njkmrs

And on a lighter note and off subject .I have just forked out 115.9 for diesel .FFS .
We just seem to lie back and take it in this country .!!!!

Ripped off which ever way we turn .

pslewis

Every country is getting shafted over the Oil price ..... we are not alone!

jjones

what prevents the banks of people that are have difficulty paying their mortgages to extend the term of the mortgage thus reducing the monthly burden? when these people are in a more stable financial position they can simply reduce the term.

pslewis

When you have borrowed 7x your 'made up' income over 40 years the room for movement is rather diminished ......... but, for some, your point is very valid.

Jimpreza

Yes this is a good point. I suppose people could also change to an interest only mortgage to bring down the monthly repayment.

Henrik

iTrader: (5)

Except it wouldn't be a repayment, of course

(taxi for Henrik)

MrNoisy

iTrader: (28)

Too right mate

MrNoisy

iTrader: (28)

Sorry pslewis, but you really do talk nonsense sometimes! We have the highest tax on fuel in Europe, if not the world. Whether every country gets taxed is irrelevant - we pay more than twice the amount for fuel in this country than some European countries and the US, and it's because of the exorbitant fuel levies.

In 2007, when fuel was 95p a litre (yeah - 20p more now...), 63.7p of that was TAX. So don't tell me every country's getting shafted for oil prices. Spain pays what we pay but in Euros!

lozgti

Aaaah.Bank of Scotland are £12 billion short and would like to ask their nice shareholders if they can give it to them.

Such a shame these banks are having a rough time.Feel really sorry for them after how they look after all of us.

Is their dosh tied up in lending too?

PeteBrant

Better to go shareholders than the BoE.

RBS bought Amro, just as the credit crunch was starting to bite, Which put an enourmous dent in thier capital. But shareholder accepted the risk and ok'd the deal.

It;s left them having to do exactyl what the chairman said he would not do.

It will be interesting to to see how many other banks do the same now that RBS has stuck its head over the parapet.

fast bloke

Erm Royal Bank of Scotland - Bank of Scotland is part of HBOS

Anyway - RBS used most of its cash reserves to buy a big chunk of ABN AMRO last year. The total deal was £50 billion, most of which was funded by a rights issue to Merryl Lynch, but they stuck a few billion of their own cash in for good measure.

lozgti

Tangled webs and all that.

kingofturds

iTrader: (1)

Even if this hash up is allowed to go through surely we are just digging ourselves even deeper into the sh1thole. Seeing the average wage is 25k and the average house price is 180k banks will still have to lend 5x salary to enable people to buy.

PeteBrant

Which is exactly why the adjustment that is needed should be allowed to happen. By delaying it, that ratio will just widen even further and when it does go, even more people will be dragged into it.

The market is overvalued. Plain and simple. The sooner government , banks, estate agents et al accept that the better.

Dracoro

I'm sorry but it's YOU talking nonsense.

Please do a search but we do NOT, I repeat do NOT have the highest fuel costs in Europe.
We are about 7 or 8th highest for petrol and 3rd for diesel. In fact most of western europe is about the same (give or take a few pence) for fuel. THe less developed and eastern europe are cheaper. Italy, France, Germany etc. are all about the same. Only Norway is considerably higher than the rest.

See: https://www.scoobynet.com/non-scooby...el-europe.html

MrNoisy

iTrader: (28)

Couldn't agree more. What I don't understand though is why the government hasn't done something about it WAY before now! As soon as the prices started to rise so ridiculously 6 or 7 years ago they should have raised interest rates to counter the amount of borrowing. Instead they chose to bury their head in the sand and tell us the economy was all great.

I'd like to think the only people that can win here will be first time buyers who were previously unable to get onto the property ladder, but I bet the prices won't drop enough unless the market crashes...

Leslie

Yes of course we do Pete, but we don't like to see it all thrown into running a vast and inefficient bureaurocracy in the NHS, standards of exams in education dropping just to make the results look artificially good, and school leavers who are unable to write, do maths or even communicate, and the economy being made to look artificially stable by overborrowing and flogging off our gold reserves for peanuts.

Les

MrNoisy

iTrader: (28)

Sorry, but if you bother to read my post you'll see it says .
Do a search on that and see what you come up with.

David Lock

Sorry, but if you bother to read my post you'll see it says
Quote:
the highest tax on fuel in Europe, if not the world
=========

I don't understand this. Fuel product is a traded commodity so 100,000 tonnes of unleaded delivered to a port in Spain, France or UK is about the same base cost. Delivery costs must be comparable so the highest tax would mean the highest pump price. Where have I gone wrong? dl

fast bloke

Local margin

SPEN555

Well said.

fast bloke

This is bad. Maybe PSL was ahead of the game for once. If this goes ahead the taxpayers WILL end up footing the bill

Bank of England to take on credit card debts - Telegraph

MrNoisy

iTrader: (28)

It's also the fact that quoting prices in other countries is meaningless if the average wage isn't taken into account, as people in that other thread have very well pointed out.

lozgti

Bank of England is slowly turning itself into the new Ocean Finance.

In fact,when the banks here and in America were talking about offloading all their junk I thought,who in the hell would take that on.

pslewis

Todays reports say around £50 Billion in guarantees.

Effectively what we are doing is backing up any loses the Banks make, yet they get to keep their profits!!

Just at a time I was poised to snap up a few cheap properties and benefit from others wild borrowing ... the Government steps in to prop it up!!

lozgti

You know as well as most of us do,nothing they try and do can stop it happening.

It's like in America with the Fed going nuts slashing interest rates and tax to make people spend.Makes me smile

Oh dear..

FlightMan

Sorry? Is that a PSL moan about NL?

ditchmyster

iTrader: (7)

[

The market is overvalued. Plain and simple.
The sooner government , banks, estate agents et al accept that the better.[/QUOTE]
I think you've said the market is overvalued twice now! i feel compelled to take issue over this statement .The facts that need to be taken into consideration are; supply and demand, i think there is a housing shortfall of somewhere around 300,000 per annum. The cost of building a house, ie materials, labour,and standard gross profit to cover opperating costs of said builder have all increased.
the problem isn't the cost of the house! its the fact that over the last few years people have been taking out 125% mortgages,thats where the anomally lies between the value of the property and the value of the mortgage! when i bought my first house this would have been considered lunacy!! irresponsible lending and people living beyond thier means are the cause,borrowing 25% more than the value of your house so you can have a 50" plasma screen? and lots of ikea furniture that at best will last 5 years and you will be paying 25years for does not seem to come into some peoples understanding of financial planning!! i could go on but i think iv'e allready done that

Leslie

The Times this morning has a headline to say that the £50 billion is likely to double in the end!

I am really not happy to see these government bonds being issued in exchange for possibly sub-prime mortgages all paid for out of our taxes. How dare they risk our money like that! It is time these greedy banks were made to face up to their and their trader's errors.

This feels too much to me like a PFI type deal which will take years and years to be settled in the end, at our expense!

Les

FlightMan

Radio 5 reporting City analysts saying that banks aren't taking this up as the penalties are too high.

Another ****-eyes Govt plan fails before it starts.