Credit Crunch
Posted by Robert Key, MP for Salisbury, at 19:09, Sun 23 November 2008:
Hello! Please will you help me by letting me know how the economic recession is affecting you personally? I'd also be grateful if you'd let me know of signs of recession that you see or hear about in South Wiltshire.Thank you. Best wishes from Robert Key.
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HearFromYourMP
Posted by Neil A Bedford, 06:18, Tue 2 December 2008: (Is this post abusive?) #
Hi Robert Key,
I managed to 'future proof' my house by buying rather a lot of property back in 1995, which is now coming in to effect. A property developer is buying some of the unwanted property and will clear my mortgage and give me a little extra to help me keep my head above water, without moving or changing jobs. Without doing this, I dare say the whole lot would of been re-possessed by now.
I notice that in the supermarkets, people flock to the 'bargain stands' more often than they used to, as well as the dearer fuel stations being almost devoid of any customers. Almost everyone in front of me when I pay for fuel seems to be asking if their vouchers have come through yet, from the loyalty schemes offered by several outlets.
Although the VAT rate has come down, it is also obvious that high end retailers are feeling the crunch, the staff in these premises usually outnumber the customers. On a similar note, the amount of 'flyers' sent by email to me from electrical outlets and 'gadget' shops have increased to about 3-5 times what they used to be this time last year. Some even send me offers on a daily basis, where I used to get one from them every two weeks.
I hope this is of use to you and look forward to the other comments.
All the best,
Neil.
Posted by C R BELL, 12:20, Tue 2 December 2008: (Is this post abusive?) #
It is affecting me deeply!
Why is allowed to happen. The stock exchange and governments worldwide are to blame. because of Greed. The Bear market is ungoverned and runs wild taking the cream off the top and left everyone else to rot!!!!!!!
This cannot go on because governments have no reserves!
Allowing them to take no risks whatso-ever and make extortionate profits is insane, and we cannot aford to do this boom and bust nonsense anymore!
gOV ARE PUTTY IN THEIR HANDS !
Also, after a serious accident, and long history of hip back problems. the sec of state has issued a directive that if i go back to work I MAY NOT BE SIGNED OFF FOR THE SAME PROBLEMS??? this is hidious action. How can I possibly fight this it is against my civil rights and my human rights. My specialist said it is permanent damage. I will always have weakness and problems.
But to issue an order to Job seekers and doctors forbidding them to allow me to be signed off with a long term recuring problems is evil.
Yours C r Bell
Posted by W.J.H.Richardson, 14:40, Tue 2 December 2008: (Is this post abusive?) #
Dear Mr Key, Ref Credit Crunch. I am suffering from a real reduction in income from my pension investments. This follows on from the wretched Prime Ministers 4 billion tax on pension investments. Incidental to the above losses I still await this governments action over Equitable Life which cost me the major section of my pension savings.The latter not strictly Credit Crunch, of course,
The present financial situation can only get much worse I fear, and will not improve in the short term, thus elderly pensioners like myself (83) stand only a very small chance of seeing any improvement in their position, for several years.
At best this Recession will not improve for at least 3/4 years. A grim thought.
We must get rid of this Government for all our sakes.
W.J.H.Richardson
Posted by Tony Morland, 15:21, Tue 2 December 2008: (Is this post abusive?) #
Robert,
Investments in Property, Stock Markets and Currency have all taken serious nose dives. The direct affect is the Pension Pot has drastically reduced and any hope of an early retirement is evaporating.
Job security is also a major worry with redundancies a real possibility. I note wages in Salisbury are still very low.
Is the government suggesting we should follow their lead and just borrow money until the recession ends? What then? a life time of debt and misery.
Best wishes Tony
Posted by Alan Harris, 16:54, Tue 2 December 2008: (Is this post abusive?) #
Dear Robert, The Credit Crunch is not effecting me personally apart from when I noticed the increased cost of "filling up" but with two sons having left university with good degrees and not being able to find jobs parallel to their qualifications, it does make you wonder how others in the same boat will ever be able to pay off loans and be able, before they reach 60, to afford to buy their own properties. And what really "niggles" me is the fact that both Tony B and Gordon B paid for their T.V. licence through expenses!!
A. Harris
Posted by Caren Clarke, 05:41, Wed 3 December 2008: (Is this post abusive?) #
I am very fortunate that the credit crunch is not having a huge effect on my husband or I, although I fear for our daughters, the older of whom will be leaving University next year and searching for her first job. Happily, lower interest rates are reflected in our mortgage repayments but this is off-set by our ever-decreasing savings returns but fortunately we came out of the stock market before the Northern Rock fiasco.
I work for a financial organisation and it disturbs me that we are currently 'pushing' personal loans and credit cards but interestingly, people are generally refusing quite vehemently to take on debt, including mortgages and further advances; in fact many are reducing or paying off their mortgages altogether. It seems that people are reacting in a very prudent manner. My sympathies lie heavily with the pensioners who are relying on their ever-decreasing investment income.
I do not believe that a further reduction in the bank base rate will kick-start any improvement in either house prices or confidence and I think that the current problems will last throughout 2009 and we will just have to be patient!
Posted by Tim Oliver, 21:05, Wed 3 December 2008: (Is this post abusive?) #
Hi,
Fortunately my job is recession-proof. However, we are trying to sell our house at the moment. We've actually had quite a bit of interest - even this close to Christmas.
The main thing that affects us is fuel prices as I commute a round-trip of 100 miles a day.
I actually found a 2.5% decrease in VAT a pit pointless. Unless you're spending huge amounts of money, it won't make any difference. If you can afford to spend huge amounts of money, then you're not exactly worried about a recession!
Why not do real things?: -A temporary suspension on stamp-duty (that affects average house prices); -Force the banks to pass on interest rate changes. (They're quick to follow when they go up!) -If people who claim benefit can afford to smoke, watch Sky on widescreen TVs and have XBoxs, then they're getting too much benefit - cut it.
Right, I'm ranting but if a Government didn't waste money, they'd have more. I believe that's what they're preaching at the moment?
Posted by Robert Key, 17:05, Thu 4 December 2008: (Is this post abusive?) #
I am very grateful to you all for your helpful responses. Thank you. I have read them carefully and it really does help me to build up a picture of what is going on in our real world as opposed to the Westminster Village and the media circus. Best wishes from Robert Key.
Posted by W.J.H.Richardson, 10:23, Fri 5 December 2008: (Is this post abusive?) #
Dear Mr key,
Thank you for acknowledging my own and others responses. I suspect that many in this country are only now beginning to realize the very very serious situation in which we all are.
Once again, Thank you,
Yours sincerely, W.J.H.Richardson.