of this, and now were paying the cost.
 
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delta0 said:
It’s the BoE that manage inflation and they don’t have control over taxes. I know you know this but that’s why we haven’t seen taxes to try and manage it. Have taxes ever been used to manage inflation? Could be an interesting approach if other countries have been successful doing this.
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Not as far as I know, bank rate rises encourage saving by discouraging spending, taking money from the economy. VAT was proposed by some but it is too inflexible, too slow to act and it would have a highly disputed list oF items to be additionally taxed. I cannot think of another country using tax to control inflation.
 
delta0 said:
It’s the BoE that manage inflation and they don’t have control over taxes. I know you know this but that’s why we haven’t seen taxes to try and manage it. Have taxes ever been used to manage inflation? Could be an interesting approach if other countries have been successful doing this.
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The BoE manage inflation according to the fiscal policy of the government, that's a given in the current climate.

My point is that the fiscal policy since 2020 allowed inflation to get out of control. If you understand how government spending works at a basic level, it's obvious to see that government spends first (money creation) and taxes later (money destruction). We did the first part but not the latter. Furlough and all of the other support since then wasn't balanced by targeted taxes to restrict consumption (or lack thereof during Covid) in the opposite direction.

The above aren't the only ways that money is created and destroyed obviously as there's lots going on in currency markets and private debt issuance, but they're the bulk of it on a daily basis.
 
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tonys said:
I'm 63 and retired due to a few health problems not sure what company would employ me.
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I'm 70, retired for five years, my work ethic has gone from very high to quite low. Happy to be cycling and pottering about still. However I think the comments are aimed at people retiring in their fifties who may have overestimated their income in retirement. People not returning to the workplace after lockdowns etc.
 
413x said:
Does anyone see any sense in putting rates up more?
I can't see any justification now apart from "keep up with the us"

More rates now is just going to hurt anyone with mortgages directly coming up for renewal.

Its also putting more pressure on landlords to exit causing a lack of supply and thus more costs for renters.

Edit.
I guess it encourages saving... If banks passed out on.
Click to expand...

In the US JP Morgan is predicting $87 billion profits for 2023 from the interest alone it makes in not passing the FED rates on to customer savings accounts.....

There is the argument that raising rates increases the currency value, so if we don't keep up rates then our currency becomes less valuable compared to others and therefore import costs are higher, ergo, higher inflation.
 
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