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>> No. 8117 Anonymous
6th January 2021
Wednesday 8:22 am
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Several lads here seem to have a grasp of investments and so on. Do any of you have a regular income outside "earner income"? What kind of category does it fall into, and how did you come into it?

I had a nice image, but brian isn't playing ball today. It's a list of different (very broad) types of income:
1 Earner income : work a job
2 Profit income : buy and sell
3 Interest income: lending money
4 Dividend income: owning stock
5 Rental income: renting out property
6 Capital gains : assets increase in value
7 Royalties: others use your work
368 posts and 6 images omitted. Expand all images.
>> No. 8755 Anonymous
30th April 2021
Friday 3:33 pm
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They had a blinding start today.
>> No. 8756 Anonymous
4th May 2021
Tuesday 3:23 pm
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Above 24p now. Helium, lads.
>> No. 8757 Anonymous
4th May 2021
Tuesday 6:58 pm
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It's a package deal, if you'd just told me when to sell as well then I would have been on board. Frankly I'd appreciate if you simply wired your profit into my bank account for making up for that disservice.
>> No. 8758 Anonymous
4th May 2021
Tuesday 7:11 pm
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Why would I sell? It's going to keep going up.
>> No. 8759 Anonymous
4th May 2021
Tuesday 7:36 pm
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The helium balloon will burst sooner or later.

>> No. 3223 Anonymous
18th February 2013
Monday 7:58 pm
3223 Bitcoins
Have any of you bought Bitcoins or spoken to anybody that has?

The underlying principle of removing the role of the banking industry from transactions (or at least limiting its influence) seems noble but it stinks of a giant scam IMO.
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>> No. 7607 Anonymous
22nd June 2019
Saturday 3:33 pm
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You guys remember when the price of tulips recovered?
>> No. 7831 Anonymous
30th January 2020
Thursday 9:56 pm
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Just checking in to make sure you're all aware another peak is on the way. Don't worry, I know you'll ignore me and you can laugh about tulips when the partial correction happens.
>> No. 7832 Anonymous
1st February 2020
Saturday 1:55 pm
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We will definitely laugh at you/tulips.
>> No. 7865 Anonymous
8th May 2020
Friday 12:35 pm
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I've now cashed out a 30% return while keeping my original stake and it would have been more had I not gone buying drugs. Not too sure why that makes me subject to mockery.
>> No. 8753 Anonymous
29th April 2021
Thursday 9:30 pm
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I saw this video and thought is this one of you lads?

>> No. 8729 Anonymous
18th April 2021
Sunday 12:42 am
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Previously on Britfags: The Origin

It's exciting times as I've now saved up enough for a deposit on a small house for myself. It took 3 years of saving, living in a tiny flat, cutting corners where I can and corona-induced savings and market returns. Even chased meagre bonuses at work and sold holiday time.

Only no. In my excitement I forgot about all the other bullshit with surveyors, legal fees, any repair work etc. It looks like I'll need another £10k just when things are opening up again.

Is there a way out of this predicament? Looking at the market I'm about to be priced out of even a converted shed if I don't buy soon.
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>> No. 8748 Anonymous
19th April 2021
Monday 5:54 am
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Southerners will never move up here, we will frighten them off when they visit to view somewhere and people keep saying 'hello' to them in passing or talking to them in shops.
>> No. 8749 Anonymous
19th April 2021
Monday 7:51 am
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Deposits are not the problem. All this willndo is push prices up even further.
>> No. 8750 Anonymous
19th April 2021
Monday 7:51 am
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Deposits are not the problem. All this willndo is push prices up even further.
>> No. 8751 Anonymous
19th April 2021
Monday 10:23 am
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You make it sound like that's unintended.
>> No. 8752 Anonymous
19th April 2021
Monday 1:16 pm
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I'm intrigued yet sceptical. Having crunched the numbers previously on this that extra borrowing and attached rise in the interest rate can be quite ruinous - or at least annoying. You'll own a home but it'll be like the ban has mandated that you always have hung up 'live, laugh, love' wall art.

I agree that this could push prices up but I think the actual intention isn't to sooth the 5% market at all but encourage better offers in the 10% range.

>> No. 3840 Anonymous
19th September 2013
Thursday 10:03 pm
3840 Pensions
The OFT have come out and said that many old (i.e. set up before 2001) pension schemes have high charges and offer savers poor value for money. They've also suggested a cap for auto-enrolment schemes, but it's going to be an almost meaningless gesture as you'd be very hard pressed to find a provider offering auto-enrolment terms with annual management charges greater than 1% anyway.


The pension scheme I'm in at work (contribution: 5% employer, 5% employee gross) has management charges of 0.6%, which I'm alright with as it's less than I'd get if I was investing in collectives through an ISA.

