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Post by martin44 on Apr 16, 2019 21:39:17 GMT
The value of the pound doesn't have any great direct effect on me (except buying foreign currency to go on holiday). However, the fact that the FTSE is up about 17% since the brexit vote has had a significant impact on the value of my ISA / DC pension.
Well it imported a lot of inflation so that the value of our savings was significantly diluted. It also meant that my 10 year pay freeze/1% pa pay increases had an even larger detrimental effect to my net purchasing power than it otherwise would have had. As well as the large increase in costs of holidays and trips abroad that you mention. So the Brexit-induced devaluation of the pound had a very significant effect on me and many others. (and that's before we also take into account the reduced overall size of the economy) my bold....wow... thats interesting.. what sector are you in?
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IFISAcava
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Post by IFISAcava on Apr 16, 2019 22:02:26 GMT
Inflation most definitely was not at an all time low after the Brexit induced devaluatation. Look up the figures if you don't believe me. Ok. CPIJust saying. Wow. So it's fine because the Brexit induced inflation wasn't as bad as the hyperinflationary 70s and was almost as bad as the financial crash of 2008. Academic study from the LSE: "Accounting for both the depreciation and other ‘general equilibrium’ effects of the referendum, we estimate that the Brexit vote increased aggregate inflation by 1.7 percentage points in the year following the referendum. There is uncertainty about the exact size of this effect, but our analysis unambiguously shows that the referendum led to a substantial rise in inflation." cep.lse.ac.uk/pubs/download/brexit11.pdfAlso, see how our food price inflation changed compared to other European countries after the Brexit vote:
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IFISAcava
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Post by IFISAcava on Apr 16, 2019 22:04:47 GMT
Well it imported a lot of inflation so that the value of our savings was significantly diluted. It also meant that my 10 year pay freeze/1% pa pay increases had an even larger detrimental effect to my net purchasing power than it otherwise would have had. As well as the large increase in costs of holidays and trips abroad that you mention. So the Brexit-induced devaluation of the pound had a very significant effect on me and many others. (and that's before we also take into account the reduced overall size of the economy) my bold....wow... thats interesting.. what sector are you in? NHS
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Vero
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Post by Vero on Apr 17, 2019 11:50:09 GMT
From today's Investors Chronicle:
"Data published yesterday by the Office for National Statistics showed that in the 3 months to March employment rose to a new record high of 76.1 per cent of the population, up from 75.4 per cent this time last year, and unemployment for Q1 dipped to 3.9 per cent from 4.0 per cent in the previous quarter.
Average earnings are running at 3.4 per cent growth, 3.5 per cent including bonus, keeping them just below pre-2008 levels.
The biggest leap was in the ratio of women over 50 years old in work, possibly caused by a later pensionable age."
Original source:
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cb25
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Post by cb25 on Apr 17, 2019 14:01:33 GMT
my bold....wow... thats interesting.. what sector are you in? NHS Perhaps they're trying to help you, by slowing your pay rises down so that you don't go busting your pension lifetime allowance (which seems a common complaint amongst higher paid older NHS staff such as GPs and Consultants)?
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IFISAcava
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Post by IFISAcava on Apr 17, 2019 15:18:50 GMT
Perhaps they're trying to help you, by slowing your pay rises down so that you don't go busting your pension lifetime allowance (which seems a common complaint amongst higher paid older NHS staff such as GPs and Consultants)? No, it's a double whammy: still hit by pensions tax (my marginal rates are eye-watering - between 70% and 85% tax for a third of my income, plus pensions contribution of 15%) yet the pay freeze means have less spare cash to pay the end of year additional tax bill. As with many many others, I am cutting down hours as we now get paid virtually the same after tax/deductions for working 65-70% as hard. Idiotic system, as we are the most experienced NHS staff, but there you are. Government both doesn't seem to care and has other things on its mind.
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Post by IFISAcava on Apr 17, 2019 15:22:57 GMT
Perhaps they're trying to help you, by slowing your pay rises down so that you don't go busting your pension lifetime allowance (which seems a common complaint amongst higher paid older NHS staff such as GPs and Consultants)? And it's the Annual Allowance with tapering which is the main problem, not the LTA. Private sector employers offer to take the remuneration as salary instead, which at least is only taxed at 42-47%, but we don't have that option. So cutting down hours is the only option and a no-brainer. NHS is about to hit a huge senior staffing crisis.
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registerme
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Post by registerme on Apr 17, 2019 18:32:02 GMT
Perhaps they're trying to help you, by slowing your pay rises down so that you don't go busting your pension lifetime allowance (which seems a common complaint amongst higher paid older NHS staff such as GPs and Consultants)? No, it's a double whammy: still hit by pensions tax (my marginal rates are eye-watering - between 70% and 85% tax for a third of my income, plus pensions contribution of 15%) yet the pay freeze means have less spare cash to pay the end of year additional tax bill. As with many many others, I am cutting down hours as we now get paid virtually the same after tax/deductions for working 65-70% as hard. Idiotic system, as we are the most experienced NHS staff, but there you are. Government both doesn't seem to care and has other things on its mind. Yeah my best friend (a consultant) is responding in exactly the same manner.
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Post by martin44 on Apr 18, 2019 18:12:46 GMT
UKIP haemorrhaging (according to BBc news) votes to the new Brexit Party, not surprisingly, looks like Farage may clean up at the EU elections, should we get there.
