UK economy.

[Frnc]

Going to the other extreme, peak use, one day last January.

7am to 8 am 9kWh.
8-9 6.1
9-10 5.6
10-11 5.7
11-12 4.6
12-1 0
1-2 0.9
2-3 6.1
3-4 4.9
4-5 4.2
5-6 3.3
6-7 1
7-8 5.6
8-9 5.3
9-103.6
10-11 3.7
Total 72 kWH
As you can see, the heating used about twice as much in the first hour than the rest of the day. It gradually dropped to a third, then went off for a couple of hours, then there was another peak, but not as bad as the first one.
Note: that was with the old timer with no thermostat. So it was either on or off. We have thermostat valves on the rads. Now the heating is controlled by thermostat, which I've only just got.

[Frnc]

Bloomberg
Uk markets have lost $500 billion in the last 3 weeks.

Actually they worded it differently, but it sounded political, so I censored it.

Also, that was 3 days ago, it's actually got worse.

[Frnc]

S&P ratings on the UK has now changed their outlook from stable to negative this evening
"The negative outlook primarily reflects what we view as rising risks to the UK's fiscal position over the next two years."

S&P calculated the government’s deficit will widen by an average 2.6 per cent of GDP annually through 2025

Mehreen Khan
@MehreenKhn
S&P warn UK faces sizeable deficit expansion and rising debt until 2025 as a result of the mini-budget. Fiscal risks could worsen if the gov "face pressures to adjust spending more significantly in the future to address existing bottlenecks including in the health care system"

Mehreen Khan
@MehreenKhn
Austerity is coming - or trimming the fat as it’s to be known in the government. From minister Simon Clarke in @thetimes
https://thetimes.co.uk/article/3af81b

[Frnc]

5p top tax rate givaway scrapped this morning. Doubtful it would have got through parliament. They were already talking about more austerity to pay for it. However the 1% will still cost, and will likely feed inflation.

I read the other day that a lot of people are finding child care getting so expensive they are thinking of giving up jobs. Not sure if they plan to be self employed or what. It was a survey.

At least we have stable gas/electricity prices for a couple of years, albeit double what they were a year ago.

[Vitamin c]

Re child care becoming too expensive, you can't quit your job and get unerverseal credit you have to be sacked.

This in the long run will lead to people using unregistered child minders ,that's how it used to be.

[Frnc]

Another u-turn, on the 7 week wait for the OBR and fiscal plan, now expected "later this month" according to the Indy. This news has helped the £ and decreased bond yields a bit, which lowers cost of govt borrowing.
https://www.independent.co.uk/news/uk/p ... 95089.html

Next BoE Monetary Policy Committee is Nov 3. They are expected to put interest rates up by up to 1%, but this depends on the OBR.

[Frnc]

"Chancellor’s tax giveaways mean ‘painful’ £60bn spending cuts, IFS warns"

"Kwasi Kwarteng must reverse his tax-cutting plans or impose a “savage” £60bn austerity hit to public services, experts and rebel Tories have warned.

Britain is set for recession until 2024, forcing the chancellor to abandon his mini-Budget giveaways or make a “painful” public sector cut of 15 per cent in order to get debt under control, the Institute of Fiscal Studies found."
https://www.independent.co.uk/news/uk/p ... 99808.html

[Vitamin c]

Just listening to radio 4 world at one , bank of England is backing up pension funds again today as confidence in government economic policy is failing again.
Deputy prime minister says everything OK , b.o.e.
Not so confident.

[Frnc]

Just listening to radio 4 world at one , bank of England is backing up pension funds again today as confidence in government economic policy is failing again.
Deputy prime minister says everything OK , b.o.e.
Not so confident.

BoE said they were prepared to spend up to £10 billion a day on gilts this week to prop up the pensions.

[jansman]

Right now I am looking at semi retirement. My private pension is shot to sh#t! My own boss has said the same about his too. We are a similar age. I wish that when The Milk Snatcher told us that private pensions were a good idea,I’d looked into the future and put my ( now) stolen money into another house and rented it out!

I hate the financial parasites.They never lose like the people they ‘advise’.