Never known such slow response to increase interest rates when inflation is running away.
young codger Posts: 522
edited January 2022 in The potting shed
These are certainly strange times we live in. Obviously it will suit the people with mortgages and other borrowers. The frugal savers who have been getting a pittance for quite a while now will feel frustrated. I guess the forum members will be divided on the subject.
Both my daughters are paying a fortune in rent and have no option TO save.
Those of us lucky enough to HAVE saving ought to count our blessings.
Those of us who have had mortgages and/or savings at various times will have experienced the highs and lows.
I certainly have. You just have to get on with it, and -to use that well known phrase, cut your cloth accordingly.
I live in west central Scotland - not where that photo is...
for the fag ends of the aristocracy.
The post war years saw massive house building, there was no shortage of jobs, we had a good education, we had grants for uni and further education, we had good healthcare (we got a full 10 days in hospital after giving birth), we were able to get onto the property ladder as we had stable jobs, regardless of our background.
We could party through the sixties and we had the best music!
I won't go into what was wrong throughout all of this (racisism, sexism, homophobia) but there was so much we had that is just not available to the younger generations now and that makes me sad.
Hopefully our savings and small pensions will see us out but I have always been a strong believer in "From each according to his ability, to each according to his needs" and hate that rampant capitalism has resulted in a handful of fat cats having it all leaving more and more of the many with nothing. So there will always be inflation/fluctuations in interest rates because that's what capitalism does.
It should also be remembered that expectations have risen quite dramatically over the last 40 or 50 years. What was considered a reasonable lifestyle in the 1970's would horrify some people today.
Those who have some savings due to being careful over the years and going without a lot of expense which is considered "normal" these days will no doubt be using that to pay for their needs in old age. To suggest the UK "baby boomers" are well off on the whole is nonsensical - it's just not that cut and dried.
Without a doubt there are many people who really are struggling and every effort should be made to help them. Aid in the UK needs to be targetted just as much as aid in other countries. I remember my OH when working in various parts of Africa was upset by the corruption there regarding International Aid to such an extent that when he came to the UK on leave, we bought clothing and shoes for him to take back and hand out to those who needed them. The recipients were those who had a job.........heaven help the other poor sods.
Sorry - more appropriate to Curmudgeon thread on reflection