What is going on today? - Megathread

Such a dismal and depressing picture painted of this country yet so many people want to come to live here still because it’s actually not that bad compared to some other countries.

The mini budget is worrying - how will all those cuts be paid for? But all I can focus on is that I’ll have more money to invest due to the reduced NI.

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You’ll get 1.25% back on some of your income, but your entire income is worth 2%-3.5% less than it was yesterday.

…brilliant! :thinking:

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How so? Not being argumentative, I obviously haven’t done the sums and must be missing something?

My energy company has told me that my direct debit in October will be £45 less than what I paid in Sept, so more to go towards my investments.

It feels like I’m winning, but I’m not really celebrating.

Less in value against the dollar? Doesn’t really come into play for 99.99% of people that work and live in the Uk does it not?

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Not planning to eat/ use energy in the coming months?

What ‘savings’ that ni removal is (and it only came in in April, so it’s not likes had too great shakes currently) is entirely offset by the huge increases in food/energy/everything else.

At the same your £ is devaluing against the dollar.
And what are most things traded against? As we import a lot of things… Oh that’s right the dollar.

This is a knife edge that could potentially overflow into a hyperinflation situation.

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Things do not seem ‘too’ bad if you are not really doing much, but when you step outside and try make something happen or put huge effort into overtime and upping your game, you quickly realise you just spent £1500 in a frikken week.

Life is awesome and especially floating about in the uk countryside and strolling through the Cotswolds and riding bikes through the New Forest and all that, but seriously, try physically going into hyper mode and creating something or purchasing something large like a property and still manage to have funds around to grow your business or pursue work which involves travel, you’ll immediately realise you’ve just spent £10,000 in 3 months ONLY on expenses.

UK government has screwed over the working population.

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This new government is arguably the worst weve had for the economy and they’ve only been at it for a few weeks. What they are doing is reckless and goes against pretty much any economic logic. Its crazy to think they genuinely believes that people are going to spend this releif whilst inflation is still around double digits. The Bank of England are also raising rates so that pretty much encourages people to save. The one thing the tories had going for them was that they were fiscally responsible, this is now over.

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Energy increase covered by the government discount it seems and am having to shop/cook smarter to make my pound go further but it’s doable.

Yes, it’s bad, worse for some but not too bad for others.

And no, am not rich or wealthy - average basic tax rate payer with mortgage, with a bit spare to invest each month, although this ‘spare’ could be in doubt if there was a real dire situation like hyperinflation.

I see what you mean now, the ‘work’ you’re referring to is more of the self-employed/entrepreneur type stuff which needs personal initial outlay/capital.

I’m not really doing much, just a 9-5 office job (not even office now that I can wfh). I sometimes do overtime but don’t get paid for it.

I guess I’m in a bit of a bubble as all my friends, family and the circle of people I know are all in similar jobs, so that’s the working population that comes to my mind first.

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I’m thinking it can haha

I find this such an odd argument.

It’s basically like going “Sure everything is going to shit but there are still some places where it’s even worse so :man_shrugging:

Why should we put up with poor government and rapidly declining quality of life just because it “could be worse”.

(Except in situation where we are making targeted sacrifices for political / social well-being reasons etc, but that’s complex to get into and really not the case here imo)

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Well the bankers and the rich will now save us by spending more in the econemy

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You don’t have to put up with it but I choose to do so. All i can do is vote when the time comes, whatever good that will do.

The ‘it could be worse’ is a mindset so I don’t end up spiralling into despair and feel sorry for myself, I always tend to look on the bright side of life and all that. Not saying that’s what people should do, it’s just what i do.

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It’s expensive. £1k+ for a sofa, £1k for grass laid, £500+ for a monitor. Setting up your office and need a chair that won’t break your back? £500 please.

At the same time people still seem to have the attitude that they can just sit in the same job year after year and expect things will work out. That’s been false for a while now. You can’t stay in the same company and expect to go anywhere anymore.

On top of that I expect we’re exiting the insta buy generation. This idea that people can just buy anything they want on short term credit and be fine and have instant gratification was never a good idea. People might have to make do with plastic chairs like the ‘good old days’ until they save up for things

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Imports.

Down against the euro and the dollar.

Commodities and fuel are priced in dollars. That pushes prices up for pretty much everything for people in the UK.

For those of us with global investments mainly denominated in USD the current exchange rate is a much needed boost. Shielded me from a lot of the drop ( so far ).

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More expensive to buy. But if you have them already then :man_dancing:.

Also FTSE companies with earnings in dollars and Euros will be looking at better revenue figures stated in pounds

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I completely agree. For all of my life I’ve always had the ‘it could be worse’ mindset, and that no matter how difficult things may get for me, there will always be people in a much worse situation who would give everything to be in my shoes.

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VUSA, VWRL, EQQQ all up yesterday.

IWDG ( hedged ) down 17% last 12 months, VWRL / VUSA ( unhedged ) down 4% / up 4% .

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