However, I've put the charges and contribution details into Invidion's pension calculator for an idea of what I'd get when I'm 65, 40 years from now, and if my salary increases in line with National Average Earnings and I took the 25% tax-free lump sum I'd be looking at a pension in today's terms of 27.5% of my current salary. If I wanted a pension that would be about two-thirds of what I'm earning now then I'll need to contribute, assuming the employer contribution stays at 5%, 15% gross (12% net) of my salary every year for the next four decades. This does depend on what annuity rates will be like then and I'd also be getting the State Pension, as long as they haven't upped the age you receive it to 80 by then.

If it wasn't for the tax relief and my employer matching my contributions then I doubt I'd bother and I'd look into other ways to support myself while I'm in retirement. What about you lads? What are your thoughts on pensions? In my opinion to have any form of decent retirement income you're at the mercy of your employer offering a good pension scheme.
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>> No. 8727 Anonymous
17th April 2021
Saturday 11:22 am
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This sort of thing has happened before. It's not too dissimilar from other bubbles.
>> No. 8728 Anonymous
17th April 2021
Saturday 12:15 pm
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TLP coin has been trading for about 3 years now.
>> No. 8733 Anonymous
18th April 2021
Sunday 7:22 am
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Wish I'd had the foresight to mine, rather than buy a shitty cheap netbook laptop with no computer power.
>> No. 8734 Anonymous
18th April 2021
Sunday 9:08 am
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Fuck the person who thought this was an appropriate take.

>The amount the government has to spend on state benefits will fall by £1.5bn by 2022, partly because of under-65s dying of Covid, forecasts suggest.
>> No. 8745 Anonymous
18th April 2021
Sunday 5:12 pm
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I managed to mine Doge in the first weekend, when mining with a laptop CPU was actually possible. Hopefully when the Blockchain syncs I will still be able to access them... Not a life changing amount but still nice to find on an old HDD.

>> No. 8626 Anonymous
5th April 2021
Monday 10:50 pm
8626 New Tax Year
Lads I forgot it's new years eve. What fund should I put 4k on for this year?

I'm considering ASI Latin American Equity to have some exposure to emerging markets but it would make me a slave to US yields. Might instead just put it all on FTSE250 if we're going to have a sharp recovery this year.
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>> No. 8720 Anonymous
12th April 2021
Monday 2:01 pm
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>Do you have any research comparing UK active funds against the FTSE All Share, particularly those with the objective of beating it

Not on similar terms because no fund will take up a bet that involves undermining their entire business model. Buffett-Seides only happened for the publicity.

In terms of actual research a cursory google gave me the usual conclusions you would expect, UK active funds outperformed in the volatile 2020 market but that the 10 year is still a majority passive world. That summarises the idea of ordinary days as good for passive and extraordinary for active:


Overall that again calls into question the high-fees for active managers, especially once everyone has copied your successful buy-high, sell-low strategy.
>> No. 8721 Anonymous
13th April 2021
Tuesday 1:37 am
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Opera Snapshot_2021-04-13_013339_www.bbc.co.uk.png
Me again. I have just done some very rudimentary research into whether or not it was a good idea to sink five Gs into the FTSE 250, and by the looks of things, I did so when it was at its highest point ever, or at least since 2016. It might grow further, of course, but I suspect my brilliant plan that it will all double in the next two weeks might not be as brilliant as I thought.
>> No. 8722 Anonymous
13th April 2021
Tuesday 6:32 am
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Just about everything has reached an all-time high recently.
>> No. 8723 Anonymous
13th April 2021
Tuesday 10:53 pm
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>my brilliant plan that it will all double in the next two weeks

Lad, it's a tracker of the 101-350 largest companies on the London Stock Exchange. This is defensive investing where the object is to get solid returns for a lower diversified risk, that's what index funds do by allowing retail investors to own a piece of everything for (hopefully) low volatility growth. Also the fees are cheap which I like because I'm a tight-fisted ogre.

I strongly suggest you both read up and also lower your expectations before you lose everything on magic beans.
>> No. 8724 Anonymous
13th April 2021
Tuesday 10:59 pm
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You need to think long term, that's what tracker funds are all about. Will you lose money tomorrow, next week, next month? Probably, maybe. Will you lose money over the next ten or fifteen years? Probably not, and you'll be slightly to mostly better off as compared to it sitting in an savings ISA.

>> No. 8707 Anonymous
11th April 2021
Sunday 1:40 pm
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What are reasonable investments outside of your usual stocks and shares, collective funds and buy-to-let?

I've been told that buying a row of garages can be a nice little earner.
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>> No. 8708 Anonymous
11th April 2021
Sunday 2:11 pm
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It probably would be, but good luck finding a whole row of them.

