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I don’t think those struggling to pay even know what a mortgage is, let alone have any aspiration to ever taking one out.
This is going to primarily hit those in rented (probably council estate) accommodation.
Admittedly, many of them – having seen the lifestyles of dim celebrities in Heat magazine, OK magazine and on TV – think that things like Netflix and Sky TV rental packages are basic human rights/needs, but the idea of tightening your belt in any tangible way is alien/anathema to the vast majority of people under the age of circa 45 in this country and I predict that hordes of them simply won’t amend their lifestyles or be prepared to pay when the astronomical bills come in.
Of course, there is already an impoverished segment on things like buy up front “energy keys” and they have no access to energy credit.
Things won’t be too hot (literally) for them.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"‘Admittedly, many of them – having seen the lifestyles of dim celebrities in Heat magazine, OK magazine and on TV – think that things like Netflix and Sky TV rental packages are basic human rights/needs, but the idea of tightening your belt in any tangible way is alien/anathema to the vast majority of people under the age of circa 45 in this country and I predict that hordes of them simply won’t amend their lifestyles or be prepared to pay when the astronomical bills come in.’
You have a point but I take exception to ‘vast majority’. I’d say ‘significant minority’ is more like it.
I’m one of these under 45s and am perfectly capable of budgeting as are most people I know. I realise this is anecdotal evidence and my social circle is skewed towards the more educated, better off etc but I think ‘vast majority’ is a harsh assessment.
You could be right, Richard, but I’ve got you down as a bright, educated, articulate fella with a similar social circle as a consequence and I’d maintain with confidence that there are at least as you say “significant” numbers of people aged 45 and under in this country who are hopeless when it comes to personal finance and maxed out their credit cards to buy their Generation Z offspring Xboxes, PlayStations and smart phones thus giving them a rose-tinted view of how seemingly perpetually materially wealthy this country actually is.
Seldom in history has any generation been less well prepared for extreme austerity.
And the whole lot is presided over by a crew who apparently believe in cutting tax from the top and “trickle down” economics.
It’s a recipe for a socio-economic disaster.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"Thanks for expanding a bit, I pretty much agree with your assessment. It was the numbers that I disagreed with and I stand by my opinion of it being a significant minority.
Yes my view comes from someone who is reasonably educated (as are most I know) but there are plenty of us, another significant minority I’d say. This forum skews the same way I think, generally a smart and eloquent bunch.
The timebomb continues to tick.
The JAMs will be hit. JAM today, Not JAM ‘tomorrow’.
Peeps in a household income bracket of c£25k-£40k, where every penny counts already, but they do not receive any income support benefits.
The poorest will actually receive up to £1000 during Autumn and Winter.Case scenario: A couple or Single mum/2 kids living in a 2-bed flat, council or housing association. Low income, benefit income support. Leccy bills £100/month, but doubles due to increased leccy costs to £200/month. The £1000 support will more than offset leccy bill increase.
The JAMs, not getting any income support will be severely impacted.
Just my opinion, trying to play with the figures.
BBC News: “Many households are falling behind on energy payments with total debt owed three times higher than in September last year, a survey has suggested.
Almost a quarter of households owe £206 on average, according to comparison site Uswitch, which surveyed 2,000. The data comes as consultancy Cornwall Insight warned energy bills could rise much higher than thought in October. The consultancy also expects bills to increase much more sharply in January, with the average household paying £355 a month, instead of £164 a month currently.”I am "The Horse Racing Punter" on Facebook
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"Yes Wilts. There is definitely a group for whom all the budgeting in the world isn’t going to help soon. They already do the sensible thing and still it’s not enough. These are the ones I feel for most. I don’t belive this group is particularly large but it’s growing as for example the ones who budget well and save a little bit each month now find they can’t save due to increasing bills.
My dear old economist Dad used to say the Tories had one big advantage over Labour – unemployment only affects the unemployed and their families, inflation affects everybody.
Historically, Labour’s social conscience policies don’t benefit a big enough section of society to gain traction among the majority.
The Tories are only ever in real trouble when an event comes along so catastrophic and widespread it affects everyone.
Even government mistakes at the start of the Pandemic weren’t enough to dislodge them – like unemployment, death only affects the dead and their families.
But this soaring cost of living crisis is in danger of affecting the majority.
And it’s really hard for the Tories to deal with it, because they’re all about the politics of self, standing on your own two feet, low tax, little government, lack of intervention.
What is “One Nation Toryism?”
It’s all the above below a veneer of social compassion – look at Mordaunt and Tungendhat.
The Tories are ideologically there to prop up big business and maximise their opportunities to make profit, not to put price caps on them, let alone impose windfall taxes.
That’s the stuff of Labour.
Sunak is actually pretty right wing – but Truss makes him look like a socialist.
There isn’t even an “I can’t believe it’s not New Labour” so-called “One Nation” Tory left in the running to call the shots here.
It’s going to get messy whatever – VERY messy if it’s Truss.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"If you only read one article today, please make it this one:
But Ian, why are the poor and unemployed now voting Conservative? I listened to the Alastair Campbell Rory Stewart podcast where they chatted with Tony Blair. I can’t imagine anyone in the current government being capable of such an intelligent thought provoking discussion ( I might be repeating myself here: too tired and hot to check…)
1.09 Liz Truss
11 Rishi SunakI’m fairly sure that’s as short as she’s been.
Time running out for Sunak.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"11 Tory whips backing Truss is the latest.
It’s amazing how many Tory MPs are backing Truss now she’s said to be well ahead in the poll of members.
Where were all these Truss fan Tory MPs in the early rounds of the parliamentary vote?
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"1.08 Truss, 12.5 Sunak – she’s never been shorter, he’s never looked more beaten.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"Watching them both on tv last night Sunak at least looks confident and competent: answers the questions put to him well. Engages with people. Don’t understand why they should pick Truss who is totally hopeless. And nasty. Suits me. More chance of a Labour government with her as leader. But I just scratch my head and think how and why.
Oh I forgot. She ‘gets things done’. Not sure what she gets done but that’s her winning formula.
They think she’s Thatcher reincarnate.
But even if she was, I’ve got a hunch if Thatcher was around today she would be anywhere near as popular as she was in the 1980s.
The world has changed.
Truss is the winner Starmer would want for sure.
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It's the "Millwall FC" of Point broadcasts: "No One Likes Us - We Don't Care"These hustings are laughable by now; Sunak has been a dead dog for weeks. Even more ridiculous being in N Ireland today, where Tories received 0.03% (not a typo!) in the recent Assembly elections.
I imagine the real audience was English Tories, allowing them to act tough on the EU, tho 57 out of the 80 Assembly members support the protocol, including cross-community parties like Alliance and the Greens (my party).
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