Uk Economic Woes

[theoldgit]

David Cameron has already warned the great British public that the cuts required to address the massive budget deficit, they claim to have inherited from the previous government, will effect everyone in the UK and cause great pain. There are a lot of UK nationals living throughout the world, many living in Thailand, some relying on pensions, state and private, could these be vulnerable?

I suppose state pensions could be reduced or even stopped for those no longer in the UK, but what else do people think could be in the pipeline?

I suppose that if people who rely on state pensions and are seriously effected could up sticks and return to the UK and throw themselves at the mercy of the welfare state, and of course cost the country more money.

As I say, David Cameron has warned that everyone will feel pain and I doubt that the great British public will have little sympathy for expats who they may believe are living in luxurious surroundings throughout the world.

So what do people think?

Can I respectfully request no flaming posts please

[bkkjames]

http://news.bbc.co.uk/2/hi/business/10254055.stm for a glance at the future.

[FarangBuddha]

I am sure this is a question on the minds of not just UK expats/retirees but also those from Greece, Spain, Portugal, Ireland...basically all of Europe. I have watched with some interest at how the government's of Europe seem to have the power to unilaterally reduce salaries and pensions of their citizens. I would not have thought they had such power...union contracts, and such. In any case, if even pensions were cut as little as 10%, this, combined with the low value of the pound, would really impact folks and many might have to return home. On the plus side, there may be a fire sale on houses and cars owned by these returning expats for those still living in LOS. I would imagine there may also be lots of wailing amongst the newly poor Thai relatives of many now impoverished expats as well.

Edited June 8, 2010 by FarangBuddha

[sarahsbloke]

10 years to my state pension, not even sure it will exist by then, so not really counting on it.

Exchange rate is the only thing to affect me ..... and with a bit of luck the austerity measures will give that a boost.

The new UK coalition government has announced £6.2bn (7.2bn euros) of savings in 2010-2011, making it clear that this is just the first step in an austerity drive aimed at cutting the huge deficit of £156bn, which is above 11% of GDP. The biggest of all the departmental cuts will be at the Department of Business, Innovation and Skills, totalling £836m. David Cameron's government hopes to make big savings by delaying or stopping government contracts and projects, by cutting consultancy and travel costs and by slimming down public sector agencies known as quangos.

Edited June 8, 2010 by sarahsbloke

[mommysboy]

I'd advise any pensioner who feels they are not adequately covered out here to return forthwith. I can only foresee continuing low exchange rates and aggravation from the powers that be that might include actual cuts.

The rest of us, well it won't be easy for anyone. Personally I'm increasing my dollar earnings, will hopefully pluck up enough courage to have a medical to confirm I'm ok, and then it's just squaring u to a challenging few years ahead.

Do not tell any public agency you are out here.

[PattayaParent]

http://news.bbc.co.u...s/10254055.stm for a glance at the future.

The link doesn't work.

[hansum]

Using the theory/fact that highly taxed nations are highly controlled by government ....

My prediction is that as tax will rise substantially, the UK will be nation states with huge a controlling government for many decades to come, i dont believe this coalition will break the big brother society that the devious, vile socialist hypocrites have created over the last 13 years, or that Maggie and John had a hand in prior to this.

Thus making England a less desireable place to return to.

[hansum]

http://news.bbc.co.u...s/10254055.stm for a glance at the future.

The link doesn't work.

Hopefully theyll scrap the BBC/Liberal leftist propoganda tax asap as its unsustainable and due to it distorting competition stops the UK from having a truly free press..

[Crossy]

http://news.bbc.co.u...s/10254055.stm for a glance at the future.

The link doesn't work.

Working link BBC News - What can the UK learn from Canada's budget cuts?

[bunple]

"Canadian economists say the first success of Mr Chretien's government was to secure widespread public support for what would be deep and painful spending cuts."

That'll never happen in the UK with the unions, even now they are queueing up for 5%+ pay increases.

[Loz]

A few more points on the exchange rate and a pension cut will see plenty of English teachers moving into rented ex expat homes and driving Dmax pick ups to school !! PSML

But seriously. I'm glad I am not old. I loath the feeling of helplessness and what other feeling could you have if you are broke and too old to work? I guess the Thai inlaws might sub you some beer money.. Maybe 6month stints at the temple while you rent out your home to make ends meet?

As the Jesuites said, the possibilities are endless...

[Penkoprod]

Should the situation ever befall me, where i would have to contemplate going back home due to lack of funds i would scour the globe for a place that suited my reduced circumstances, and maybe even consider working "off the books" in Thailand before going back to UK.

The words "mercy" and "welfare state" dont even feature in the same book, let alone sentence. You would have to rely on relatives and friends to provide support.