A similar vein would be buying some shite land and putting a load of shipping containers on it, then charging a few hundred a month for storage. Aside from building a big fence and putting some cameras up it's free money.
>> No. 8710 Anonymous
11th April 2021
Sunday 8:40 pm
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>> No. 8711 Anonymous
11th April 2021
Sunday 9:26 pm
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I've toyed with the idea of buying a holiday home, but one on a dedicated holiday park rather than buying up a potential home in a touristy location.



Obviously you'd have to give the holiday park their cut and buy into the likes of their cleaning services, but you'd be getting about a grand a week during the summer holidays.
>> No. 8713 Anonymous
12th April 2021
Monday 1:57 am
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Rental yield on BTL is fucking terrible, the reason it continues to get people doing it is because every wanker on this island dreams of having a property empire.
>> No. 8714 Anonymous
12th April 2021
Monday 7:27 am
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>outside of... funds

>outside of... buy-to-let

Fucking hell, lads. It wasn't exactly a long OP.

>> No. 8631 Anonymous
6th April 2021
Tuesday 11:22 am
8631 How do people become wealthy?
I think I have a substantial gap in my knowledge that exists somewhere between personal finance and economics. Let me explain:

On the one side, there's literature on personal wealth, which ranges from "think yourself rich"-type snake oil to the lowest common denominator investment and savings advice. The better books here tend to be conservative and with a focus on basic financial stability and building "nest eggs" more than any analysis of how people actually accrue greater levels of wealth.

On the other side, I regularly read big-picture economic studies offering useful but still fairly broad observations like:
- the majority of wealth in the world is inherited
- people we think of as highly successful entrepreneurs often benefit indirectly from tremendous government (public) investment, either at the earlier, riskier stages of development or later when technologies are pushed to private markets
- social and cultural capital are important factors in accumulating wealth, and your class background can impact your earnings throughout your life even if you go to similar universities and work in similar industries
- certain countries are better settings for general social mobility and equality, but not necessarily becoming highly wealthy

What seems to be missing here is: how do the "socially mobile" become wealthy without large inheritances? What industries do they work in? Do they find a niche and start businesses? What sacrifices do they make to get there, and what did they have upon starting? How much must people rely on "angel investors" and already wealthy people? How far up the economic ladder can someone realistically expect to scale from a particular background, like say, a traditional working class family?

I feel like this is a difficult topic to properly look into because a) it draws attention to inequality and lack of meritocratic rewards, b) drawing attention to a niche would either immediately devalue it or it has already been capitalised on, c) research tends towards extremes of either social mobility as a whole or the case studies of the ultra-wealthy, and d) social mobility is generally on the decline, and there are fewer examples to study.

So where do I go for this, .gs? Where are the economic studies of how people from ordinary backgrounds make their wealth?
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>> No. 8703 Anonymous
9th April 2021
Friday 8:45 pm
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The illustrator is named Andy Watt, I took it from an Independent article: https://www.independent.co.uk/news/uk/home-news/britain-now-has-7-social-classes-and-working-class-dwindling-breed-8557894.html
>> No. 8704 Anonymous
9th April 2021
Friday 9:07 pm
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Thanks. I think I'm mixing up some children's book that I can't recall and Dr Katz.
>> No. 8705 Anonymous
9th April 2021
Friday 9:17 pm
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Are you thinking of the Molesworth books, by any chance?
>> No. 8706 Anonymous
10th April 2021
Saturday 2:40 am
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Have you answered to yourself where being rich turns into wealth? Because the latter has some connotations that matter.

As far as I am concerned, being "rich" means an income that affords you a surplus such that you can invest, while not being concerned day to day expenses with the expectation that erverything will be fine.

Being wealthy means you could take a sabbatical, work yourself out, try your hand and a couple of businesses and if they don't work out then no harm done, daddy (more accurately grand-daddy, wealth is generational).

Can you clarify?
>> No. 8709 Anonymous
11th April 2021
Sunday 6:40 pm
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I'm talking mainly about the latter, essentially owning enough capital to make a living from that alone.

>> No. 8608 Anonymous
22nd March 2021
Monday 7:35 pm
8608 Leaking and Landlords.
What can someone actually demand of a landlord? Or in my case, landlady? There's a quite terrible leak in the bathroom, which, if the showerhead should find itself pointing the wrong way, can induce a torrent of water into the lounge-dining room beneath, but certainly takes in water whenever I have a shower. Now the landlady has suggested the quite insane idea of simply placing a large piece of clear perspex over the back of the shower, so that you can "still see the colour" of the tiling, that colour being genuine 80s avocado, no less, whilst she conveniently forgets the black mould that would spring up behind it, and shortly look like a not-sexy H. R. Geiger drawing. However, even my derranged, broken, barely functional brain knows that a won't do, even though it might well stop the immediate leaking. So is that all she has to do, what someone with a half-rational mind would not call "the bare minimum"? For what it's worth she lives in the way-down bit of the country and I'm in the quite-far-up bit.

