Less Holidays for Brits

http://news.bbc.co.uk/1/hi/business/10614196.stm


"Visits abroad by UK residents fell by 15% in 2009, the fastest rate since the 1970s, according to the Office for National Statistics (ONS).

A total of 58.6 million trips were made last year, 10.4 million fewer than in 2008. "


And a few of those millions cut back on their trips to Thailand I bet.

[jinks]

I have not cut back.

Spain 2 x 1 week Thailand 1 x 1 month.

[Marsilius]

We certainly have! My partner and I took two or three trips to Thailand each year 1993-2008 but had just one holiday in LOS in 2009 and one in 2010.

The reduction is purely and simply because of economic uncertainty. My partner, who works in banking, was made redundant in December 2008, directly as a result of the worldwide economic crisis. Although he found another job (and a far better paid one, would you believe it!) in April 2009, we have been far more careful with money ever since and are likely to go on being so while economic circumstances are still so unpredictable. So I cannot see the days of visiting Thailand three times annually returning for quite some time yet.

Banking? Pfft.

He should have gone into a more lucrative field, like driving a taxi.


But if you go bankrupt taxi-driving you're fucked.

If you're high enough up in banking, the Govt uses taxpayers money to bail your bank out + you still get to collect a few million ┬г in bonuses for fucking it up!

:occasion9:

Banking? Pfft.

He should have gone into a more lucrative field, like driving a taxi.

Or he should have gone to Specsavers and got two for the price of one.....

[Beachlover]

Of course the Brits are travelling overseas less... their job market's taken a battering and their currency's dropped like a lead balloon. All of a sudden their money's worth less.

[cdnmatt]

If you think it's bad now, just wait a couple years.

Yes... we all know it's coming...

[Impulse]

If you think it's bad now, just wait a couple years.You mean the pound will fall further? Probably,What about the US dollar? I hate to see what that buys in a couple of years.

[Beachlover]

What's coming?.... I was actually thinking about sticking some investments over there. Not so sure now. I mean that place has really gone to shit.

[cdnmatt]

What's coming?....

A huge recession that's going to make this one look pretty tame.

Economy is still in the shitter, and now countries across the board are tightening their belts and fiscal policies. All that stimulus spending was just temporarily holding off the inevitable. Now most countries have decided to drastically stop stimulus spending, so the inevitable should be here shortly.

Economy is still in the shitter, and now countries across the board are tightening their belts and fiscal policies. All that stimulus spending was just temporarily holding off the inevitable. Now most countries have decided to drastically stop stimulus spending, so the inevitable should be here shortly.

I don't know who or what is more gloomy Matt, your prognostication of the Economy, or LMTU putting everyone on ignore? We are all doomed!!!!!!!!

[cdnmatt]

Economy is still in the shitter, and now countries across the board are tightening their belts and fiscal policies. All that stimulus spending was just temporarily holding off the inevitable. Now most countries have decided to drastically stop stimulus spending, so the inevitable should be here shortly.

I don't know who or what is more gloomy Matt, your prognostication of the Economy, or LMTU putting everyone on ignore? We are all doomed!!!!!!!!

Never said I was sad or worried about it. But I think it's pretty obvious the economy isn't exactly going to bounce back to 2001 levels anytime soon...

[allieb]

What's coming?....


SGT posters will have their pensions cut
The pound will drop to 30 Baht and Brits will not get free buss passes any more
Air fares will double with rising oil prices making them unaffordable to our dear posters
All the hotels and bars in Thailand will shove up the prices thinking thats the answer.
Hundreds of thousands if not millions of Thais will be left without Mr Farang the wallet
Posters will start having sex with each other
And if LMTU is right, HPV will get spread around and we will all die

The end is near.

[travelerjim]

What's coming?....

A huge recession that's going to make this one look pretty tame.

Economy is still in the shitter, and now countries across the board are tightening their belts and fiscal policies. All that stimulus spending was just temporarily holding off the inevitable. Now most countries have decided to drastically stop stimulus spending, so the inevitable should be here shortly.

