I think the country is truly screwed here. Ife we look at the situation for a theoretical person earning the minimum/living wage The living wage is due to go up to £9.50 in April so I will work with that figure here. After tax deductibles the wage would be £1355
Now a mortgage for that individual is out of the question in my area the cheapest rent you will find is £700 for a one bed flat/studio.
council tax would be £120 and energy bills would have been £120 a month but likely will be over £200 a month now. Water bills would be £50 a month say.
Now we have to factor in food transport internet cost mobile phone cost. now the office of national statistics had food cost for a single individual is £174 a month however due to food prices increasing I think we can call this £200 a month.
of course this is not including toiletries such as toilet roll toothpaste shaving products shower gel etc etc which I would guess at £20 a month. Now if we are going cheapest transport in my area then a car is out as that is more expensive then a bus so to get a bus to and from work in my area would cost £80 a month.
so £335-£300
this leaves the individual with £35 left to cover for mobile phone contracts/pay as you go laundry Internet bill Water bill
any other things I may have forgot to mention and this does not include any entertainment which you can say should not be a right, and maybe your right if your talking about going to fancy restaurants or etc, but nothing at all?
I mean if this individual can somehow afford internet they cant use netflix or any streaming services at best they have youtube and maybe a few pirate sites. they can have a library card subscription to read but that is added pressure because if they get a book back late extra fines. which they wont have.
whilst most of us wont be living exactly on min wage this will have a trickle up affect.
the people on min wage face been homeless/living in poverty or working longer hours say 60 hours a week. Which would bring min wage to just under £2000 and leave some wiggle room.
However do we really want to set a precedent where the new working week is 60 hours a week not 37.5 what kind of life is that? also I don't see how that works because what work will there be anyway I mean the working class either never go out due to been unable to afford it or they never go out because they are working too much to which means business suffer and go under which means less work anyway.
I am fortunate not to be at the bottom of the ladder like this so wont be quite so hard squeezed as someone I describe here, however as things get tougher for them there could well be a trickle up effect.
Are we utterly screwed? for once I welcome Haysie coming in to critique my posts on every point and say how I am wrong here. I want to be wrong here.
Britain will face even HIGHER gas and petrol prices on top of current soaring bills if Russia invades Ukraine and Putin squeezes supplies to hit back at Western sanctions, experts warn ministers
Government officials are concerned that Russia will restrict its provision of gas to European countries in the face of Western sanctions should an invasion of Ukraine take place.
That is just the excuse for standing around doing nothing while a country gets invaded.
Appeasement for the 21st Century.
National insurance, inflation, energy, food, petrol and all the other rises... ROSS CLARK examines the perfect storm heading our way in cost-of-living crisis that could cost average household £3,884
Already it's been dubbed the cost-of-living crisis - and that's before national insurance rates soar and the energy price cap is increased to eye-watering levels in April. Add in rocketing inflation in food, petrol and other goods, and Britain's families are set to be battered by a perfect storm of financial problems that could swamp many households. This is how much it will it cost the average family.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I heard this on tonight's ITV news........Its SHOCKING !
.......and they're putting National Insurance up to pay for the pandemic, (amongst other things), when they've wasted so much money. Especially when you see the breakdown of what they've wasted the money on
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
.....and Cornwall
Prices here have gone up by around 20% since the pandemic started, and everyone wants to, and can work from home more.
Interest rates are going up though, which will impact on people's budget who want a mortgage
I heard this on tonight's ITV news........Its SHOCKING !
.......and they're putting National Insurance up to pay for the pandemic, (amongst other things), when they've wasted so much money. Especially when you see the breakdown of what they've wasted the money on
Should put a dent in Sunak's leadership prospects
It is meant to eventually fund Social Care, and in the meantime fund an NHS attempt to reduce the massive waiting list caused by the pandemic. He is still a short priced favourite.
Families brace for cost of living woe: Ofgem to unveil energy price cap rise that could add hundreds of pounds to household bills TOMORROW - as the Bank of England prepares to hike interest rates to 0.5%
Ofgem is bringing forward what is expected to be a crippling rise in energy bills for millions of households from Monday to Thursday. The Bank of England is also expected to raise interest rates.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I had a look for a new deal on my gas and electric yesterday. I wasnt going to commit to one until the government announce their support for consumers today, I currently pay £124 per month, fixed until the end of March. They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I had a look for a new deal on my gas and electric yesterday. I wasnt going to commit to one until the government announce their support for consumers today, I currently pay £124 per month, fixed until the end of March. They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
In roughly 2 hours' time, we will know what that £147 will become in April. Probably around £220. Then in October, may well be £300-odd. After that? No-one seems to have a clue.
Everything is a risk-fixed or variable. But, for me at least, current (new) fixed deals seem to represent bad value at the moment.
