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UK Disposable Income Plunges Most In 25 Years
Having miraculously avoided the triple-dip recession and amid a bubbling housing (and stock) market, the average household in the UK is not doing so great. While this may not come as a surprise to many that these two things can be so disconnected, it is simply stunning that UK Disposable Income collapsed in Q1 by its fastest rate in 25 years to its lowest level in almost 8 years.
With BoE's Mervyn King on his way out proclaiming that the worst is behind them and "recovery is in sight," perhaps it is Sainsbury's CEO's comments that are most prophetic "It’s unrealistic [for politicians] to paint a picture which is not the reality that consumers are currently experiencing," he said, adding "nobody should be planning their business today if they're customer-facing on an expectation that consumers have extra money to spend."
Chart: Bloomberg
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Au trying to bend over and grab the 11 handle....
No one would try to bang the close at the Crimex, now would they?
No Moar Meat for you....
I'm looking at the above chart and trying to see something that qualifies as a "plunge".
Whenever I see the word plunge, I always get a visual of the eddy in a toilet bowl.
tALLY ho, UH OH
this is no big deal. This is why God invented gambling. The brits can make that 25% at the local casino.
Move along.
http://goldsilverbitcoin.com
"In this sweet ol country where I come from nobody ever works & nothing gets done WE HANG FIRE"
"Having money is a full time job... I don't need no aggravation I'm a lazy slob I HANG FIRE"
~~~
http://www.youtube.com/watch?v=ddY4MZCzlks
"Rolling Stones attack the Beach Boys. And by extension the entire State of California." BIG swing and a miss. http://www.youtube.com/watch?v=uB3F6645zwM
HANG FIRE (a bullet when fired that does not go off or dud round)
Looks like Phase I of daily gold manipulation is now underway
here is the question, who would step in and buy gold here, and by gold I mean GLD. the real gold bulls are buying phyz and everyone else is dumping paper.
who would buy paper?
I don't see anything other than a continued implosion until either the paper market breaks and phyz reigns supreme, or we all find out we were delusional.
Or until somebody discovers some Annunaki kryptonite...
This is totally possimpible! The BoE is printing wealth in large quantities and the government is doing its very best to (re-)inflate the housing bubble.
Maybe the British people can save some money on the upcoming power cuts?
I doubt it... They're drawing up models on taxing the farts out of your ass as we speak...
Maybe their windmills will save them. The crazy government is gaga over "the environment"; they think they can influence the climate.
They think they can con sheep into thinking they can control the climate & line their pockets with the swindle... There ~ fixed it...
Uh, oh. Like "all quiet on the western front" ...
Thatcher 2.0 or some shit.
...You cocky farmers never need fret,
Your skinflint wives I'll not forget.
And I'm not a feller that's game to bet,
You're over your head and heels in debt.
With your hats of bark and your old dirt floors,
And your daughters never wear any drawers
Nor any kinds of boots and shoes;
They're wild in the bush like kangaroos!
A pannikin of flour and a sheet of bark
To wallop up a damper in the dark
With a ra-dum, ra-dum, rub-a-dub-dub,
We'll send them home in a lime-juice tub.
Well here we are in New South Wales,
Shearing lambs with daggy tails.
With a ra-dum, ra-dum, rub-a-dub-dub,
We'll send them home in a lime-juice tub.
From the UK March energy trends publication..........
"Total indigenous UK production of crude oil and Natural Gas Liquids (NGL) in Q1 2013 was
16.1 per cent lower than a year ago. A key driver was the suspension of production at the
Schiehallion oil field which is due to remain closed for three to four years. Production increased
on Q4 2012 as production on the Buzzard field came back on stream"
Energy consumption has risen (but much of this is lower quality fuels with much higher transformation losses in a very colds Spring)
Higher quality oil & transport energy consumption is down.
To remain closed for 3 or 4 years ??????????
Looks like the very deep water Schiehallion field is fucked.
http://en.wikipedia.org/wiki/Schiehallion_oilfield
Within two years the idea of a $1.50 pound sterling will seem hilarious. It's ridiculous right now.
they need more inflation LOL
.......and Mark Carney is just the man to give it to them.
This is my pick for the currency that needs to go "puff". It's a hollow economy, or the ghost of an economy, or a joke called an economy. The currency is hugely over-valued; probably because of the "apparent wealth" from the machinations of the "City"; aka the magic square mile. Perfect example of the "dead man walking".