I'm not entirely sure if this qualifies as "economics", but it seemed the best fit overall. Further apologies if this is barely sensible, but I'm mad.
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>> No. 8609 Anonymous
22nd March 2021
Monday 7:41 pm
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>> No. 8624 Anonymous
2nd April 2021
Friday 12:37 am
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In the UK your landlord is legally required to give you a safe, functional and working house and pay for ALL the repairs for your house. However there are sketchy landlords who refuse to do this and fulfil their legal requirements.

You can politely ask, but if you apply pressure by insisting angrily or lengthy, or even worse, reporting them to the council which regulates them, your landlord could and most likely will retaliate by giving you a revenge eviction. The government banned no fault evictions in 2019 under Theresa May being in power in an attempt to tackle revenge evictions, but just because it's illegal doesn't stop it from happening.

In the UK an eviction is done via a Section 21 that gives you 6 months notice to leave the property. Given that you have a sketchy landlord who is breaking the law and is a cheapskate, your landlord already lacks morals, so I recommend you don't apply pressure or you'll be given an illegal eviction.
>> No. 8625 Anonymous
2nd April 2021
Friday 12:57 am
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To add to this, water damage like this can be incredibly destructive to a building if it occurs long term, never mind the mould problem that would spread to the joists behind the clearly no longer water proof wet cell. So on top of being an irresponsible landlady, they also clearly do not care about the longevity of their investment or sustainability of their asset. Given such behaviour, you can hopefully imagine how little they'll care about you.

>> No. 8551 Anonymous
28th February 2021
Sunday 1:51 pm
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>Six million accidental savers 'created by Covid crisis'

>More than six million people have become "accidental savers" during the pandemic by keeping jobs while facing fewer outgoings, a report has said. While many people have faced greater debts, redundancy, or reduced income during furlough, others have seen their financial position improve. Lower travel costs and fewer holidays or meals out have contributed, financial consultancy LCP found. Longer-term home working could extend the benefits, it suggested.

>Millions of people have seen their finances hit hard by Covid, particularly those already on lower incomes. Pressures of bigger energy and food bills, as well as other costs owing to children remaining at home, and a 20% cut in income while on furlough, have contributed to the squeeze. More than nine million people had to borrow more than they usually would by December, owing to the coronavirus crisis, figures from the Office for National Statistics (ONS) showed.

>However, the LCP report suggests that another six million people have seen their bank balances benefit from fewer outgoings during the restrictions on movement. Many of them could have saved thousands of pounds. Employees who have been able to work from home - often not those in the youngest age groups - have seen commuting and travel costs fall. Those aged over 55 had been most likely to save as a result of holidays being cancelled or not booked, and older people were also most likely to have cut back on eating out, the report said. While some of these issues might only be temporary, the likelihood of a long-term change in the mix of office and home working could see people continue to save on travel costs.

>The report suggested the money saved could be put to good use by cutting existing debts, putting money aside in a rainy day fund for unforeseen emergency bills, or put into longer-term savings pots such as pensions. However, interest rates for savers are low in the current economic climate. Heidi Allan, co-author of the LCP report, said: "Employers will have a key part to play in ensuring that workers take advantage of this opportunity and do not simply allow these increased balances to sit in current accounts and gradually drift away."

>Former pensions minister Steve Webb, a partner at LCP and another author of the report, said: "There are few silver linings from the current crisis, but the emergence of a large group of accidental savers could be one of them. "A concerted effort is needed to use this unexpected opportunity to create more of a savings culture, especially among those who may permanently benefit from reduced outgoings as a result of a switch to greater home working."

How are you handling all the extra money at the end of the month, did you get into investing like everyone else? Have you started using some of the money for other things? Do you have any big plans for your savings?

Message too long. Click here to view the full text.
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>> No. 8569 Anonymous
1st March 2021
Monday 6:34 pm
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Only three?
>> No. 8570 Anonymous
2nd March 2021
Tuesday 7:27 am
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>Six million accidental savers 'created by Covid crisis
Oy vey, but at what cost? Everyone of those savers is a banker in debt, that money is soaked in the blood of innocent hedge fund managers.
>> No. 8571 Anonymous
2nd March 2021
Tuesday 8:28 am
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How is it?
>> No. 8572 Anonymous
2nd March 2021
Tuesday 8:30 am
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Did you not go to bed or get up nice and early to be thick on the internet?
>> No. 8573 Anonymous
2nd March 2021
Tuesday 10:18 am
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Go to bed lad.

