how bad is the credit crunch???uk

[StuartHopkin]

National Insurance is going up, makes everyone poorer.

Not correct..

The changes mean that someone earning £40,040 or more will pay £3,803.80 a year in National Insurance next year, compared to £3,260.40 this year - an increase of £543.40. Those earning below £35,100 will pay marginally less than this year.

Personally anyone earning over 35k can take the increase hit

Are you sure about this?
I thought i read that the increase would make anyone who earns over 19.5k worse off.

Lol, could argue about your last statement all week long!

[Acidmouse]

I am pretty sure those figures are correct and if we go back to the last budget these increases can be offset with the reduction in basic rate of income tax from 22p - 20p. I guess I am old fashioned and a socialist at heart. I do not see anything wrong with the more well off in this country getting us out of the shit.

To me 35k wage is alot, unless you have a huge mortgage then its plenty to live on

[Claw75]

To me 35k wage is alot, unless you have a huge mortgage then its plenty to live on

housing costs aren't necessarily one's biggest outgoings.  Before my daughter started school her nursery fees were over £1,200 a month (and that is standard in this neck of the woods).  Add that to bills, rent/mortgage, food etc and you aren't left with much, if anything, from your monthly take home pay from a 35k a year salary.

[AndrewT]

To me 35k wage is alot, unless you have a huge mortgage then its plenty to live on

Dunno where you live Acidmouse, but I'm guessing it's not London.

[Jon MW]

... unless you have a huge mortgage then its plenty to live on

Andrew T beat me to it - but I was just about to add - unless you live in London

EDIT: but outside of London then I agree.

[Acidmouse]

Yes I agree London is one of the very few places where earning 35k a year might still leave you with little money after living expenses. But then again most people don't live in London so for the majority of people the national insurance increase won't really effect them.

I am so glad I left London in 2002...

[StuartHopkin]

I am pretty sure those figures are correct and if we go back to the last budget these increases can be offset with the reduction in basic rate of income tax from 22p - 20p. I guess I am old fashioned and a socialist at heart. I do not see anything wrong with the more well off in this country getting us out of the shit.

To me 35k wage is alot, unless you have a huge mortgage then its plenty to live on

Im gonna duck after ive said this, but Im interested to hear people thoughts.

A huge amount of the credit crunch has been caused by people borrowing more than they can sensibly afford.
Admittedly it should never have been available to them.
Not many of these people earn over £35k.

Not trying to offend/upset anyone, just playing devils advocate.

  

[AndrewT]

This whole mess was caused by people spending money they didn't have on shit they didn't need. The government seems to be trying to fix it by encouraging people to spend money on shit they don't need (because if they really did need it, they'd already be buying it).

I'm no economist but that really doesn't make sense.

[Acidmouse]

Agreed and people will not spend more with these measures. Until people are confident they will not lose their jobs they wont spend!

It will not stop the Gas and Electric companies taking the piss and using the rising fuel costs to rip off its customers even more in times of need. So glad they got privatised, but then again atleast the shareholders are making money eh!

[byronkincaid]

average salary £31.5K

http://www.fool.co.uk/news/your-money/2008/12/02/how-does-your-wage-measure-up.aspx?source=uemfoleml0010038

[Jon MW]

average salary £31.5K

http://www.fool.co.uk/news/your-money/2008/12/02/how-does-your-wage-measure-up.aspx?source=uemfoleml0010038

That's actually an okay article.

It concentrates on the headline average but it does show the other data showing why the average doesn't really matter.

The important thing to look at is the difference London makes:

London Ave Wage:      46,462
South East Ave Wage: 32,819

That's the difference between 1st and 2nd place highest salary regions.
Given the population density of both of these it's easy to see how much effect they have on the national average.

[MPOWER]

Credit Crunch

I blame Steve Mclaren. It was because of this Jockey we had nothing to talk about this summer.

On a serious note We are selling more BMW used cars than we were last year. Which
is good if you sell BMW's..at our Dealership.. There are some VERY cheap cars out there at the minute.   

It's not all doom and gloom out there..

Regards

M



 

[Royal Flush]

Credit Crunch

I blame Steve Mclaren. It was because of this Jockey we had nothing to talk about this summer.

On a serious note We are selling more BMW used cars than we were last year. Which
is good if you sell BMW's..at our Dealership.. There are some VERY cheap cars out there at the minute.   

It's not all doom and gloom out there..

Regards

M



 

How much of a reduction is there in the used DB9 market?

[kinboshi]

Credit Crunch

I blame Steve Mclaren. It was because of this Jockey we had nothing to talk about this summer.

On a serious note We are selling more BMW used cars than we were last year. Which
is good if you sell BMW's..at our Dealership.. There are some VERY cheap cars out there at the minute.   

It's not all doom and gloom out there..

Regards

M



 

How much of a reduction is there in the used DB9 market?

You can get a used DB9 that's about 2-3 years old for £60-65K.

Here's an example of how prices of high-end cars have dropped.  Audi R8s - they were £99K less than 6 months ago (for a used car that had done less than 5,000 miles - they were sometimes more expensive than a new one because of the waiting list for a new one).  They're now £20-£30K less.

M - how are your new sales going?  Some places are struggling, whilst others are battling through it OK.

[byronkincaid]

there was an article in autocar 2 weeks ago saying you can get DB9s for less than 50K and the V8 things for less than 40