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adrianc
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Post by adrianc on Apr 18, 2019 18:34:22 GMT
UKIP haemorrhaging (according to BBc news) votes to the new Brexit Party, not surprisingly, looks like Farage may clean up at the EU elections, should we get there. The message is probably starting to get through even to the average kipper about just how far into BNP/EDL territory UKIP have moved, embracing Tummy Rubbinson and these two shock-youtuber cretins as official candidates - "Sargon of Akkad" and "Count Dankula".
The various remain parties need to work together to ensure the vote doesn't get split. www.independent.co.uk/voices/editorials/european-elections-remain-pact-cable-brexit-farage-change-uk-green-a8874541.html
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Godanubis
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Post by Godanubis on Apr 18, 2019 23:21:05 GMT
my bold....wow... thats interesting.. what sector are you in? NHS I was in NHS for over 40 years managed to stop work at 58 and thanks to Mr Osborne managed to double the so called golden pension. During that time most people may have gotten a 1% pay annually but got several % points in incremental rises. After introduction of Agenda For change, Some may not have had as much but with my salary going from £60 a month from when I started to 3-5 times that a night. The introduction of Agenda for change resulted in crazy payments. I was a union rep and did get great payment protection for my membership but that didn’t make it right. Nowadays middle ranked staff band 5 and above have reasonable basic salary plus usually overtime. I worked from 9 am one day till 5pm the next. Now it’s 37.5 hrs a week with reasonable out of hours payments still some on very large protection. Here in Scotland my colleagues and I managed to get our protection for life unlike the limited protection in the rest of UK. In England due to tax difference you get more take home pay for the same work.
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Post by IFISAcava on Apr 19, 2019 8:14:41 GMT
I was in NHS for over 40 years managed to stop work at 58 and thanks to Mr Osborne managed to double the so called golden pension. During that time most people may have gotten a 1% pay annually but got several % points in incremental rises. After introduction of Agenda For change, Some may not have had as much but with my salary going from £60 a month from when I started to 3-5 times that a night. The introduction of Agenda for change resulted in crazy payments. I was a union rep and did get great payment protection for my membership but that didn’t make it right. Nowadays middle ranked staff band 5 and above have reasonable basic salary plus usually overtime. I worked from 9 am one day till 5pm the next. Now it’s 37.5 hrs a week with reasonable out of hours payments still some on very large protection. Here in Scotland my colleagues and I managed to get our protection for life unlike the limited protection in the rest of UK. In England due to tax difference you get more take home pay for the same work. All well and good, and AfC did produce some winners. But the stark truth is that: - For the same work my real earnings after inflation are down 25% - Austerity cuts are biting hard - after there had been a real and tangible improvement in the service over the decade prior - And current taxation means that I can earn the same by working 30% fewer hours. Good luck to the NHS recruiting and retaining senior doctors.
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Godanubis
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Post by Godanubis on Apr 19, 2019 8:31:05 GMT
I was in NHS for over 40 years managed to stop work at 58 and thanks to Mr Osborne managed to double the so called golden pension. During that time most people may have gotten a 1% pay annually but got several % points in incremental rises. After introduction of Agenda For change, Some may not have had as much but with my salary going from £60 a month from when I started to 3-5 times that a night. The introduction of Agenda for change resulted in crazy payments. I was a union rep and did get great payment protection for my membership but that didn’t make it right. Nowadays middle ranked staff band 5 and above have reasonable basic salary plus usually overtime. I worked from 9 am one day till 5pm the next. Now it’s 37.5 hrs a week with reasonable out of hours payments still some on very large protection. Here in Scotland my colleagues and I managed to get our protection for life unlike the limited protection in the rest of UK. In England due to tax difference you get more take home pay for the same work. All well and good, and AfC did produce some winners. But the stark truth is that: - For the same work my real earnings after inflation are down 25% - Austerity cuts are biting hard - after there had been a real and tangible improvement in the service over the decade prior - And current taxation means that I can earn the same by working 30% fewer hours. Good luck to the NHS recruiting and retaining senior doctors. Well make the system work add the extra to a SIPP get 40% relief and then when you want to take it in the future you can take income at 20% . When you get to the Million odd limit then cut down or start giving to partner to add to their SIPP. If you meet the limits then invest in tax free investments such as forestry and the arts. Use FS to offset CGT each year . You should manage to retire well before 60 on a similar or greater net income. Unfortunately you can no longer take your several £100k out to drawdown in the most tax efficient way and have to take a taxable pension.
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cb25
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Post by cb25 on Apr 19, 2019 9:00:30 GMT
UKIP haemorrhaging (according to BBc news) votes to the new Brexit Party, not surprisingly, looks like Farage may clean up at the EU elections, should we get there. The message is probably starting to get through even to the average kipper about just how far into BNP/EDL territory UKIP have moved, embracing Tummy Rubbinson and these two shock-youtuber cretins as official candidates - "Sargon of Akkad" and "Count Dankula".
The various remain parties need to work together to ensure the vote doesn't get split. www.independent.co.uk/voices/editorials/european-elections-remain-pact-cable-brexit-farage-change-uk-green-a8874541.htmlIf the LibDems believe that not splitting the Remain vote is that important, they could always choose not to field candidates and ask their supporters to vote for other Remain-supporting parties. Perhaps the Photogenic Party, aka The Independent Group, aka (no) Change UK - can't even design a logo, never mind any policies. The ultimate in politics "vote for us as we look good on telly, but don't ask us what our policies are".
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adrianc
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Post by adrianc on Apr 19, 2019 9:21:58 GMT
If the LibDems believe that not splitting the Remain vote is that important, they could always choose not to field candidates and ask their supporters to vote for other Remain-supporting parties. In some areas, that may make sense. In other areas, it may make sense to focus on the LD candidates. That's kind of the whole point of working together...
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