>> No. 8485 Anonymous
17th February 2021
Wednesday 11:16 pm
8485 Silver Bullet Housing Policy
Policy Exchange say they've cracked it:

>Many parts of Britain suffer from an acute housing shortage, manifested in enormous gaps between prices and construction costs. Previous schemes aiming to resolve this issue have often failed, because the homeowners who make up two thirds of the British public have generally seen development as placing large burdens on them without any corresponding benefits. We need a scheme that creates more good homes and better places in a way that shares the benefits with existing residents and communities, so they may become enthusiastic advocates of building rather than vigorous opponents. We propose that residents of a street should be able to agree by a high majority on new strict rules for designs to make better use of their plots. A street of suburban bungalows, for example, could agree on the right to create Georgian-style terraces. In many cases, an adopted ‘street plan’ would greatly increase the value of residents’ homes, giving them strong reasons to agree on it.

>These proposals will foster gentle intensification within about half a mile of existing transport and town centres, creating better and greener places with more customers to support struggling local high streets. More people will be able to live in neighbourhoods that pass the ‘pint of milk test’, living in walking distance of somewhere they can buy a pint of milk, along with other essential social infrastructure. Older residents can agree to permit the creation of generously-sized and stair-free new homes that will meet their needs in retirement for decades to come, with supported living options as they age. Our modelling suggests that, even with extensive constraints and extremely conservative assumptions about build cost and aversion to change, this policy could create a further 110,000 homes each year for the next 15 years above current estimates, all with the consent of the existing residents, and none requiring a single inch of greenfield or greenbelt land. On streets that agree to allow typical forms of gentle intensification, the average participating homeowner would make £900,000, while the local authority would get an average of £79,000 for every new property delivered. The boom would mean an extra £34bn spent on construction each year, and it may generate as much as 0.5pp extra annual GDP growth.

>Our proposals include limits on the development rights that streets can allow themselves, designed to minimise impact on neighbouring streets: light plane rules, rules stopping ‘garden grabbing’, rules on height, and rules restricting how much onstreet parking new residents could use. Redevelopment of listed and pre-1918 properties would be prohibited, as would development in National Parks and Areas of Outstanding Natural Beauty. Each scheme will need to ensure that residents who wish to return are rehoused in a high-quality home for the interim period of the construction on the original plot; the large economic potential should make it easy to fund such provision. We suggest reforms to ensure generous provision of social infrastructure, including schools, buses and GP surgeries, so that the needs of any new residents are met without placing pressure on existing communities. We propose Capital Gains Tax (CGT) be levied on the value uplift resulting from a street vote, and its revenues hypothecated to local authorities, as well as Stamp Duty Land Tax (SDLT) being partly redirected, temporarily, also to local authorities.

>Modelling indicates that these measures would generate huge revenues for both local authorities and the Treasury, providing plentiful resources to improve services for the whole community. Revenues would also be hypothecated to the street for regreening and public space improvements. A net-zero whole life carbon condition would be imposed on all redevelopment of homes through street votes. Since existing housing stock is often poorly insulated and normally heated through gas, redeveloping into net-zero homes would constitute a huge improvement in environmental standards. Denser settlement patterns would support a shift away from car dependency. As future governments phase out gas boilers, street votes could provide the funds for existing homeowners to pay the costs of insulating and re-plumbing their homes to adapt them for heat pumps. ?>Unlocking community support for development could arrest the steep fall in homeownership among younger generations. It could yield beautiful and popular streets in the best traditions of British urbanism. It could relieve pressure on greenbelts for a generation to come. And it could generate an economic boom built on outdoor jobs that would reinvigorate the economy after Covid-19, just as the 1930s housing boom pulled Britain out of the Great Depression.


How will it all go wrong?
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>> No. 8530 Anonymous
19th February 2021
Friday 6:02 pm
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It's a representative sample - the age, ethnicity, educational background, employment status and geographic distribution of the survey participants match the national averages as closely as possible.

The ONS collect some fairly comprehensive data on wealth.

>> No. 8531 Anonymous
19th February 2021
Friday 6:07 pm
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Fucking hell. If as a median salary income earner I am in the top 10% of households, the UK must be a damn sight bleaker and more Dickensian than I previously thought.
>> No. 8532 Anonymous
19th February 2021
Friday 6:53 pm
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>If as a median salary income earner I am in the top 10% of households

>> No. 8533 Anonymous
19th February 2021
Friday 7:59 pm
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>>8524 said:
>A household income of £59k puts you in the top 10% of households by income.

So me in a houseshare on a median salary with a couple other middle class people puts me in the top 10% of households by income? That doesn't sound right to me.