You are "right on" cdnmatt with your outlook... :headbang:

In my opinion...
The proverbial sh_t is going to hit the fan... :nud:
sooner than later...
we are is a desperate financial mess worldwide!

CASH is King! ... :king:
hold on to it...regardless of the low %'s returns.....
it is better to have a $ Dollar or Pound...etc.
thank a half a dollar with declining values of stocks, bonds, real estate etc.

tj

[maisoui]

What's coming?.... I was actually thinking about sticking some investments over there. Not so sure now. I mean that place has really gone to shit.

Actually, my business is experiencing an upturn. My Easter travel was blighted by red-shirts, but the Icelandic ash caused me 10 extra days in asia, distance working, which my employer was cool about. I have no plans on returning to Thailand short-term but am resigned that when I do return it will not be the same. Better for most, I hope.

[Beachlover]

What's coming?.... I was actually thinking about sticking some investments over there. Not so sure now. I mean that place has really gone to shit.

That's the best time to make an investment.

True... the pound has never (in my lifetime) been lower vs the Aussie dollar than now.

Similar to the Asian crisis of 1997, I believe it will be 10 years before we get back on track - but just look at some of the economies now, Singapore is posting 18% growth in 6 months, Canada and Australia are posting good recent economies - these type of situations can only promote good growth etc in other countries in the near future. Although some countries who have not pulled their weight up, will be in the doldrums for a while. But the UK with its new coaltion government are hell bent on getting the economy right again and are banking on the private sector to saturate the job losses that are going to take place in the public sector due to heavy cutbacks in spending. NHS, education and so forth are also being sorted out as we speak. Furthermore, [will finish it off later]

But the UK with its new coaltion government are hell bent on getting the economy right again and are banking on the private sector to saturate the job losses that are going to take place in the public sector due to heavy cutbacks in spending. NHS, education and so forth are also being sorted out as we speak...

Economics isn't your strong point is it?

Why would the private sector take workers on when growth is still practically nil and the banks (propped up by the public purse) still refuse to lend to fund investment? There is a significant chance of a double-dip recession and the private sector is nervous, unwilling and unable to fund expansion. Also, there was not widespread lay-offs in the private sector as was the case in previous recessions - generally employers kept as many workers on as possible and workers were prepared to increase productivity and accept pay cuts in order to stay in work - so there is not the jobs "slack" that there might have been .

Further, savage cuts in Public Sector employment might sound good to right-wing commentators but every one of those workers is also a consumer and a tax payer. Cut the jobs and you cut consumer spending and reduce confidence. Cut consumer spending and confidence and you cut growth. Cut all of those and you cut any chance of the private sector picking up the people made redundant from the public sector.

The NHS is being sorted out is it? Let's wait and see. The main proposal is to give GPs control of the local budget and thus cut the number of NHS managers. If that sounds familiar it's not surprising - it's been tried before "GP fundholding" Thatcher called it. Did it work? No.

What's the big idea in Education that you allude to? Cancelling School building programmes? Giving money to looney tune groups to set up their own schools? I haven't heard anything other than those proposals. How do either of those create jobs?

Hint - stop reading the Daily Mail.

:bounce:

[cdnmatt]

Why would the private sector take workers on when growth is still practically nil and the banks (propped up by the public purse) still refuse to lend to fund investment? There is a significant chance of a double-dip recession and the private sector is nervous, unwilling and unable to fund expansion.

Exactly. Common sense dictates another recession is on the horizon. Only difference being, this time around, there won't be any government bailouts to temporarily prop things up. Governments around the world already promised that during the recent G20 summit. Not to mention, most governments simply don't have money right now.

So when the next recession hits, it'll be free-fall, as there won't be government bailouts next time.

Scottish Guy: You didn't let me finish, I did say at the end of my post I would finish later.

