The younger generation.

RoboCod · 16 Jan 2015 at 14:21

To be in that so called 1% is beyond imaginable. You could win millions on the lottery and still not be in that bracket.

I guess that bracket is circumstantial on your age though!

Faustus · 16 Jan 2015 at 15:37

Captain Planet said:
To be in that so called 1% is beyond imaginable. You could win millions on the lottery and still not be in that bracket.

I guess that bracket is circumstantial on your age though!

If you managed to watch part 2 of the Super Rich and Us and keep your cool then you will have realised just how cynically the 1% have manipulated the 99% and have become obscenely wealthy on the back of the recession - at our expense.

There was a youngish guy on the programme that considered it a very good thing to make us all struggle and compete on 0 hours contracts. It's a wonder I didn't take a flying kick at the TV. If I was a bit younger I would have done but thought better at my age as I didn't want to do myself a mischief. :eek:

Richie · 16 Jan 2015 at 17:19

platypus said:
Yes we are in an incredibley good position in regards to the house and pension, but we've worked very, very hard for it.

As have many a person who has worked hard for what they have.

The pension is only good because its a perk of my company, it's not because the pension system as a whole is in good shape, because it isn't. However to get the house we had to stump up a huge deposit, and have had a significantly higher mortgage than previous generations. And we're far from rich, way off this supposed "1%", and more importantly we're part of society and a generation that is repeatedly criticised for being lazy and expecting too much, and that's what gets me going most of all.

I dont have a company pension scheme so should I moan about being more stuffed than you? Also, the vast majority of people are way off this "1%" you mention.

I believe I am of the same generation as yourself. The difference, I think, is I couldn't give a rats arse if other generations thinks mine is lazy and have a sense of self-entitlement. I know I dont fall into that generalisation and I dont get upset about people thinking it.

How have I "been stuffed"? No free education, increased taxes, crap state pension, higher retirement age, a significantly higher mortgage, mortgage fees (these were only introduced in the 90s!), higher deposit required, and so on, many of the reasons for which I've posted in this thread.

And the generations after you will say the same about your generation i.e. "we got stuffed".... Will you (and the others in your position) get upset about that?

Xordium · 16 Jan 2015 at 17:41

Are Billies Bangers and Faustus the same person?

SexyGreyFox · 16 Jan 2015 at 18:26

Billies Bangers said:
Well I can add my statistic - £4. 18s. 4d a week, our property cost £7,050 so very similar. I think our deposit was just over £1800. Like Faustus though my future wife was also working £3. 17s 6d so that helped enormously. We also had to have a guarantor. Including existing savings it took 6 years.

Thank goodness we had it cushy eh?

What year was that?
In 1968 my Mum & Dad bought a house for £3000 that is now worth £300,000.

Terminal_Boy · 16 Jan 2015 at 18:42

Dimple said:
What year was that?
In 1968 my Mum & Dad bought a house for £3000 that is now worth £300,000.

My folks bought a 1930s 3 bedroom detached house in a quiet Hertfordshire market town for £5000 in 1969 and the identical one next door went for over £500,000 a year ago according to Rightmove.co.uk...

Deus Ex · 16 Jan 2015 at 19:21

My father inherited a 200 odd acre farm in Norfolk with house and machinery with his sister in 1950. the sisters half share was £1500 to buy. Try buying a profitable farm now for sub £1,000,000.

Billies Bangers · 16 Jan 2015 at 21:18

Xordium said:
Are Billies Bangers and Faustus the same person?

Do you mind, why so rude?

Bear · 16 Jan 2015 at 22:03

Captain Planet said:
To be in that so called 1% is beyond imaginable. You could win millions on the lottery and still not be in that bracket.

I guess that bracket is circumstantial on your age though!

To be in the top 1% you have to be earning about £150k a year, so it's not as high as you think. Obviously the difference in earnings between the upper and lower limit will be huge.

Billies Bangers · 16 Jan 2015 at 22:20

Bear said:
To be in the top 1% you have to be earning about £150k a year, so it's not as high as you think. Obviously the difference in earnings between the upper and lower limit will be huge.

That was pocket money to the people shown in The Super Rich and Us. They spend that on pedicures. You have watched it right?

Bear · 16 Jan 2015 at 22:39

Billies Bangers said:
That was pocket money to the people shown in The Super Rich and Us. They spend that on pedicures. You have watched it right?

As I already said, the earnings between the upper and lower limit of that 1% is huge so I'm not sure what point you are trying to make :confused:

It still doesn't change the fact, to get into that 1% you need to earn about £150k.

Billies Bangers · 16 Jan 2015 at 23:08

Bear said:
As I already said, the earnings between the upper and lower limit of that 1% is huge so I'm not sure what point you are trying to make It still doesn't change the fact, to get into that 1% you need to earn about £150k.

From what the programme stated you wouldn't even register as a blip with £150K. I think you and the programme might be at odds. They were talking millions up to billions and beyond.

RoboCod · 17 Jan 2015 at 00:34

Bear said:
To be in the top 1% you have to be earning about £150k a year, so it's not as high as you think. Obviously the difference in earnings between the upper and lower limit will be huge.

It depends on your age. For 20-30 £150k is 1%. As soon as you look beyond that age bracket the salary becomes much greater.

Bear · 17 Jan 2015 at 08:51

Billies Bangers said:
From what the programme stated you wouldn't even register as a blip with £150K. I think you and the programme might be at odds. They were talking millions up to billions and beyond.

You are confusing things, the programme is talking about the super rich and also use the term the UKs top 1%. They are not the same thing, although of course the super rich will be within that 1% group.

Here are the governments figures for income distribution from 1 to 99% https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax

Billies Bangers · 17 Jan 2015 at 12:01

Bear said:
You are confusing things, the programme is talking about the super rich and also use the term the UKs top 1%. They are not the same thing, although of course the super rich will be within that 1% group.

Here are the governments figures for income distribution from 1 to 99% https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax

The programme was featuring the WORLDS top 1%.

Bear · 17 Jan 2015 at 14:48

Billies Bangers said:
The programme was featuring the WORLDS top 1%.

It was talking about both the UK and the world 1% and constantly swapping between the two. It was not only how those super rich were flocking to London for the tax incentives and spending their money but how Britain's economy has changed since the 70s and the increasing wealth divide as a result.

platypus · 19 Jan 2015 at 07:26

Richie said:
I believe I am of the same generation as yourself. The difference, I think, is I couldn't give a rats arse if other generations thinks mine is lazy and have a sense of self-entitlement. I know I dont fall into that generalisation and I dont get upset about people thinking it.

Well, just because you don't care doesn't mean others don't.

Terminal_Boy · 19 Jan 2015 at 08:52

Bear said:
As I already said, the earnings between the upper and lower limit of that 1% is huge so I'm not sure what point you are trying to make It still doesn't change the fact, to get into that 1% you need to earn about £150k.

Nope. There's a whole swath of senior managers and consultants across the UK making that sort of coin. Top 10% maybe, but not top 1% by a long chalk.

Faustus · 19 Jan 2015 at 10:15

I note there's a very interesting piece about the richest 1% on the BBC News website today HERE says it all really. Will anything change other than the inequality gap widening? I very much doubt it.

cheesyboy · 19 Jan 2015 at 10:37

Terminal_Boy said:
Nope. There's a whole swath of senior managers and consultants across the UK making that sort of coin. Top 10% maybe, but not top 1% by a long chalk.

It really is ~£150k for the top 1%. Top 10% kicks in at about £50k

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/276204/table3-1a.pdf

And at £150k you're not rich.