I'm a bit of a thicko tho innit?
>> No. 8534 Anonymous
19th February 2021
Friday 9:45 pm
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seems credible to me. 3 reasonable earners should put you well ahead of most households, why would you think otherwise?

>> No. 8483 Anonymous
17th February 2021
Wednesday 7:09 pm
8483 Student Loans Company
Let's say, hypothetically, I'm currently living and working outside the UK.

Let's also say, hypothetically, the Student Loans Company have been on my arse about letting them now where I am.

>You need to update your details even if you’re not currently in employment or you’re earning below the repayment threshold.

>You accepted the terms and conditions of your loan and agreed to keep us up to date with your employment and contact details. If you don’t update your details now, we may send your account to a third party to carry out checks on our behalf to verify your details.

The phrasing makes it sound like they'll charge a flat rate if they discover I'm abroad regardless. Is there any reason I should or shouldn't let them know?
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>> No. 8484 Anonymous
17th February 2021
Wednesday 7:57 pm
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I was abroad for years and never told them where I was and figured I had basically disappeared, but the moment I got a legit job in a Commonwealth country they found me again.

Recently there have been changes in repayment policy, like, if you earn less than 2000gbp p/m you don't have to make repayments (which is quite a bit higher than what it was).
>> No. 8488 Anonymous
18th February 2021
Thursday 12:12 am
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I, for one, don't even have a student loan.

>> No. 7541 Anonymous
4th June 2019
Tuesday 7:03 am
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One of the UK's most high profile stock-pickers has suspended trading in his largest fund as rising numbers of investors ask for their money back. Neil Woodford said after "an increased level of redemptions", investors would not be allowed to "redeem, purchase or transfer shares" in the fund.

Investors have withdrawn about £560m from the fund over the past four weeks. However, it was a request from Kent County Council to withdraw £250m that led to the suspension.

At its peak, the Woodford Equity Income fund managed £10.2bn worth of assets, such as local authority pension funds. However, it now manages £3.7bn, according to the financial services and research firm Morningstar. Mr Woodford's firm, Woodford Investment Management, is also the biggest investor in Kier Group, the construction and services group which on Monday warned on profits, sending its shares crashing 41%.


"But he hasn't got anything on!" the whole town cried out at last. The Emperor shivered, for he suspected they were right. But he thought, "This procession has got to go on." So he walked more proudly than ever, as his noblemen held high the train that wasn't there at all.
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>> No. 8479 Anonymous
14th February 2021
Sunday 5:08 pm
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Taking punts on biotech is one of the main reasons why his last fund failed.
>> No. 8480 Anonymous
15th February 2021
Monday 10:17 am
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>I've always felt that biotech is a mugs game at the best of times. It's all too common for some new work to show a magical result and then for things go quiet until the company unravels, which is a quick process in that brutal world.

Phillip Mirowski has a pretty good take on this, and describes many biotech startups as essentially ponzi schemes:

>> No. 8481 Anonymous
15th February 2021
Monday 8:11 pm
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Ponzi scheme implies knowing wrongdoing on the part of the company. As a sciencelad what I would say is that the majority of experiments fail, science is a Darwinian process meaning that its competitive and the massive amounts of failures which occur are necessary to achieve the success that we have (you can't build the penthouse of an apartment complex without first laying foundations and building every floor up until the top one).

In practice this means that some companies may behave in a manner similar to a ponzi scheme for investors who invest blindly without understanding the underlying tech, or knowing what the inner workings of the company look like.

But yeah, it's a punt. $BNGO

Sometimes you have unexplainable successes like Elon Musk with Tesla (this isn't biotech per say but a lot of speculators are looking at this company considering the future potential of Neuralink), other times you have actual fraudulent enterprises like Elizabeth Holmes and Theranos.

The documentary about Theranos is infuriating, because they basically had point of service diagnostics available to consumers from Walgreens which would have revolutionized public health in America and been a sustainable business for them for as long as it would take to develop the machine they were building (but competitors would potentially have been able to replicate their business model), but because they lied to investors they sunk the whole enterprise and set back the mission of consumer diagnostics about a decade. Don't be greedy.

I haven't watched your video because it's an hour long and I am currently rewatching the Curtis stuff, but thanks for sharing. This is the kind of content I subscribe to this subreddit for.
>> No. 8482 Anonymous
16th February 2021
Tuesday 4:05 pm
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I think the distinction that Mirowski is making, though, is that the risky stages of the experimentation is often done on public money, then there's a group of private speculators hyping up technologies as they show promise then bolting on the (overwhelming majority) that don't pan out.
>> No. 8559 Anonymous
1st March 2021
Monday 9:53 am
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FCA first alerted to concerns over Neil Woodford’s business in 2015

The Financial Conduct Authority was warned about problems within Neil Woodford’s investment business less than a year after it opened in 2014 but did not intervene for almost another two years, according to several people briefed on the process.