The very thing that qualified you for a long stay visa in Thailand....ie, 65,000TBH a month, or 800,000TBH in a Thai bank, or combo of both, DISqualify you from most, if not all State Benefits should one return to "this septic isle" thats the UK. Even halving those figures will, in fact.

Yes, there will be an increased State Pension (by a meagre amount) but that will be more than offset by having to pay indirect taxes again, upon return.......5% VAT on gas/electric for one, 17.5% on most other goods and services subject to VAT for another. There is even talk of both hiking the VAT upto 20% and including previously zero rated items, such as food under the VAT "umbrella" although probably at a reduced rate

My own plans change on a regular basis, and i must admit to blowing hot and cold about retiring to Thailand (or anywhere else, for that matter) to one where i think i will become just a "global traveller" for a while for as long as my health holds up.

Penkoprod

[elliss]

That'll never happen in the UK with the unions, even now they are queueing up for 5%+ pay increases.

EXPECT THE WORSE .

everyone , who is depending on funds from the goverment ,

will be a victim .

IMO , this is the begining of the end ,

of the welfare state ....

sell the tables , and chairs ...............

[yabaaaa]

David Cameron has already warned the great British public that the cuts required to address the massive budget deficit, they claim to have inherited from the previous government, will effect everyone in the UK and cause great pain. There are a lot of UK nationals living throughout the world, many living in Thailand, some relying on pensions, state and private, could these be vulnerable?

I suppose state pensions could be reduced or even stopped for those no longer in the UK, but what else do people think could be in the pipeline?

I suppose that if people who rely on state pensions and are seriously effected could up sticks and return to the UK and throw themselves at the mercy of the welfare state, and of course cost the country more money.

As I say, David Cameron has warned that everyone will feel pain and I doubt that the great British public will have little sympathy for expats who they may believe are living in luxurious surroundings throughout the world.

So what do people think?

Can I respectfully request no flaming posts please

Sooner they clamp down on the UK's money for nothing benefit system the better, people near where I live haven't worked for over 30 years "suffer from nerves" types etc etc They're just lazy <deleted>****ers that my taxes pay for. Next shoot all the *ankers followed by cutting footballers salaries to no more than £600 a week and anyone else on ridiculous amounts for such ridiculous things (kicking a bag of wind about)

That'll do for starters........

I guarantee Cameron and all other MP's wont suffer at all so cut their salaries IN HALF if they are so worried about this.

Edited June 8, 2010 by yabaaaa

[Abrak]

Using the theory/fact that highly taxed nations are highly controlled by government ....

My prediction is that as tax will rise substantially, the UK will be nation states with huge a controlling government for many decades to come, i dont believe this coalition will break the big brother society that the devious, vile socialist hypocrites have created over the last 13 years, or that Maggie and John had a hand in prior to this.

Thus making England a less desirable place to return to.

Possibly. BUT I feel that the situation is like this. If you tax people far more they have an incentive to leave the country. The more they are paid the greater the incentive. Given that taxing people more is inevitable, it is very IMPORTANT to make UK residents emigrating abroad as unattractive as possible. In that way you can tax domestics higher without them fleeing.

A very key part of resolving the deficit is to make leaving the country less attractive to people facing higher taxes than more attractive. If you simply create a situation where the brightest and the best leave you will achieve nothing. If you impose higher taxes on residents and they stay, you achieve something. If you impose taxes on expats there is zero cost and plenty of benefit both from them and the disincentive to leave.Given the current fiscal position a sustained attack on expats must be highly productive. Cancel their pensions, UK medical care,impose universal taxation.

It is absolutely INEVITABLE that expats (actually new expats) will still be subject to UK taxation in the future. Assuming anything else simply assumes a level of stupidity (which might be correct) but it stills assumes a level of stupidity that if it doesnt happen you are a moron.

[elliss]

Sooner they clamp down on the UK's money for nothing benefit system the better, people near where I live haven't worked for over 30 years "suffer from nerves" types etc etc They're just lazy <deleted>****ers that my taxes pay for. Next shoot all the *ankers followed by cutting footballers salaries to no more than £600 a week and anyone else on ridiculous amounts for such ridiculous things (kicking a bag of wind about)

That'll do for starters........

I guarantee Cameron and all other MP's wont suffer at all so cut their salaries IN HALF if they are so worried about this.

and while we are at it .

STOP , the royal purse handouts to those at the top of the food chain.

end the, BLAIR BUSH WARS , that nobody, i have met , in the U.K. supports .

daily , we here of young soldiers killed , in this no win situation.

and last , but by no means least , PRIVATISE as many public/civil services as possible .

ps, stop child benefit. if you cant afford them , dont make them .

el condom

pps . curb immigration , and get out of the EU.

