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Is the situation in the UK really that bad?

Is the situation in the UK really that bad?

Old Aug 12th 2013, 6:22 pm
  #511  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Harvester523
Well there you go, I was better off under Thatcher, so it's horses for courses.
So, to summarise (to save people reading 34 pages), the UK is
Great or crap
Full of beautiful countryside or housing estates
Full of lovely people or scrotes
Work is obtainable or not
House prices are cheap if you come from New Zealand, but not if you come from France.
Did I cover everything?
Yes, if you are into sport, the UK is either a great place to live (Tour de France, British Lions, Andy Murray, Ashes, athletics), or the pits (don't mention 1966!).
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Old Aug 12th 2013, 6:28 pm
  #512  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by martinw01908
Those holidays and nice cars are financed by debt.
A bit of a sweeping statement but true for some of course as it is in any country, not many people buy a new car with cash.
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Old Aug 12th 2013, 6:58 pm
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Pollyana
Been in debt since I was at college under thatcher. Not gonna change now and I figure I'll enjoy what I can while I'm here.
However my sister and her family - in the UK - are currently enjoying a lovely holiday, in the Welsh sunshine, nice cottage, meals out etc - none of it on credit, all paid for by BiL working. Not everyone lives on credit it seems....
I'm sure a lot of friends and family in the UK are NOT financing these things on debt.
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Old Aug 12th 2013, 7:03 pm
  #514  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by dunroving
I think the title should be changed to "Who can pee the furthest?"
Too funny!
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Old Aug 12th 2013, 8:21 pm
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Default Re: Is the situation in the UK really that bad?

Originally Posted by TheEmperorIsNaked
Unintelligible? (a euphemism I've no doubt!), not to a couple of others, but I'll grant they can cope with 'unintelligible' where as you have a bit of a struggle.
I tell you what Zender, you do get worked up over this 'confusion' you suffer from, don't you?

(......But of course you weren't confused at all. You went off half cocked and made a simple error. You are you, not your avatar you need to remember that. You can be a wally just like the rest of us, and you do it so well..)
http://www.thefreedictionary.com/unintelligible
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Old Aug 12th 2013, 8:23 pm
  #516  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by chris955
To be fair it was totally understandable, the OP replied to 2 seperate posts and they were clearly replied to seperately. I am at a loss to see why you couldnt see it yourself.
Would sir prefer a whisk or a wooden spoon to stir the rest of this thread with?
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Old Aug 12th 2013, 8:24 pm
  #517  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by dunroving
Yes, if you are into sport, the UK is either a great place to live (Tour de France, British Lions, Andy Murray, Ashes, athletics), or the pits (don't mention 1966!).
I remember a joke I once read -

"Welcome to the 2966 World Cup - can England end a thousand years of pain?!"
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Old Aug 12th 2013, 8:48 pm
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Zen10
I remember a joke I once read -

"Welcome to the 2966 World Cup - can England end a thousand years of pain?!"
It would need to be the 2970 World Cup since England were world champions until they lost to Germany in the 1970 quarter finals.
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Old Aug 12th 2013, 9:15 pm
  #519  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by chris955
A bit of a sweeping statement but true for some of course as it is in any country, not many people buy a new car with cash.
"UK Debt Statistics from Credit Action
August 2013
UK Personal Debt
http://www.creditaction.org.uk/helpf...tatistics.html
Outstanding personal debt stood at £1.425 trillion at the end of June 2013.
This is up from £1.421 trillion at the end of June 2012. At the end of June 2013, individuals owed nearly as much as the entire country produced during the whole of 2012.

Outstanding secured (mortgage) lending stood at £1.267 trillion at the end of June 2013. This is up from £1.263 trillion at the end of June 2012.

Outstanding unsecured (consumer credit) lending stood at £157.8 billion at the end of June 2013. This is down from £157.9 billion at the end of June 2012.

Average household debt in the UK (excluding mortgages) was £5,986 in June. This is up from a revised £5,978 in May.

Average household debt in the UK (including mortgages) was £54,067 in June. This is up from a revised £54,034 in May.

The average amount owed per UK adult (including mortgages) was £29,008 in June. This is up from a revised £28,990 in May and was around 117% of average earnings.

Average consumer borrowing (including credit cards, motor and retail finance deals, overdrafts and unsecured loans) per UK adult was £3,211 in June. This is up from a revised £3,207 in May.

The estimated average outstanding mortgage for the 11.3m households that carry mortgage debt stood at £112,548 in June.

Based on June 2013 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £59.9 billion. This is equivalent to £164 million per day. This means that UK households would have paid an average of £2,272 in annual interest repayments.

The Office for Budget Responsibility (OBR) predicted in March 2013 that total household debt will reach £1.931 trillion in Q1 2018. This would mean that average household debt would reach £73,284 (assuming that the number of households in the UK remained the same between now and Q1 2018).

