Industry Cutbacks

[bobble]

Every quarter the govt collects data from the construction industry, new works, works in progress, contract amounts etc, as this is a big indicator of how the economy is actually performing. Recently two big construction industry suppliers have announced they will be closing branches and laying off staff. Wolseley (Plumb Centre) and Travis Perkins are each going to close 60 to 80 branches with the loss of 600 to 800 staff jobs.
Also, a number of banks are closing branches too with even more staff being made redundant.
All these people will no longer pay taxes and possibly cost the govt in benefits at some point.
I reckon the whole country's financial situation is far worse than Mark Carney is saying, and I think the Workplace Pension will end up being another
money grabbing scam.
This is just my personal opinion but does anyone else think money/ financial institutions are about to fall off a cliff?

[Brambles]

I've never paid into a work pension, and I've avised the Brambling the same. By all means take out a private pension but with a pension specialist not your workplace. I've seen too many pension pots raided and wrecked to trust business with my retirement and then there's the fact that these days a job isn't for life and you can end up with loads of small pensions paying pennies instead of one private whopper paying a decent return.

As to the rest of it, I don't think things will improve much there until summer 2019.

[PreparedKent]

I wouldn't panic yet, the pounds drop in value means more manufacturing as we can export more.

Next year we will have Heathrow expansion, HS2 and Hinkley Point Nuclear Power all in the pipeline... all bolstering our economy.

[jansman]

Every quarter the govt collects data from the construction industry, new works, works in progress, contract amounts etc, as this is a big indicator of how the economy is actually performing. Recently two big construction industry suppliers have announced they will be closing branches and laying off staff. Wolseley (Plumb Centre) and Travis Perkins are each going to close 60 to 80 branches with the loss of 600 to 800 staff jobs.
Also, a number of banks are closing branches too with even more staff being made redundant.
All these people will no longer pay taxes and possibly cost the govt in benefits at some point.
I reckon the whole country's financial situation is far worse than Mark Carney is saying, and I think the Workplace Pension will end up being another
money grabbing scam.
This is just my personal opinion but does anyone else think money/ financial institutions are about to fall off a cliff?

I agree. I think we are in a bad place.I am agreed also that the a workplace pension is a scam - if it pays out then I am a Dutchman! Unfortunately I HAVE to pay in.If I opt out, I will be automatically opted in again in two years.The Law.

[sethorly]

I've never paid into a work pension, and I've avised the Brambling the same. By all means take out a private pension but with a pension specialist not your workplace.

If the workplace pension you are offered is defined contribution, it will be the same as a private pension but with your employer paying into it too in all probability. To miss out on those employer payments is foolish.

If it is a defined benefits aka final salary scheme, then those are the ones that may have been grossly underfunded by the employer and have future problems - but if the employer properly funds them then they are almost all superior to the defined contribution pensions.

Pensions are fiendishly complicated, as there are many different types and they all interact in different ways. Pensions are just one method of saving for retirement. Retirement is something we should all prep for!

[Brambles]

I've never paid into a work pension, and I've avised the Brambling the same. By all means take out a private pension but with a pension specialist not your workplace.

If the workplace pension you are offered is defined contribution, it will be the same as a private pension but with your employer paying into it too in all probability. To miss out on those employer payments is foolish.

If it is a defined benefits aka final salary scheme, then those are the ones that may have been grossly underfunded by the employer and have future problems - but if the employer properly funds them then they are almost all superior to the defined contribution pensions.

Pensions are fiendishly complicated, as there are many different types and they all interact in different ways. Pensions are just one method of saving for retirement. Retirement is something we should all prep for!

Oh I've prepped.

[camelot]

My wife deals with the legal side of mortgage/remortgage and sub prime lending has begun again in the last month through various lending companies (not banks, yet) it is to be expected that another crash is coming and we are preparing for it.

[PreparedKent]

It can't be that sub prime in the UK yet. I still had to jump through many many hoops to remortgage onto a better deal with same building society (not borrowing more) and it was just as meticulous checking as my first mortgage 2 years ago.

Thanks to low interest rates my mortgage had now gone from over £700 a month to £400 a month

[jansman]

Pensions are fiendishly complicated, as there are many different types and they all interact in different ways. Pensions are just one method of saving for retirement. Retirement is something we should all prep for!

That is the problem though! Pensions should NOT be fiendishly complicated. In my heart of hearts I feel that they are that way so that the banksters can shaft us-legally. I am biased as I have been mis sold both mortgage and pension in the past ; with no recourse either.

I recently saw a picture of graffiti on a bridge piling. It stated: " give me a gun and I can rob a bank. Give me a bank and I can rob the world "

Nuff said.

[yorkshirewolf]

I don't think things have improved since 2008, all the powers that be have done is kick the can down the road.

No matter how much they fudge the figures or what organisation they use to compile them, the fact is the economy has been crap for years, the rich have gotten richer and the poor have gotten screwed as usual, add to this a constantly increasing population (I do not want to get into where from and how) putting pressure on every service, you have a recipe for big long term problems.

I don't have a pension, and think they are a con for big companies, i know a few people who, since setting up pensions around the millennium have found that they're not getting anything like what they thought they would, or in a few cases have been told to take a flying fart because the companies have gone under/been bought out/sold off etc.

our economy is based on a big illusion that by cutting a few inches off the bottom of the blanket and sewing it to the top it gets longer and we'll all be ok if we carry on working and paying into a system that benefits the wealthy.

But it's ok people, carry on watching the brain-dead-box and focusing on who died on TWD and pay no attention to the man behind the curtain...

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