So how do you (and your family) intend to ‘hold you nerve’?

Jb2022

You are correct *Grow stuff. I live in Ireland.

Thanks for replying. I was a bit puzzled.

I can remember our mortgage being 14% probably 1980.

DaisyL

Do you think it would be better to have an impoverished prime minister who could empathise with the people - on the other hand he/she might be more fallible when it came to taking bribes or backhanders!

There’s a huge difference between being “impoverished” and a billionaire ! Assuming that comment is tongue in cheek !

Annie1 you may be old fashioned, but then so must I be. I agree with you.

Anniel People often mention Sunak’s wealth.His mother was a pharmacist and his father was a GP. I have always admired the Hindu families I have known. They have a great work ethic. My husband was friends with our local newsagents and with a small shopkeeper with a sub post office. They worked long hours and gave their children the best education they could afford. Rishi went to public school but the wealth is from his wife’s family. There are many immigrants who are comparatively well off via hard work. Sunak could have earned much more had he not gone into politics and I think he does not take his parliamentary salary. To say he cannot understand what being poor because he is rich is just plain nastiness.

Agreed.

Wealth is not an inherently bad thing. He seems a fine person.

Norah

Anniel People often mention Sunak’s wealth.His mother was a pharmacist and his father was a GP. I have always admired the Hindu families I have known. They have a great work ethic. My husband was friends with our local newsagents and with a small shopkeeper with a sub post office. They worked long hours and gave their children the best education they could afford. Rishi went to public school but the wealth is from his wife’s family. There are many immigrants who are comparatively well off via hard work. Sunak could have earned much more had he not gone into politics and I think he does not take his parliamentary salary. To say he cannot understand what being poor because he is rich is just plain nastiness.

Agreed.

Wealth is not an inherently bad thing. He seems a fine person.

I don't think Rishi is an inheritently bad man. Not like Boris and co. I just don't think he is strong enough to be P.M. He is rabbit in the headlights of a government in its dieing days

I can remember the inflation of the 1970s but I was renting a flat back then. I had no financial commitments and no children. This enabled me to take the decision to go back into (higher) education when my career stalled due to structural changes in the profession over which I had no control.

I was lucky enough to inherit money from my grandmother and risked some of it on Bitcoin so was able to buy the small detached house I was renting. Mortgage now paid off.

Rather than "hold your nerve" a better platitude might be "noses to the grindstone" for the many people who are now working simply to pay the bills and no more treats to break up the drudgery. Thats no way to have to live.

Cossy and Freya 5 my comments were slightly tongue in cheek but it is very naïve to imagine that people in this country don't take bribes and backhanders. My son, who has worked in Russia, says it is much simpler there where the bribe is built into any quote for a job. It may be more subtle here, but it does exist.

My daughter has just exchanged contract on a new house and was told out of the blue that her job will be terminated at the end of this year.

The British company she is working for makes the decision to move their operation to America because of the increase in corporation tax from 19% to 25%.

I did not tell her to ‘hold her nerve ‘or ‘just keep calm and carry on’ because she needs a plan.

With her generous redundancy pay and the help of mum and dad (ie our rental income) she should be alright and there is no need for her partner to get a second job to make ends meet.

Her job has been horrendous for the last couple of years to such an extent that I worry constantly about her mental health.

I told her to use this opportunity to just enjoy her new home and have a complete break from work for a couple of months or however long she feels she need before she starts looking for another job and not to feel low and depressed if it takes her a while to get another job.

We do not have a mortgage here, so we are not affected by rising interest rates.

I do receive government pay outs from my country of origin to help with the costs of rising inflation, £380 this month and two more payments in August and December but I got no idea how much I will get which will help towards our winter energy bill.

If you’ve got a place to rent out and also own your own place I’m afraid I find that privileged. When interest rates went sky high earlier on in our marriage we did without any frills whatsoever and there was no bank of mum and dad to help out. We did without, it was that simple. And our house was not special, it was nothing fancy at all. So we had no holidays, no luxury foods or cosmetics, no new clothes, no day trips out except for walks, no cinema or theatre visits, no take aways, no anything extra at all. We could barely afford to buy our children clothes. So no, I don’t feel particularly sorry for people who need to tighten their belts or those who find they can afford to take a couple of months off work because the bank of mum and dad will cover it.

Maddyone,

My daughter’s redundancy pay is quite generous, she can afford to take a few months off work without my help.

No, I am not privileged. The only reason I can afford to buy a second property overseas which in I am currently renting out is because over there I can use my state retirement pension contributions -similar to National Insurance contributions to buy a property.

They gave me a mortgage based on our combined income (myself and my daughter’s) here in the UK.

So, when I said the ‘bank of Mum and Dad’ which clearly upsets you that is technically not correct, all I am doing is letting my daughter access to the rental income which is rightfully hers since she is the co-owner.

If I were to sell the property, I will have to put some money back into my retirement fund and at age 65, I will get my monthly pension.

Since I have a local government pension here, I am pretty sure I will get an exemption, so I should be able to withdraw the whole lot as a lump sum and it is non taxable.

There is no requirement for me to sell at age 65.

SporeRB

Maddyone,

My daughter’s redundancy pay is quite generous, she can afford to take a few months off work without my help.

No, I am not privileged. The only reason I can afford to buy a second property overseas which in I am currently renting out is because over there I can use my state retirement pension contributions -similar to National Insurance contributions to buy a property.

They gave me a mortgage based on our combined income (myself and my daughter’s) here in the UK.

So, when I said the ‘bank of Mum and Dad’ which clearly upsets you that is technically not correct, all I am doing is letting my daughter access to the rental income which is rightfully hers since she is the co-owner.

If I were to sell the property, I will have to put some money back into my retirement fund and at age 65, I will get my monthly pension.

Since I have a local government pension here, I am pretty sure I will get an exemption, so I should be able to withdraw the whole lot as a lump sum and it is non taxable.

There is no requirement for me to sell at age 65.

Not priviledged at all, just wise use of funds. Well done.