Total net lending to individuals by UK Banks and Building Societies rose by £1.5 billion in June 2013. Net secured lending rose by £1.0 billion in the month; net consumer credit lending rose by £0.5 billion.
UK Banks and Building Societies wrote-off £4.1 billion of loans to individuals over the four quarters to Q1 2013. In Q1 2013 itself they wrote-off £932 million (of which £385 million was credit card debt) amounting to a daily write-off of £10.21m"

It will all end in tears. 5% interest rates anyone? (Not that high, only normal)

Last edited by martinw01908; Aug 12th 2013 at 9:21 pm.
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Old Aug 12th 2013, 9:31 pm
  #520  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by martinw01908
"UK Debt Statistics from Credit Action
August 2013
UK Personal Debt
http://www.creditaction.org.uk/helpf...tatistics.html
Outstanding personal debt stood at £1.425 trillion at the end of June 2013.
This is up from £1.421 trillion at the end of June 2012. At the end of June 2013, individuals owed nearly as much as the entire country produced during the whole of 2012.

Outstanding secured (mortgage) lending stood at £1.267 trillion at the end of June 2013. This is up from £1.263 trillion at the end of June 2012.

Outstanding unsecured (consumer credit) lending stood at £157.8 billion at the end of June 2013. This is down from £157.9 billion at the end of June 2012.

...

It will all end in tears. 5% interest rates anyone? (Not that high, only normal)
So almost 90% of the debt is secured by property. Will it end in tears? Maybe, although the UK government seems to be doing its damnedest to prop up an overpriced property market. Otoh, the population of the UK is growing rapidly and land to build on relatively scarce.

Rather than absolute amounts of debt, it'd be more interesting to know the value of that debt in relation to the value of the property that secures it.
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Old Aug 12th 2013, 10:16 pm
  #521  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by dunroving
Don't you know Thatcher is responsible for all of the world's ills and every politician who has come since has been completely innocent of any contribution to the UK's current financial state? Didn't you get the memo?

I'd apologize for taking the thread off-topic but it hasn't been on-topic since about Page 2. I think the title should be changed to "Who can pee the furthest?"
No. Not responsible for all the world's ills, she ran out of time. No. Those that came after are not innocent at all.

Unfortunately it has been very much on topic. 35 pages of the UK is doomed/it's a great place to live/it's an OK place to live.

I agree with various titles though, I have one of my own.

Originally Posted by Caruthers
To be a bit more positive and objective, I suggest this is changed to:

"Mustn't grumble at least its not as bad as Burkina Faso". Apologies to Burkina Faso expats.com in advance.
It's actually not as bad as very many places, but it's the UK after all, so who cares?

Originally Posted by Harvester523
Well there you go, I was better off under Thatcher, so it's horses for courses.
So, to summarise (to save people reading 34 pages), the UK is
Great or crap
Full of beautiful countryside or housing estates
Full of lovely people or scrotes
Work is obtainable or not
House prices are cheap if you come from New Zealand, but not if you come from France.
Did I cover everything?
More or less.

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For some a dictionary is a vital necessity. I completely understand.
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Old Aug 12th 2013, 10:41 pm
  #522  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by durham_lad
It would need to be the 2970 World Cup since England were world champions until they lost to Germany in the 1970 quarter finals.
Sie sind nicht deutsch, oder?
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Old Aug 12th 2013, 10:44 pm
  #523  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Giantaxe
So almost 90% of the debt is secured by property. Will it end in tears? Maybe, although the UK government seems to be doing its damnedest to prop up an overpriced property market. Otoh, the population of the UK is growing rapidly and land to build on relatively scarce.

Rather than absolute amounts of debt, it'd be more interesting to know the value of that debt in relation to the value of the property that secures it.
This is the thing - a collapse is house prices now would be a catastrophe like never seen before, such is the level of wealth, credit, debt, pensions and the kitchen sinks all stacked up on them. Private debt is just terrible in Australia too, again because of the house prices. It's like a hideous venomous snake eating its own tail.
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Old Aug 12th 2013, 11:13 pm
  #524  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Giantaxe
So almost 90% of the debt is secured by property. Will it end in tears? Maybe, although the UK government seems to be doing its damnedest to prop up an overpriced property market. Otoh, the population of the UK is growing rapidly and land to build on relatively scarce.

Rather than absolute amounts of debt, it'd be more interesting to know the value of that debt in relation to the value of the property that secures it.
Difficult to say, because a house is only worth what someone is prepared to pay for it. We have seen in recent years that 'prepared to pay' value going up because of the willingness of banks to lend large multiples of salary, fuelled by cheap credit. Now we have more sensible multiples but houses still overpriced in relation to incomes. So the government, instead of letting the market adjust, are making up that difference with an interest free loan. Yes the government are becoming a sub prime lender in effect.
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Old Aug 13th 2013, 5:44 am
  #525  
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Default Re: Is the situation in the UK really that bad?

Originally Posted by Zen10
Would sir prefer a whisk or a wooden spoon to stir the rest of this thread with?
What do you find works best?
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