To save me consolidating what just one report says about a recession etc, here is a link. And that is what I was going to point out about a possible recession or "problems" over the next two years. However, unlike the previous government in the UK who could not foresee a credit crunch etc (well, allegedly), this new coalition government should be able to foresee what could posibbly happen, and whilst it will probably be a bumpy road, I don't think they would dare to plunge the country into another credit crunch or even a recession, but as I said problems lie ahead.

On the contrary, there are not wide spread layouts like you say - there were, about 1-2 years ago, but employment is increasing at the moment and growth is also, albeit very small, but the new government are banking on the creation of about 2.5 million jobs over the next 5 years and their new business policies and I suspect there will be more new policies in the pipeline, this government seem to be announcing new initiatives by the day. Now, how this can happen baffles me, and whatever side of the fence I stand, socialist or capitalist, this coalition government are hell bent on trying to sort the economy out. Whether I agree with it or not and whether they will or not remains to be seen.

http://www.bbc.co.uk/blogs/thereporters ... nch_2.html (http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/07/can_we_avoid_credit_crunch_2.html)

And by the way, yes, I'm no expert with "economics" but neither are you. And by the way, try and keep up to date with what the current government in the UK are doing if you are going to post.

Will write about NHS and the rest later on. Off to the gym now.

....there are not wide spread layouts like you say

Reading is not your strong point - I didn't say that! I said that during PAST recessions there were widespread layoffs which haven't occurred this time therefore there is little "slack" in the labour market. Jesus Christ, try to pay attention.


- employment is increasing at the moment

Technically true (I didn't say otherwise) but a bland Govt. statement designed to deceive - which it has obviously done in your case. It masks these comments from the Office of National Statistics:

1. The number of full-time employees fell by 22,000 on the quarter to reach 18.20 million.

2. The quarterly increase in total employment 0.3% was mainly driven by part-time employees... and self-employment.

So what we have are people moving from full-time employment into part-time employment, or being put on to short-time working - either way moving from higher disposable incomes to lower disposable incomes. Then another group of people who cannot even find part-time work, moving to self employment who will have in all probability very little disposable income until their business builds or perhaps even collapses when they will have even less disposable income. How precisely does that promote growth?




... try and keep up to date with what the current government in the UK are doing ....

Just remind me what I'm not up to date with?


...By the way economics is my good point.

I shudder to think what your bad points are.

:rolling:

Scottish Guy: Point taken about layoffs previous recession etc.

You are not up to date with the fact that this government have said over the next five years 2.5 million jobs will be created. That is where the "slack" will go. Now, personally, I don't believe that many jobs will be created and lots of leading think tanks and politicians have reiterated this.

With regard to employment and growth without going overboard, we are going in the right direction - North. As I said, yes, it is very small figures, and for this reason I can't see how the UK can achieve an increase in jobs (2.5 million) over the next 5 years, let alone the problems that could possibly occur over the next two years, i.e. 2nd credit crunch; etc etc etc. I also believe that this government will do their utmost not to let it happen.

PS, don't have any bad points mate, you?

NHS - will write about later.

...You are not up to date with the fact that this government have said over the next five years 2.5 million jobs will be created....

I'm up to date with it, I just don't believe it


....don't have any bad points mate, you?

Ditto - I'm perfect. I would have thought it went without saying.


:rolling: :rolling:

[maisoui]

Of course, it should be "fewer holidays for Brits". Well, Mr Savage got back to England today and the FCO published it's annual stats. As usual more Brits died in Thailand than any other foreign country but that's because of the high percentage of bozos who retire there, do drugs or take Pattayan Flying lessons.

House prices are still going up here and my request to retire was turned down.

Frankly, till Thailand demonstrates some stability, British PM or not, I'll be elsewhere.

Of course, it should be "fewer holidays for Brits". Well, Mr Savage got back to England today and the FCO published it's annual stats. As usual more Brits died in Thailand than any other foreign country but that's because of the high percentage of bozos who retire there, do drugs or take Pattayan Flying lessons.

House prices are still going up here and my request to retire was turned down.

Frankly, till Thailand demonstrates some stability, British PM or not, I'll be elsewhere.