[Abrak]

Sooner they clamp down on the UK's money for nothing benefit system the better, people near where I live haven't worked for over 30 years "suffer from nerves" types etc etc They're just lazy <deleted>****ers that my taxes pay for. Next shoot all the *ankers followed by cutting footballers salaries to no more than £600 a week and anyone else on ridiculous amounts for such ridiculous things (kicking a bag of wind about)

That'll do for starters........

I guarantee Cameron and all other MP's wont suffer at all so cut their salaries IN HALF if they are so worried about this.

and while we are at it .

STOP , the royal purse handouts to those at the top of the food chain.

end the, BLAIR BUSH WARS , that nobody, i have met , in the U.K. supports .

daily , we here of young soldiers killed , in this no win situation.

and last , but by no means least , PRIVATISE as many public/civil services as possible .

ps, stop child benefit. if you cant afford them , dont make them .

el condom

pps . curb immigration , and get out of the E

Well I think what you say is complete an utter crap but I do believe that you reflect a general consenscus on what people want in Britain.

Obviously I am being incredibly rude with 'complete and utter crap' but for instance, given global demographics I believe that (1) anyone who buys a house for GBP100k will be given a Brit passport or (2) the brightest and the best of immigrants will actually be given a GBP100k house to move to the UK.

Oh and realistically to make numbers add up everyone should be put down at about 70.

And seriously I am not talking just about say Europe. Peak employment numbers in China are 2015.

[kevozman1]

I am in th UK and have not heard of cuts on state pensions.

The main talking points with regards to cuts seem to be about silly

public sector jobs and unemployment benefit. Education facilities

and NHS have also been mentioned quite a bit.

Enjoy yourself in your retirements guys I am 26 so not thinking about

it for myself. Do not think these cuts will effect you. The low pound

looks like it might be here for a while though but sure with a few

cuts on your own purse things will work out.

As my neighbour used to say; Everythin crisp mon

[Spee]

So what do people think?

Screwing people out of their hard-earned pension is not the solution to the problem. For starters, it's just a pittance compared to the size of the real problem, which is massive government growth and unlimited spending. I would hope Cameron will have more common sense than his recent predecessors.

[MAJIC]

The Doom mongers are out in force as usual,

Those that are retired and living on their state UK Pension,

should not worry about having their Pensions cancelled,

You have worked and earned it all your working life,

it will never happen in a million years.

Relax! its just a wind up.

[cardholder]

As my neighbour used to say; Everythin crisp mon

Strange neighbourhood.

I would seriously consider moving.

[yeesipha]

Lets just hope that the rich dont get richer,and the poor dont get poorer under the con/dem,beavis and butthead,government .

Edited June 9, 2010 by yeesipha

[mahtin]

Did you mean: condemn

[yeesipha]

Did you mean: condemn

No. .

[mommysboy]

The Doom mongers are out in force as usual,

Those that are retired and living on their state UK Pension,

should not worry about having their Pensions cancelled,

You have worked and earned it all your working life,

it will never happen in a million years.

Relax! its just a wind up.

I don't think anyone is seriously suggesting state pensions will be cut, but don't go looking for any rises for a few years or so, and I woudn't be so quick as to rule out any effect on expats, eg, no tax emption, and more rigorously enforced NHS rules.

That they earned it is one matter, that it's already all been spent is another.

The doom mongers! by that do you mean all prople that aren't ridiculously optimistic?

[Lancelot]

If I had to make a guess, I'd say many governments will tighten their belts a little. On the other hand, pensiona, disability payments are "big business" for government agencies and I doubt they will close up shop any time soon

Sometimes I see guys in Thailand that are too young to retire and they don't apear to have any employment. Collecting disability payments on the sly? Naa, just good, decent, hard working, self made millionaires who retired early

Edited June 9, 2010 by Lancelot

[hansum]

The Doom mongers are out in force as usual,

Those that are retired and living on their state UK Pension,

should not worry about having their Pensions cancelled,

You have worked and earned it all your working life,

it will never happen in a million years.

Relax! its just a wind up.

I don't think anyone is seriously suggesting state pensions will be cut, but don't go looking for any rises for a few years or so, and I woudn't be so quick as to rule out any effect on expats, eg, no tax emption, and more rigorously enforced NHS rules.

That they earned it is one matter, that it's already all been spent is another.

The doom mongers! by that do you mean all prople that aren't ridiculously optimistic?

The Torys have already stated that pensions will be linked to wage inflation as opposed to price inflation thus making it a better deal for pensioners in the long term, but the age for getting a pension is going to rise. (though its not looking like a good deal right now)

Its the pensions of public sector workers thatll be getting hit, and rightly so, retiring at 50 and living off the private sector for 30 years on average is a unaffordable non too funny joke.