...concerns over its investment strategy were raised within the first year of its operation, when two of the company’s founding partners — chief operating officer Nick Hamilton and chief legal and compliance officer Gray Smith — resigned after falling out with Woodford and chief executive Craig Newman. Given their senior roles in such a high-profile business, Smith and Gray were asked to discuss the reasons for their departures in exit interviews with the FCA in January 2015. The FCA did not act on the information they presented, according to those familiar with the regulator’s dealings with the company.

The four founders had clashed openly over the company’s compliance culture and the level of due diligence carried out on Woodford’s investments in private companies, according to former WIM staff members. Hamilton and Smith were especially concerned with the amounts being committed to unlisted companies.


>> No. 8441 Anonymous
9th February 2021
Tuesday 5:19 pm
8441 Online-only banks
I'm considering switching my main current account to one of the online-only banks like Starling, First Direct, or even something like Revolut.

Are there any drawbacks to having no branch that I might have overlooked, even as someone not visiting often (or at all)?

A side question: is there a way to evaluate internet banks in ethical terms, like where their investments are and so on?
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>> No. 8467 Anonymous
11th February 2021
Thursday 3:03 am
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Well, quite. But as the average age of a pilot is about 50, we might soon see a shortage of them regardless.
>> No. 8468 Anonymous
11th February 2021
Thursday 3:26 am
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I think that the airline industry is facing real problems in the medium- to long-term. We'll see a big surge of pent-up demand for leisure travel when restrictions start to be lifted, but I think there will be a sustained reduction in business travel now that people have got used to Zoom and WFH. Some people will be itching to get back to their jetsetting lifestyle, but corporate finance departments have seen that a huge amount of their travel budget doesn't really add anything to the bottom line.
>> No. 8469 Anonymous
11th February 2021
Thursday 4:18 am
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The majority of UK (and Irish) airlines, and travel agents, and particularly those companies that are both combined, are already, to be blunt, completely fucked. Most of these companies operate on an expand-every-summer plan, meaning they've already spent all your holiday money on planes, staff, and handling contracts long before you've ever gone on holiday. This works great, unless something happens that stops literally everyone going on holiday, and everyone wants their money back.

Companies like TUI are using recently booked holiday deposits to try to refund customers who couldn't fly a year ago, and it's all going to collapse on them like a house of cards. They don't own planes, they only lease them - so as soon as they look like they're fucked, they'll be forced to bankrupt and their only hope of clawing back income will disappear. This happened to Flybe the very second a corona quarantine was even considered. This will also likely impact the huge companies that lease these aircraft, because any surviving airline will not be thinking about expansion for years. Same goes for ground handling companies, who were already struggling. Very few airlines do their own baggage handling, towing etc, because the equipment and staffing involved is very expensive. You can board, service and fly a plane with about 5 ground staff, but it takes about 10 or 15 to handle bags, refuel, operate steps, tow the plane off stand, etc.

The big holiday airlines are burning through customer money, government bailouts, aircraft parking fees, continuous maintenance (you can't just leave a plane mothballed for months without stacking up very expensive liabilities, and they need to fly every few weeks to remain certified)

There is exactly ONE airline in the UK that has been recognised by the CAA as being competent and prompt with refunds. Literally just one - Jet2. They also happen to own all of their planes, and their holiday business and airline business are technically separate, though both operated under one PLC; even if all holidays are cancelled for the next five years they still own 90 odd planes. They haven't touched a penny of the government money the other airlines have eaten up, and since they're one of the only airlines that does their own ground handling, they do not need to worry about someone like Swissport collapsing and leaving them grounded.
However, they're not a cheap airline. Their tagline used to be 'friendly low fares' but they're pretty much at flag carrier prices now. I think the customer service they'd displayed over the last year will still drive a lot of people to them, because it looks like you can trust your money with them no matter what happens, but there's a huge chunk of punters that can't and won't pay £400 for a flight to the canaries and back when Ryanair does it for £15.
Jet2 are probably an airline you've never heard of unless you're northern, but I expect them to be making big plays as soon as they can, because they're in such a massively good position compared to anyone else. The industry rumour at the start of the pandemic was they could operate for an entire year with zero flights and still be net positive in cash, which is a bit mental for any company, but 1000x so for an airline.

BA will also be fine, because their domestic flights will not ever lose momentum, and they don't really lease aircraft, with the exception of having to wet lease to replace their dodgy 787s a while back, but that's priced in to a BA ticket.