Frankly, what the fuck are you on about?

:dontknow:

Of course, it should be "fewer holidays for Brits". Well, Mr Savage got back to England today and the FCO published it's annual stats. As usual more Brits died in Thailand than any other foreign country but that's because of the high percentage of bozos who retire there, do drugs or take Pattayan Flying lessons.

House prices are still going up here and my request to retire was turned down.

Frankly, till Thailand demonstrates some stability, British PM or not, I'll be elsewhere.

Frankly, what the fuck are you on about?

:dontknow:

A Butterfly and a French name conjure up thoughts of Papillon and solitary confinement on Devils Island; maisoui, but, yes, but, no.....

Scottish Guy:

Yes, I agree, I find it really hard to believe that 2.5 million jobs will be created - the mind boggles.

With regard to "perfect" - blow your own trumpet I say, cause no one else will.

Changing the subject, there not letting Peter Sutcliffe out. He's in there forever.

NHS subject - talk about that another time.

As I'm in the UK at the moment, we now know where some of "this money" is coming from to fund jobs - David Cameron has just announced he is going to raid dormant bank accounts to fund certain projects.

Wow!

I wonder where they got that idea from?

http://www.thisislondon.co.uk/news/article-23389596-browns-400m-smash-and-grab-on-dormant-bank-accounts.do

With such original thinkers in the Cabinet, the future's bright!

:laughing3:

I agree, it is not an original idea, its been talked about for some time now, don't leave any money behind is the moral of the story. The banks aren't going to be too pleased. I actually bet there is a whole lot more money stashed away than ┬г400 million.

They could take a look under Ken Dodd's bed for a start!


:rolling: :rolling:

Wow!

I wonder where they got that idea from?

http://www.thisislondon.co.uk/news/article-23389596-browns-400m-smash-and-grab-on-dormant-bank-accounts.do

With such original thinkers in the Cabinet, the future's bright!

:laughing3:

That article was written in March before the election, so if Brown did raid it I wonder what he spent it on? Certainly not a cosmetic fix!

Combat - it was written in March 2007 - thats the point i'm making.

:rolling:

Combat - it was written in March 2007 - thats the point i'm making. :rolling:

Yes you are right, my mistake...God only knows where that went to, no doubt the same drain hole as all the pension pots that he raided too.

Combat:

The "dormant bank pots" have not been raided yet. The Labour government did not raid them, nor have the new government yet. It's still under discussion. Sorry dear but I had to SPELL this out to you in the end.

Combat:
The "dormant bank pots" have not been raided yet. The Labour government did not raid them, nor have the new government yet. It's still under discussion. Sorry dear but I had to SPELL this out to you in the end.


I was refering to the well reported raid during his time as Chancellor:

http://www.telegraph.co.uk/news/uknews/ ... llion.html (http://www.telegraph.co.uk/news/uknews/1531448/Browns-raid-on-pensions-costs-Britain-100-billion.html)

...God only knows where that went to, no doubt the same drain hole as all the pension pots that he raided too.

It reads as if you were referring to two items, the original topic and the pension pots.

[Alaan]

cd matt..you don't really have a clue what you are bumbling on about do you? ...a whole load of scare mongering..... what EXACTLY is coming??? A recession based on what?

The toxic dept on property which started this whole sorry downturn has been addressed. The toxic debt in the banking industry has by and large been delt with. The banks are back making large profits. The stimulus has been toned down because it has done its job in restoring calm in the financial industry, and the belt-tightening is simply realism to the situation being applied.

The only way now is further stability, growth and UPWARD trends. The banks maverick style banking has been curtailed. There IS money in the system. EVERYTHING which was previously in the doledrums 1-2 years ago is heading back to growth and profit. Hotels, airlines pricing levels have increased substantionally since a year ago.

ALL the weak under-funded business have been flushed out, those strong enough over the last 1-2 years are now in an even stronger position. Property value is rising and demand is back.