NB_EDIT. Only the Gas part of the bill will go up by those percentages. Electric will be lower.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I had a look for a new deal on my gas and electric yesterday. I wasnt going to commit to one until the government announce their support for consumers today, I currently pay £124 per month, fixed until the end of March. They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
In roughly 2 hours' time, we will know what that £147 will become in April. Probably around £220. Then in October, may well be £300-odd. After that? No-one seems to have a clue.
Everything is a risk-fixed or variable. But, for me at least, current (new) fixed deals seem to represent bad value at the moment.
NB_EDIT. Only the Gas part of the bill will go up by those percentages. Electric will be lower.
It seems strange that are offering with boiler cover, and without for the same amount, and fixing the cost for 2 years is cheaper than fixing the cost for one year.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I had a look for a new deal on my gas and electric yesterday. I wasnt going to commit to one until the government announce their support for consumers today, I currently pay £124 per month, fixed until the end of March. They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
In roughly 2 hours' time, we will know what that £147 will become in April. Probably around £220. Then in October, may well be £300-odd. After that? No-one seems to have a clue.
Everything is a risk-fixed or variable. But, for me at least, current (new) fixed deals seem to represent bad value at the moment.
NB_EDIT. Only the Gas part of the bill will go up by those percentages. Electric will be lower.
It seems strange that are offering with boiler cover, and without for the same amount, and fixing the cost for 2 years is cheaper than fixing the cost for one year.
I think I have got it. Having read the terms and conditions again. It appears that they are doing free boiler cover for 6 months. So they are quoting the rate while the cover is free, and conning me into taking it up. Then surprising me 6 months down the road when I have to pay for it.
The best rate I can get today is £270, an increase of just about £150 per month. The Government will lend me £200 in October. As I am band F, I dont qualify for the Council Tax discount. So ignoring the loan of £200, which I will have to repay. My increase is around £1800 per year.
There will not be a crash unless the Mortgage lenders decide that properties are overvalued and/or people can no longer afford the same multiples on earnings and restrict lending criteria.
Prices seem crazily high to me. Particularly in London.
I had a look for a new deal on my gas and electric yesterday. I wasnt going to commit to one until the government announce their support for consumers today, I currently pay £124 per month, fixed until the end of March. They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
In roughly 2 hours' time, we will know what that £147 will become in April. Probably around £220. Then in October, may well be £300-odd. After that? No-one seems to have a clue.
Everything is a risk-fixed or variable. But, for me at least, current (new) fixed deals seem to represent bad value at the moment.
NB_EDIT. Only the Gas part of the bill will go up by those percentages. Electric will be lower.
It seems strange that are offering with boiler cover, and without for the same amount, and fixing the cost for 2 years is cheaper than fixing the cost for one year.
I think I have got it. Having read the terms and conditions again. It appears that they are doing free boiler cover for 6 months. So they are quoting the rate while the cover is free, and conning me into taking it up. Then surprising me 6 months down the road when I have to pay for it.
The best rate I can get today is £270, an increase of just about £150 per month. The Government will lend me £200 in October. As I am band F, I dont qualify for the Council Tax discount. So ignoring the loan of £200, which I will have to repay. My increase is around £1800 per year.
Energy bills to rise by 54% a year for millions
Millions of people will pay an extra £693 a year on their energy bills from April, a rise of 54%, Ofgem has said.
The regulator's new price limit means 18 million households in England, Wales and Scotland will typically pay £1,971 a year for gas and electricity.
Another 4.5 million people on prepayment meters will see an even bigger increase of £708 a year.
Chancellor Rishi Sunak has outlined plans to soften the blow via council tax rebates and help with bills.
This would provide the majority of families with a total of £350 to help them adjust to higher prices, he said.
It will mean a £200 discount on energy bills for households from October, which will be paid back over next five years at £40 per year starting in April 2023. Analysts suggest bills could rise again that month.
In England, households in council tax bands A to D - information you can find on your bill - will get a £150 discount from April, the chancellor added. Funds for the equivalent discounts would be provided to devolved nations in the UK.
Comments
April so I will work with that figure here. After tax deductibles the wage would be £1355
Now a mortgage for that individual is out of the question in my area the cheapest rent you will find is £700 for a one bed flat/studio.
council tax would be £120 and energy bills would have been £120 a month but likely will be over £200 a month now. Water bills would be £50 a month say.
income £1355
-Rent £700
-council tax £120
-Energy bills £200
=£335
Now we have to factor in food transport internet cost mobile phone cost. now the office of national statistics had food cost for a single individual is £174 a month however due to food prices increasing I think we can call this £200 a month.
of course this is not including toiletries such as toilet roll toothpaste shaving products shower gel etc etc which I would guess at £20 a month. Now if we are going cheapest transport in my area then a car is out as that is more expensive then a bus so to get a bus to and from work in my area would cost £80 a month.
so £335-£300
this leaves the individual with £35 left to cover for
mobile phone contracts/pay as you go
laundry
Internet bill
Water bill
any other things I may have forgot to mention and this does not include any entertainment which you can say should not be a right, and maybe your right if your talking about going to fancy restaurants or etc, but nothing at all?