@Sat 800
As long as they can externalise the losses Sterling will be the last man standing in Europe.
http://notesonthefront.typepad.com/politicaleconomy/2013/06/bloody-disaster.html
The UK is almost unique in Europe in that its energy consumption (although of a poorer quality) is rising.
It can simply outbid non sov Europe for fuel.........now mainly coal.
"Steam coal imports originating from the USA in
quarter 1 2013 more than doubled in comparison to
the same quarter in 2012 to 2.9 million tonnes"
The currency would be over-valued at par with the "dollar"; as it is it's over 1.50; I'm short from 1.56$ and I'll just maintain that until the market takes me out on a zero loss stop; or it finally falls apart. Great example of what you do with "momentum"; and in this case the momentum is left over from the 19th. Century ! The once great Britain, now an impoverished Island.
Let me enlighten you lot as a Britisher.
People are hurting here folks and I mean real hurting, take the fact the local garage to me is running diesel at £139.9 per litre, and a packet of 20 cigarettes (Marlboro) is £8.20.
Wages are declining year on year, and inflation is running rampant through all parts of the economy.
Dont forget folks, the MINIMUM wage here is £6.19 per hour, nation wide.
Tell you anything folks?
It tells me this elastic band of an economy is pulled taught, and at some point (before this year is out) it will snap.
Welcome to the jungle folks, unfolding real time.
Thank fuck we're all in it together then eh?
Nice handle mate.
Believe me if you want on this but it is true,
Just through my job I know some old folk who can either heat their homes or eat. Thats putting it in harsh terms and cutting the bullshit but true. I personaly know some old folk who use their bus pass all day riding buses to keep warm so they have enough left to buy food for themselves.
And this is 2013? While the cunt fuckers who caused this swan about saying what you said eh? All in this together are we?
I am ashamed of this country mate. Disgusted we have been reduced so far for what? For bankers and politicians?
I am burning with rage what these sons of bitches are doing to the whole country while they get away scott free with no punishment for outrageous and ruinatious behaviour.
I turned my heating on for a total of about 10 hours last winter, and I live in Scotland.
I know a lot of people who are in full time work and earning buttons - £12-13K a year - who are simply out of fucking options at this point (but hey that's fresh meat for those parasitic cunts Wonga et al eh?).
The saddest part of it all is that almost none of these poor fuckers can join the dots and see how and why they have been deliberatley shafted by a power system that is determined to extract every last fucking ounce of wealth that the poor ever accumulate.
Make no mistake, we are headed for feudalism 2.0
Feudalism might be an improvement. Don't forget to vote for Independence. The Scots are the "designated poor" as far as the rulers in London are concerned. At one time you could just gather everyone together and march south with your swords and pikes; alas, no more. There's a lot you can do as an independent nation that you cannot do as a member of the clusterfuck.
Scots get higher public spending per capita than the English. The Scots are not poorer than people in Northern England
At this stage in the game I'm not sure if independence really means anything. I have no doubts whatsoever that had something analogous to the 2008 crisis happened in an independent Scotland, the political class would have bailed out the banks and thrown the people to the fucking wolves.
I absolutely detest almost everything the British state stands for but I fear that an independent Scotland would turn itself into a corporate bordello as Ireland did, and I'm sure the Dork of Cork can tell everyone how that turned out.
I concur.
Independence only means something when you can print greenbacks (military fiat) outside the banking system.
Even the 10 shilling notes of 1914 payed interest................The UK is a banking (see Bank of st George) hellhole.
And Salmond wants to keep the fucking £!
Its better then the Euro.............the euro is the 9th circle.
The euro is a instrument of the city and perhaps the little city of Edinburgh..........
Its better to be in Sterling .....the control center of euroland.
Lol........ What do you want the Euro. I know some Scots are irrational contrarians towards the English but that is taking it a bit far.
It has nothing to with a contrarian attitude towards the English. I just cannot see how it makes sense to assert national sovereignty whilst handing over control of monetary policy to a foreign central bank.
If the only choice on the table here is financial catastrophe sooner (Euro) or later (GBP), then the entire independence excercise is a waste of time.
For what it's worth. I don't think there's any chance of a Yes vote. 90% of people I have spoken to simply don't care either way.
Double post.
