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Originally Posted by howard
Bit political this, but PFI was in fact a Tory invention, used by them in a limited way but then used much more by Labour. Problem being that whatever party is in power, they have the same issue or needing to borrow money because we arent paying our way. And since as Truss showed our credit rating is poor and lenders dont want to know us, imaginative ways have to be used. As with borrowing shed loads from the Bank of England and pretending that it isnt simply printing money like Weimar.

Of course we pay a higher interest rate than Germany. We are far less credit worthy.

We are heading for another IMF bail out but when?

Howard you are quite correct it was a Tory invention, but exploited by Labour. I don't have a problem with debt in itself, but what it is being used to finance.......if its infrastructure projects then fine as there should be improved productivity or greater economic output as a result.

However, Labour used PFI's to outsource eg in house IT development and computer estates and supporting civil servants which dramatically increased the cost of IT services and supporting the computer estate and software, at the same time removing the assets and IT software developed from public ownership. We are renting the software that pays out all the benefits systems. eg pensions. the Inland Revenue Tax and VAT systems, the DVLA and also Home Office and passports I believe to name a few.. In effect, the Government threw away £billions of ICL software developed and ICL computer estate to transfer to IBM, without really working with Fujitsu to encourage them to continue to support ICL infrastructure.

So in order to maintain critical online public services we are at the mercy of commercial organisations at each contract renewal. As Horizon has shown with regard to Post masters, commercial organisation do not always have the public interest and a higher standard of operation/compliance one would expect in services critical to delivery of public services. Within the contracts it allowed for a (from memory) an extra 13% contract loading for risk transfer, however the reality the risk never moved to the commercial entity as they could just wind themselves up and move on and secondly people looked to the Government to deliver their eg benefit payments into their bank accounts. One factor always on the risk register was likelihood of widespread rioting should the benefits payment system fail.

Why is the UK less credit worthy than Germany? Currently, we have economic growth rather than the recession cycle Germany is facing being overly dependent upon its manufacturing base, It will be interesting to see what happens to its current 64% debt to GDP ration going forward, but unfortunately its also constrained by EU monetary and fiscal policy.

Last edited by JohnHarris; 09/10/24 02:16 PM.

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+8Rich Offline OP
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The root cause is that unless our freedom is threatened we never get off our arses and fight and these apologies for politicians continue unabated on their ineffectual preening and nest lining.

The country is ready for some dynamic alternative, they have only to display a vestige of leadership quality based on logic and fairness - they will bring it home. Rather sadly the St George's flag wavers have identified this to their own misguided interests.


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Quote
Why would anybody be surprised, they were warned but still voted for them.

Yes I wonder what those people now think. Some of the justification from labour MPs on the tv, is laughable. Still wondering how to spend £24000 on glasses, bearing in mind when I was working I used top of the range lenses & normally designer frames. Can’t remember spending more than £400 which then seemed a bit of a rip off.


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coincidently, winter fuel allowance once applied to me although I didn't need it and I live abroad- I tried very hard to return it and then it stopped but it caused some conversations here none the less. If 800,000 people did not claim it last year, was that due to lack of need or lack of information or perhaps some degree of pride? I read recently that pensioners can borrow against the value of their house, to be paid back at their death. Is that so ? Slight drift I know but I am reading up on pension reform now so give me a moment.... Bitches by the way" Really ?

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The fact of the matter is that the Labour party hates the elderly. oldgit


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Originally Posted by +8Rich
Another move in the pipeline from one of Starmers bitches

You're not happy fine, but the use of this word in this context is inappropriate.


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Originally Posted by paulmog
Originally Posted by +8Rich
Another move in the pipeline from one of Starmers bitches

You're not happy fine, but the use of this word in this context is inappropriate.
Fair enough Rottweiler is a breed of domestic dog, regarded as medium-to-large or large. The dogs were known in German as Rottweiler Metzgerhund, meaning Rottweil butchers' dogs, because their main use was to herd livestock and pull carts laden with butchered meat (old folks) to market. No mention of genders you notice..


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Originally Posted by meabh
coincidently, winter fuel allowance once applied to me although I didn't need it and I live abroad- I tried very hard to return it and then it stopped but it caused some conversations here none the less. If 800,000 people did not claim it last year, was that due to lack of need or lack of information or perhaps some degree of pride? I read recently that pensioners can borrow against the value of their house, to be paid back at their death. Is that so ? Slight drift I know but I am reading up on pension reform now so give me a moment.... Bitches by the way" Really ?

The winter fuel payment will continue to apply to British pensioners living in the EU and will not be means tested, the Brexit settlement appears to protect that payment.

Last edited by JohnHarris; 09/10/24 02:19 PM.

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]

The winter fuel payment will continue to apply to British pensioners living in the EU and will not be means tested, the Brexit settlement appears to protect that payment.[/quote]


Is that really true?
According to the gov website, Quote
You must also be getting a qualifying means-tested benefit from the country you live in that is equivalent to:

Pension Credit
Universal Credit
etc.


So it would seem to be means tested.

Last edited by nick w; 09/10/24 04:31 PM.
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Originally Posted by meabh
read recently that pensioners can borrow against the value of their house, to be paid back at their death. Is that so ? Slight drift I know but I am reading up on pension reform now so give me a moment

You can release equity from your house, repayable when the house is sold (with interest obviously). I think you can release up to 60%. My Mum's looking to do it at the moment, as although she is OK on Dad's pension and attendance allowance, there's no spare cash to do any house maintenance. However the house has been valued at around £500K so there's plenty there to get everything done, and a few treats for her (life is a bit tough as Dad has vascular dementia). I've told her to release as much as she can and spend it all - I don't want or need any of it. My Mrs and I plan to do the same when we retire - we've struggled to keep the house at times over the last 16 years, so the house can pay us back......

I (obviously) voted Labour and am still very happy with my decision, especially with a fully funded pay rise hitting my salary next pay packet. I have just spend 14 years bailing out the bankers after all, so deseve a treat. Still got some way to go, as, in real terms, my pay is 18% lower than in 2010.


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