I don't think we'll see any of the big tourist airlines disappear completely within the next few years, as they have investors with deep pockets who will keep them afloat, but ticket prices will be up and flight frequency and certainly expansion will hit the floor. TUI has their fingers in cruiseliners too, and a strong Dreamliner fleet that basically print money, but they're still the shakiest in my opinion. Easyjet have very strong slots and serve the majority of northern irish tourism travel and short domestic, so they'll take a hit but I can't see them bankrupting. If they own planes (I don't know and can't be arsed to look) they will sell or lease a portion of them, or else just pare down the fleet. Ryanair fly too many internal spanish flights to be in real trouble, but pre pandemic their plan was to move their bases to smaller, cheaper airports to cut even more costs, so I can imagine doing that more quickly and more dramatically than they were. A Ryanair pilot also pointed out to be that they could double the price of every single ticket and still more than likely be the cheapest possible flight to any given destination, so there's that too.
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>> No. 8470 Anonymous
11th February 2021
Thursday 4:23 am
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I completely forgot to address your point about business travel - I think you're right, I can't see how anyone can justify business travel again after this. I'm firmly on the tourism side of the industry though, so can't offer perfect insight into this, but I will say that a lot of the business flights I've dealt with are either lucrative charters or otherwise key personnel who need to be in a specific place to do a specific thing - I wouldn't be surprised if the "meet in person to talk business" type of ticket was only a small slice of the pie in the first place. I will try and get solid numbers.
>> No. 8471 Anonymous
11th February 2021
Thursday 12:43 pm
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> I completely forgot to address your point about business travel - I think you're right, I can't see how anyone can justify business travel again after this.

I work in what is probably one of the few industries that absolutely cannot do away with business travel completely so I'm probably biased the other way. I know for a fact that the company I work for has a lot of clients with massive contracts just waiting until we can get people travelling again.

I do agree that the majority of business travel is just people just going on a jolly while using a sales pitch or update meeting as an excuse for an expensive lunch and taking the missus to a nice hotel if you can wing it. I definitely feel that with any luck a lot of that kind of thing will finally be moved online.

>> No. 7464 Anonymous
24th February 2019
Sunday 3:15 am
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I've come to seek some very serious financial advice. I'm in my mid thirties but I've never borrowed a penny from an official institution. I'm not quite a pikey but I'm not that far removed if I'm being honest. I've grown up in a culture of working for cash and buying things for cash. Debt is a dirty word in my family and I've always lived within my means.

I've been quite frugal over the years and have managed to put together about 90k in savings. My employment history is sketchy at best and although I've been working since I left school, there are some serious gaps in the official records when it comes to my income.

For the past six months I've been self employed with about 80k a year coming in. All declared and above board.

I've always assumed that I couldn't get a mortgage and I'm still doubtful but I thought it might be worth asking some strangers whether I'm right.

My current overheads are pretty low and at a push I can save a good few grand a month after tax and rent etc. That means I could potentially have a lot more in the bank in the near future.

I desperately want to own a house and I know I could buy something tiny in a shit place with the money I have but I've recently been wondering what I could get if a bank would lend me a big chunk. I don't want anything fancy but it would be nice to have some space in a nice area.

As I said I know nothing about debt so my main questions are do I have any chance of getting a mortgage with only 6 months of official financial stability (and no credit history), and if so, how much would they lend me with 90ish as a deposit?

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>> No. 7972 Anonymous
3rd September 2020
Thursday 12:53 am
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I started thinking that I could cheat the system by paying any credit card purchases off right away. Then, of course, I found out that if you pay it off too often in a given month you equally look sloppy with money. A more cynical man might think this is all an elaborate scam to get people into debt - thereby making the balance sheets look better than they are while creating social control.

I've spent my whole life ignoring pretences and thumbing my nose at authority but now look at me. And I'm only just starting to learn how mortgages do horrible things to people. The banks will probably have me in a dress by the end of the month. Then when I finally do own a home I'll become a petty neighbourhood tyrant in a myopic quest to protect my 'investment' over all else.
>> No. 7973 Anonymous
3rd September 2020
Thursday 1:53 am
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>The banks will probably have me in a dress by the end of the month.

Can't say I've ever heard or thought of that, but will definitely suggest it at work tomorrow.
>> No. 7974 Anonymous
3rd September 2020
Thursday 2:23 am
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As mentioned upthread, you can get a free credit rating and personalised advice on how to improve it at the link below.

>> No. 8422 Anonymous
5th February 2021
Friday 10:47 am
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On Experian they have a new boost feature:

You give them access to your bank and they say they can boost your score by sharing the payment details. Unless they find it's bad in which case they won't. Anyone else find that a bit creepy, giving big data access to your bank history and then expecting it's scoring to be accepted when it only shows the good?
>> No. 8432 Anonymous
8th February 2021
Monday 1:45 am
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