I turned my heating on for a total of about 10 hours last winter, and I live in Scotland
Really so how did you heat your home then. You would have had ice inside the house the winter we just had.
http://www.youtube.com/watch?v=Xe1a1wHxTyo&feature=player_detailpage
35 years ago Britain was an industrial powerhouse. Now it gets its GDP from people spending their 1000% Wonga loans in Sainsburys. Things are looking up though. The double dip never happened and cheap government backed mortgages will set off a new housing boom and everybody will be rich again.
At least the government backed mortgages cut out the middle man.
In the next housing crash the British taxpayer will eat the losses directly without having to pay any fucking bonuses.
Does that count as progress?
ooh i like this idea.
Imagine all that lovely growth too from the huge influx from Romania and Bulgaria when they join the EU next year. We can house them in our sheds.
http://www.telegraph.co.uk/news/uknews/immigration/10143697/Blighted-by-an-epidemic-of-beds-in-sheds.html
Stuff Britain full of immigrants and concrete the countryside, devalue the pound by another 50%, and frack Lancashire to pieces, winner.
35Yrs ago: Thatcher (the spawn of Satan) started to dismantle engineering and manufacturing in the UK, for the new industry of financial services. The rest is history. Ther UK is fucked full stop. The worst of this depression has yet to visit Britain.
I think you might want to change that to £1.39 a litre, and remember a US gallon is smaller than an Imperial gallon. 1 UK gallon = 4.55 litres therefore Petrol in the UK is typically £6.32 a gallon x 0.832= £5.26 US equivalent which at current exchange rate of $1.52 to £1 = $8 per US gallon equivalent.
LNG imports have imploded on a massive scale.
LNG imports
Y2011 : 270,733
Y2012 :147,879
Y2011 Q1 : 78,370
Y2012 Q1 : 38,645
Y2013 Q1 : 15,986
So much for the LNG Mirage..............its back to coal (external coal now)
This after the coldest March in 50 years..............
Lack of Nuclear kills far more people then nuke accidents ..........its called poverty.
Oh, don't worry the Global Warming will make it all like Spring Time and all.
Mark Carney to the rescue....?
http://nipponmarketblog.wordpress.com/2013/05/22/is-japanese-quantitativ...
Another Gem from the UK trends report.
Demand for aviation fuels decreased by 7.7 per cent.
Whilst passenger numbers remain robust, indications
were that increasing fuel efficiency and some
rationalisation of routes (including greater numbers of
passengers per plane and route sharing between
airline operators) have contributed to this decrease.
Lol.
The car and plane business is over.......but it seems this will take some time given the UK desperation to create Credit for its banks & cars and not 1914 like fiat.
Your posts are very valuable. Very interesting numbers for the Steam Coal. As a Scot I'm not exactly crying big tears for the Imperialist Bastards; but they will put their citizens thru hell playing pretend.
Maybe they are refuelling abroad ?
More fuel efficient aircraft that carry more passengers.
Easy to say why eveything from food, train tickets to energy costs inflating at <7% a year for at least the last 5 years will always reduce disposable income, the politicos couldn't give a shit though tax is paid on everything, expect a 2%+ vat increase after the next election.
Highest rail fares in Europe. Highest Airline Tax in Europe. Fly to Aberdeen and it costs twice the price of flying to New York.
Yesterday in the UK we had a whole lecture on how well it is going? Really. The collapse in disposable income not surprised. This though, everybody missed it ha,ha and noone said a word.
The UK has played the QE card, bail out the banks, etc. etc. Reckon this is no more than more QE myself but of course NOT CALLED QE! Is sort of got lost in the smoke and mirrors of yesterday all 70 billion pounds worth of it.
http://www.telegraph.co.uk/finance/economics/10143049/BoE-softens-rules-for-banks-to-give-economy-70bn-boost.html
[edit] This money is in reality all part of the QE and and did not really touch the economy. Well this is how it will enter the economy voila inflation by Carney.
So true, but it is deliberate. Osborne wanted to do a Geoffrey Howe 1980 Induced Recession because he had no idea about what was going on. This is a complete disaster that has run out of control and is basically irreversible as it is propped up by 0.5% funding which exceeds the growth in the economy
Not at GCHQ, they got a bonus!
--
UK spy agencies get $154mn bonus amid sweeping cutsEdited time: June 27, 2013 11:43
http://rt.com/news/uk-intelligence-spy-budget-increase-252/