I mean if this individual can somehow afford internet they cant use netflix or any streaming services at best they have youtube and maybe a few pirate sites. they can have a library card subscription to read but that is added pressure because if they get a book back late extra fines. which they wont have.
whilst most of us wont be living exactly on min wage this will have a trickle up affect.
the people on min wage face been homeless/living in poverty or working longer hours say 60 hours a week. Which would bring min wage to just under £2000 and leave some wiggle room.
However do we really want to set a precedent where the new working week is 60 hours a week not 37.5 what kind of life is that? also I don't see how that works because what work will there be anyway I mean the working class either never go out due to been unable to afford it or they never go out because they are working too much to which means business suffer and go under which means less work anyway.
I am fortunate not to be at the bottom of the ladder like this so wont be quite so hard squeezed as someone I describe here, however as things get tougher for them there could well be a trickle up effect.
Are we utterly screwed? for once I welcome Haysie coming in to critique my posts on every point and say how I am wrong here. I want to be wrong here.
I just don't see how.
Already it's been dubbed the cost-of-living crisis - and that's before national insurance rates soar and the energy price cap is increased to eye-watering levels in April. Add in rocketing inflation in food, petrol and other goods, and Britain's families are set to be battered by a perfect storm of financial problems that could swamp many households. This is how much it will it cost the average family.
https://www.dailymail.co.uk/news/article-10458101/From-payslips-petrol-perfect-storm-heading-way-cost-living-crisis.html
https://www.msn.com/en-gb/money/other/cost-of-living-surge-yet-to-dent-housing-market-as-prices-see-strongest-start-to-year-since-2005/ar-AATlXFT?ocid=msedgntp
Prices seem crazily high to me. Particularly in London.
Rest of thread:
https://www.msn.com/en-gb/money/other/state-pension-fury-johnson-and-sunak-under-fire-for-awful-triple-lock-plan/ar-AATmtSu?ocid=msedgntp
.......and they're putting National Insurance up to pay for the pandemic, (amongst other things), when they've wasted so much money. Especially when you see the breakdown of what they've wasted the money on
Should put a dent in Sunak's leadership prospects
Prices here have gone up by around 20% since the pandemic started, and everyone wants to, and can work from home more.
Interest rates are going up though, which will impact on people's budget who want a mortgage
He is still a short priced favourite.
Ofgem is bringing forward what is expected to be a crippling rise in energy bills for millions of households from Monday to Thursday. The Bank of England is also expected to raise interest rates.
https://www.dailymail.co.uk/news/article-10468247/Families-brace-cost-living-woe-Energy-price-cap-rise-rate-hike-TOMORROW.html
I wasnt going to commit to one until the government announce their support for consumers today,
I currently pay £124 per month, fixed until the end of March.
They offered me 4 options which varied between £300 fixed until Feb next year, £275 with boiler cover, fixed for 2 years, £275 without boiler cover also fixed for 2 years, or £147 if I dont commit to a deal and revert to the standard variable tariff.
Everything is a risk-fixed or variable. But, for me at least, current (new) fixed deals seem to represent bad value at the moment.
NB_EDIT. Only the Gas part of the bill will go up by those percentages. Electric will be lower.
Having read the terms and conditions again.
It appears that they are doing free boiler cover for 6 months.
So they are quoting the rate while the cover is free, and conning me into taking it up.
Then surprising me 6 months down the road when I have to pay for it.
The best rate I can get today is £270, an increase of just about £150 per month.
The Government will lend me £200 in October.
As I am band F, I dont qualify for the Council Tax discount.
So ignoring the loan of £200, which I will have to repay.
My increase is around £1800 per year.
Millions of people will pay an extra £693 a year on their energy bills from April, a rise of 54%, Ofgem has said.
The regulator's new price limit means 18 million households in England, Wales and Scotland will typically pay £1,971 a year for gas and electricity.
Another 4.5 million people on prepayment meters will see an even bigger increase of £708 a year.
Chancellor Rishi Sunak has outlined plans to soften the blow via council tax rebates and help with bills.
This would provide the majority of families with a total of £350 to help them adjust to higher prices, he said.
It will mean a £200 discount on energy bills for households from October, which will be paid back over next five years at £40 per year starting in April 2023. Analysts suggest bills could rise again that month.
In England, households in council tax bands A to D - information you can find on your bill - will get a £150 discount from April, the chancellor added. Funds for the equivalent discounts would be provided to devolved nations in the UK.
https://www.bbc.co.uk/news/business-60242432