Interest rates

[Taff]

Does anyone know if the drop in interest rates have any impact on ecology mortgages?

[Alex C]

I imagine they would be best placed to answer that. 01535 650 770.

[Bitpipe]

My understanding is that fixed rate mortgages are not that sensitive to the central bank rate as the money that backs them comes from other institutions - i.e. mortgage provider 'buys' a chunk of cash at a given rate and sells it as a fixed rate product. When the money is sold, they buy another chunk at the going rate and repeat.

 

Trackers obviously do move up and down in line with the BoE rate but are not normally good value.

 

Let us know what you find out,

[Ferdinand]

Coop Bank say they are passing it through in its entirety, I hear.

[Taff]

I’ll give ecology a ring in the mornings ?

[ProDave]

  On 11/03/2020 at 18:26, Ferdinand said:

Coop Bank say they are passing it through in its entirety, I hear.

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So SAVERS no doubt and with immediate effect.

 

to BORROWERS probably some time in the future and only partially.

[Oz07]

I think there are other things he's done so the rate cut gets passed on. Above my pay grade but maybe relaxing capital ratios or something? I did listen to it but don't understand it all. Did anyone else hear the other part about the businesses receiving the 100% rate discount getting a 3k cash layout or did I hear wrong

[Temp]

I missed it but thought on the news it said businesses could defer rates for 3 months or something like that.

[Oz07]

I've seen it summarised on BBC website 3k cash boost for those businesses. 

[ProDave]

But still NOTHING for the self employed.

[dpmiller]

is there ever?

[Ferdinand]

I like the business rates holiday. Covers gyms ? . 

 

(Allegedly)

 

Ferdinand

[epsilonGreedy]

Could I declare my hands-on self build to be a job, then self isolate with suspect Covid19 and pocket two weeks of statutory sick pay?

[ProDave]

  On 12/03/2020 at 08:13, epsilonGreedy said:

Could I declare my hands-on self build to be a job, then self isolate with suspect Covid19 and pocket two weeks of statutory sick pay?

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That might backfire if you wing it for 2 weeks.  What happens if you get it for real later on?

 

Is THAT where the idea you can catch it a second time is coming from?

[epsilonGreedy]

  On 12/03/2020 at 08:18, ProDave said:

That might backfire if you wing it for 2 weeks.  What happens if you get it for real later on?

 

Is THAT where the idea you can catch it a second time is coming from?

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If I subsequently get the real thing then my build stalls and I watch an excess of daytime TV. I cannot see the downside to pocketing £200 of SSP cash via the online self declaration process and then as a dutiful citizen spending it in the local economy, in the middle of a recession that would buy many extra hours of a pro roofer slating my roof.

[ProDave]

Just to burst your bubble, self employed got no SSP whatsoever, not even now.

[Ferdinand]

  On 12/03/2020 at 08:34, epsilonGreedy said:

 

If I subsequently get the real thing then my build stalls and I watch an excess of daytime TV. I cannot see the downside to pocketing £200 of SSP cash via the online self declaration process and then as a dutiful citizen spending it in the local economy, in the middle of a recession that would buy many extra hours of a pro roofer slating my roof.

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For one thing, it's possibly fraud. Is the phrase "fraud by false representation"?

Edited March 12, 2020 by Ferdinand

[epsilonGreedy]

  On 12/03/2020 at 10:07, Ferdinand said:

For one thing, it's possibly fraud. Is the phrase "fraud by false representation"?

 

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The real fraud is £190 billion of new UK Government spending borrowed on the never-never thus advancing the date when the international system of FIAT currencies collapses and when the Chinese and Russians take over.

 

I thought we were meant to fix roof tiles when the SSP sun shines?

 

 

[LA3222]

  On 12/03/2020 at 11:34, epsilonGreedy said:

 

The real fraud is £190 billion of new UK Government spending borrowed on the never-never thus advancing the date when the international system of FIAT currencies collapses and when the Chinese and Russians take over.

 

I thought we were meant to fix roof tiles when the SSP sun shines?

 

 

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FIAT is a fraud - where does all this newly printed money disappear to? The only thing I know is that every time money gets printed on the magic machine, the pounds in my pocket become worth just that little bit less?‍♂️

 

I think fiat will disappear eventually and be replaced by a decentralised cryptocurrency of some description?

 

We are already drifting into a cashless society - just a small step then from digital pounds to a digital cryptocurrency?

[epsilonGreedy]

  On 12/03/2020 at 11:57, LA3222 said:

 

I think fiat will disappear eventually and be replaced by a decentralised cryptocurrency of some description?

 

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A crypto coin backed by gold looks attractive right now. The Government can afford to splurge at the moment because with interest rates effectively below zero there is no longer a time penalty to maintaining or expanding debt.

[LA3222]

  On 12/03/2020 at 12:22, epsilonGreedy said:

 

A crypto coin backed by gold looks attractive right now. The Government can afford to splurge at the moment because with interest rates effectively below zero there is no longer a time penalty to maintaining or expanding debt.

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But then gold is deflationary aswell - everytime a new mine is found they are effectively printing money!

 

A cryptocurrency with a fixed number of units is the solution.  Its value will then only ever go up rather than down.

[Bitpipe]

  On 12/03/2020 at 11:34, epsilonGreedy said:

 

The real fraud is £190 billion of new UK Government spending borrowed on the never-never thus advancing the date when the international system of FIAT currencies collapses and when the Chinese and Russians take over.

 

I thought we were meant to fix roof tiles when the SSP sun shines?

 

 

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Maybe but I'd say the govt have a higher chance of successfully prosecuting you than you have of successfully prosecuting them

 

[Taff]

Update from ecology, interest rates are under review, and expect to hear something towards the end of the month. Didn’t say which way they go ?