No doubt theyll strike like the deluded trolly dolleysof BA who are the highest paid and get the best privelleges of any airline worker.

PS See the miners union have been paying 300k rent for Scargill London flat (2nd residence) the hypocrisy of the unions and their leaders is astounding.

Edited June 9, 2010 by hansum

[mommysboy]

The Doom mongers are out in force as usual,

Those that are retired and living on their state UK Pension,

should not worry about having their Pensions cancelled,

You have worked and earned it all your working life,

it will never happen in a million years.

Relax! its just a wind up.

I don't think anyone is seriously suggesting state pensions will be cut, but don't go looking for any rises for a few years or so, and I woudn't be so quick as to rule out any effect on expats, eg, no tax emption, and more rigorously enforced NHS rules.

That they earned it is one matter, that it's already all been spent is another.

The doom mongers! by that do you mean all prople that aren't ridiculously optimistic?

The Torys have already stated that pensions will be linked to wage inflation as opposed to price inflation thus making it a better deal for pensioners in the long term, but the age for getting a pension is going to rise. (though its not looking like a good deal right now)

Its the pensions of public sector workers thatll be getting hit, and rightly so, retiring at 50 and living off the private sector for 30 years on average is a unaffordable non too funny joke.

No doubt theyll strike like the deluded trolly dolleysof BA who are the highest paid and get the best privelleges of any airline worker.

PS See the miners union have been paying 300k rent for Scargill London flat (2nd residence) the hypocrisy of the unions and their leaders is astounding.

And no doubt you are a wonderful net contributor who deserves to escape any cuts. The problem is not many of us truly pay our way and we've all been living well beyond means.

But I certainly agree about public sector pensions. The point is we've all been hit badly why not them too! This is going to effect everybody.

[hansum]

For those saying they will go for expats and their tax exemption ... i cant see this as this would mean the Tories going after those that fund their existance, us proles just fall into this category by default.

If this were to happen id quit working, get a bad back, get diagnosed with depresion, knock out a few kids with a young lady then kick her out leaving the kids with me and live off the state for years to come .... Im willing to bet the people that live like this will continue playing the system in the way they have for the last 30 odd years... it'll be the genuine unemployed/sick thatll get hit.

[hansum]

The Doom mongers are out in force as usual,

Those that are retired and living on their state UK Pension,

should not worry about having their Pensions cancelled,

You have worked and earned it all your working life,

it will never happen in a million years.

Relax! its just a wind up.

I don't think anyone is seriously suggesting state pensions will be cut, but don't go looking for any rises for a few years or so, and I woudn't be so quick as to rule out any effect on expats, eg, no tax emption, and more rigorously enforced NHS rules.

That they earned it is one matter, that it's already all been spent is another.

The doom mongers! by that do you mean all prople that aren't ridiculously optimistic?

The Torys have already stated that pensions will be linked to wage inflation as opposed to price inflation thus making it a better deal for pensioners in the long term, but the age for getting a pension is going to rise. (though its not looking like a good deal right now)

Its the pensions of public sector workers thatll be getting hit, and rightly so, retiring at 50 and living off the private sector for 30 years on average is a unaffordable non too funny joke.

No doubt theyll strike like the deluded trolly dolleysof BA who are the highest paid and get the best privelleges of any airline worker.

PS See the miners union have been paying 300k rent for Scargill London flat (2nd residence) the hypocrisy of the unions and their leaders is astounding.

And no doubt you are a wonderful net contributor who deserves to escape any cuts. The problem is not many of us truly pay our way and we've all been living well beyond means.

But I certainly agree about public sector pensions. The point is we've all been hit badly why not them too! This is going to effect everybody.

Ive been a saver for many years so no ive not been living beyond my means .... ive been saving waiting for the property market to fall so i can get a simple place to live nothing more, i bided my time, then the filthy pigs in govt changed the rules of the game by dropping interest rates to an unsustainable 0.5%, and bailing out failed banks in a lovely socialism for the rich kind of way .... thus meaning i am now bailing out those who have been living beyond their means and have priced me out the property market.

Im now officially a tax exile and am setting up a company meaning in the Caribbean meaning i will never pay 1 penny of tax or NI to the corrupt regime in place in the UK.

Ironically its relatively young people like me that make very good money, arent on the scrounge and are looking to bring up families and buy a house to live in that the UK needs, unfortunatley they decided to replace me with East Europeans willing to work for less then i always got paid. a wage that is no where near enough to afford a wife/kids/house etc .... the things that my fathers generation took for granted.

Edited June 9, 2010 by hansum