What EXACTLY will be the cause of your impending recession this time round? I suspect you will be unable to even attempt to offer any explanation to this question.

I repeat cdmatt, a clueless, scare mongering post based purely on your over-fertile immagination.


And TJ cash is NOT king, it is offering the worst returns of ANY financial investment, the shit and fan bit has already taken place for goodness sake. I think you guys just want to be in some kind of 'i told you so' mode...for what reason i don't know. You two really need to stop reading the financial 'experts' from the broadsheets and the like, they only guess too and NONE of them predicted the severity of the last downturn. Yes things are 'tight' but there is money out there.

Just my opinion of course.

[travelerjim]

Alaan...you said:

"And TJ cash is NOT king, it is offering the worst returns of ANY financial investment, the shit and fan bit has already taken place for goodness sake. I think you guys just want to be in some kind of 'i told you so' mode...for what reason i don't know"

FYI..I got my clients and friends OUT of the stock market BEFORE the last
crash...they are enjoying 100% of their principal + interest...
they have been and are earning a guaranteed 4.70 - 5.25% annually....
that is better than half a loaf of bread...or less...
hoping to someday get back to a full loaf.

They have thanked me many times..and have "peace of mind" not worrying about
the financial markets downturns worldwide...when it comes to their account balances.

I do think we are heading for a double dip recession...in the USA and worldwide...
and Cash is King!

Just my opinion..and I respect yours...I do read many sources of information
daily...to keep abreast of happenings around us.

tj

[Alaan]

Yes TJ i respect your opinion too....and pleased that you got your clients and friends cash out before the crash, but provided you do not sell, you will not lose anything. Your investment will fluctuate as per normal depending on the daily situation but still ahead of cash.

And also your friends may be enjoying 100% of their principal, but that 'principal' includes all the growth that the stock markets gave before the recession, whereas if the investments had been to cash from the very start/day 1 instead of the stock markets i guarantee their 'principal' would be significantly less than the amounts 'rescued' before the recession

I know it all depends how defensive your portfolio is and which areas of the markets they are in, but in my own situation my cautious 5 year equities bonds, all I actually lost over the worst 18 months was any growth, the gradual downturn cut 25% off my portfolio but in the 6 weeks after the downturn my portfolio came back up to not far off its previous level. Had my money been in cash from the start of the 5 year bond I would be WORSE off. Remember the markets came back up very strongly after the 'crash' the FTSE near 3700 at the worst went all the way back up to 5500.

TJ the other side of the coin is...Genuine example. One of my 5-year ┬г100K bonds was worth ┬г148,000 after 3 years growth on the markets. It dropped 25% over the worst peroid. When the markets bounced back over a 6 week period my now ┬г111,000 went back up by about 27% to around ┬г141,000. Had the ┬г100,000 been in cash from the start, it would probably be worth about ┬г120,000 and thats being generous with an estimation of cash returns.

Now, had you in fact recommended to your friends to invest as the markets bottomed out they would now be MILES ahead of cash!

And your currrent 4.70%-5.25% return for cash is nothing short of a miracle, is that NETT of tax? I dont know what the current base rate is in the States but at 0.5% in the UK the VERY BEST cash return one can expect is likely to be about 2.5%. Most cash accounts earning between 0.1% and under 2% AND with at least 20% tax to consider. And if you really do expect a 'double dip' recession, you're not going to see your 'whole loaf' for some time are you?

But as you rightly say, only opinions! Best of luck with your investments anyway, maybe you can give me 'the nod' just before the next double dip, that would be handy.

The chances of a double dip recession are starting to fade pretty fast, well especially here in the UK, recent GDP growth figures and stress tests for banks here in the UK and Europe, make it increasingly unlikely that banks won't be able to handle a crisis should it occur and that they are majority of these banks are sufficiently capitalised (apart from about 7 which are located in Europe, including Germany and Greece).

These were my own words - and I have read the media in order that I write up accordingly. And no, I'm not a leading think tank who has all the statistics in front of me in order to assemble a write-up.