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Bruce
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Wollongong, Australia
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21-09-2017, 05:48 AM
21

Re: The biggest problem with Soft Brexit is that it's not attainable

Originally Posted by Purwell ->
I am still working at fast approaching 70 years old to boost what small works pension that I have. The State Pension is not a benefit, we have all paid in for it, we are all entitled to it.
I agree with you - as you pay for it I can't understand why they can cut it. It is not like our pension where everybody gets the same amount whether they have been working for 1 year or 30 years and to which there is no contribution other than paying taxes. You can understand it being means tested.

It is all very well for someone to say that they would happily take a 20% cut in their state pension when it is only a minor source of their income but what about the people who rely on it as their only source of income and one which they have already paid for?
swimfeeders
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Shropshire
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21-09-2017, 09:10 AM
22

Re: The biggest problem with Soft Brexit is that it's not attainable

Hi

We have not paid for our State Pensions, that is the entire issue.

We as a country have not paid our way, we, after all the cuts, are still borrowing £60 Billion a year and paying £40 Billion interest for the privilege of living way beyond our means.

We are piling up debts for our kids and grandkids to pay.

The North Sea Oil Bonanza was split between the UK and Norway.

Norway kept taxing and now have $ 1 Trillion in the Bank, their sovereign wealth fund, on which they get Interest.

We blew ours, so we owe more than $ 1 Trillion and pay Interest.
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21-09-2017, 04:11 PM
23

Re: The biggest problem with Soft Brexit is that it's not attainable

But Norway only have 5m people and have huge oil wealth.

The problem in the UK is that we have a poor infrastructure in that nothing is very well organised and everything is highly fragmented and silo'ed. We should be doing lots of things properly but the infrastructure does not exist and to put it into place would take decades and cost $1 trillion. So instead there a lots of ostriches and only "good news" is allowed.

So in this situation what you want is eternal growth. But that came to a standstill because of the 2008 crisis and is now cranking to a halt again because of brexit uncertainties.

This will all come out after brexit, but the trouble is that EU cheap labour and overseas investment in property and business have been fueling growth and keeping the balance of the economy, also keeping our goods in the shops cheap, but making our housing expensive. I expect house prices to fall, but lots of people may well be left with hefty negative equity and a fall in spending power. There's not just brexit but the tax changes in mortgage interest relief in the next 2 years. Not really a good idea to increase interest rates given the underlying trends.

If people stop spending then that is bad news for the economy. If you increase wages then the cost of goods goes up or quality goes down. There seems to be plenty of work at the moment but I wonder whether that will last if we have contracted growth. It's all connected and it all balances out in the long run so people end up no better off. It's having negative growth that's the real terror. That won't pay our pensions. Pensions are paid real time so you have to borrow. But cheer up, we are still living in good times. Things can only get worse
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North Herts, England
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21-09-2017, 05:26 PM
24

Re: The biggest problem with Soft Brexit is that it's not attainable

In the fairy dairy land post Brexit, it is going to be all beer and skittles.
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SE England
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22-09-2017, 06:01 PM
25

Re: The biggest problem with Soft Brexit is that it's not attainable

Originally Posted by Purwell ->
In the fairy dairy land post Brexit, it is going to be all beer and skittles.
Can't you come out with something new?
Go on, give it a go....
 
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