The Cost Of Living Crisis

[Wings of a Sparrow 1,449]

Been touched on before...eating out.

Where not so long ago a modest meal out in a decent pub or lower end restaurant, a burger and chips would come in at £10 - £12, you're now looking at £16 and upwards. Likewise fish and chips, now usually North of £18. 

It's too much isn't it?

[king canary 7,681]

21 minutes ago, Wings of a Sparrow said:

Been touched on before...eating out.

Where not so long ago a modest meal out in a decent pub or lower end restaurant, a burger and chips would come in at £10 - £12, you're now looking at £16 and upwards. Likewise fish and chips, now usually North of £18. 

It's too much isn't it?

Yeah I've noticed standard chain places have shot up. It used to be you could go to Zizzi. Nando's or similar you could expect to get a main course and a drink for under £15, now even a pizza or a chicken burger with sides is setting you back at least £20 with a drink. 

Very difficult to find somewhere to eat out for £10-12 these days.

[Rock The Boat 1,332]

On 04/07/2023 at 09:07, KiwiScot said:

Current/Savings accounts interest. Decided to have a look and some rates have gone up so you find a decent rate, but across the board no. However what is still around are those accounts with say 5% up to £2,500 then nothing afterwards essentially giving you nothing for any money you might have.

You can get up to 6% in fixed rate savings account 

[Canary Wundaboy 1,360]

Price of takeaways etc has increased considerably, had to pull way back on going out etc.

[Creative Midfielder 2,003]

21 hours ago, Rock The Boat said:

You can get up to 6% in fixed rate savings account 

Which is still no good when inflation is running at 6.7%

[Daz Sparks 1,198]

Inflation has dropped to 4.6% this month. A small piece of good news. 

I'm by no means warmly congratulating Sunak for meeting his own target of halving Inflation this year, but I am acknowledging that the target has been met. 

[Wings of a Sparrow 1,449]

I normally don't bother with this sort of thing, but I recently changed my current account over to Nationwide who are offering a £200 switching fee (subject to T&Cs).

My mate made £800 in one year. Can't be bad, and they do everything for you. (I write this in the middle of the switch).

[DraytonBoy 165]

The word 'crisis' means a time of intense difficulty or danger, are things really that economically bad for the majority of people in the country or is this just more media hype?

[keelansgrandad 6,679]

13 minutes ago, DraytonBoy said:

The word 'crisis' means a time of intense difficulty or danger, are things really that economically bad for the majority of people in the country or is this just more media hype?

The UK has one of the top 7 economies in the world. We should be continuing to grow. We no longer manufacture as much as we used to so have to rely on other things to maintain our status. Invisible earnings.

These earnings are considerable and if it was manufacturing, the benefits to all would noticed. However the way that wealth is accrued in the UK means that those nearer the bottom of the iceberg feel the benefits last. Of course, when the money boys panic, they are reluctant to give up their own status and use ways to make sure that those hoping to move up from the bottom of the icegerg remain firmly where they are.

The tought that we have food banks in our nation sends a shiver down my spine.

[TheGunnShow 6,029]

19 minutes ago, DraytonBoy said:

The word 'crisis' means a time of intense difficulty or danger, are things really that economically bad for the majority of people in the country or is this just more media hype?

For those at the lower end, it's bloody hard work. Think of it as a litany of paper cuts. Higher interest rates on mortgages. Higher petrol costs. Higher food prices. Wages not keeping pace with inflation for a prolonged period of time. Throw in debt levels as well, and mix together.

[Well b back 3,285]

So here’s an interesting stat that I just heard.

Energy costs have reduced by 30% in the last 12 months, hence a big fall in the inflation figure. However despite falling by 30% they are still today 60% more expensive than they were 2 1/2 years ago.

[Rock The Boat 1,332]

On 21/10/2023 at 08:24, Creative Midfielder said:

Which is still no good when inflation is running at 6.7%

Tell me when bank savings accounts ever paid more than the rate of inflation?

[keelansgrandad 6,679]

2 hours ago, Rock The Boat said:

Tell me when bank savings accounts ever paid more than the rate of inflation?

Apparently it could happen with deflation.

[KiwiScot 1,489]

Email Ofgem about standing charges. I put in a bit about less complicated bills and getting rid of higher charges for Non-DD bills

https://www.bbc.co.uk/news/business-67431758

[littleyellowbirdie 2,605]

On 15/11/2023 at 09:34, Wings of a Sparrow said:

I normally don't bother with this sort of thing, but I recently changed my current account over to Nationwide who are offering a £200 switching fee (subject to T&Cs).

My mate made £800 in one year. Can't be bad, and they do everything for you. (I write this in the middle of the switch).

Never understood why building societies aren't more popular than banks. It always struck me as a no-brainer that money deposited should constitute a stake in the bank. To then use money to create a dividend for shareholders who get to vote at the expense of interest on accounts of people who have no say in the running of the bank is bonkers.

[hogesar 9,776]

On 15/11/2023 at 17:49, DraytonBoy said:

The word 'crisis' means a time of intense difficulty or danger, are things really that economically bad for the majority of people in the country or is this just more media hype?

It's interesting.

I'm 30 (ish) married with no kids and we both work full-time in decent jobs so are fortunately positioned. However, despite all the talks of a crisis it's incredibly hard to get a table at  a lot of restaurants, expensive or not-so, places are fully booked, lots of people out on Friday / Saturday nights etc. 

I see a downturn in lots of industries due to what my job entails so I can confidently say there's less money being spent in a lot of trades and industries. But it feels like meals out, drinks out etc, despite price hikes, is as busy and popular as ever.

[Canary Wundaboy 1,360]

My wife found out last week that her company is effectively being mothballed and a bunch of people were being let go, her included. She was 2 weeks away from going on maternity leave, no discrimination involved however as everyone in the European operation was being let go.

While they've promised to sort her out financially it's been a kick in the teeth as she now has to worry about finding work after 6-9 months and until then has the worry about whether we can afford our household outgoings on my single salary. Wouldn't have been an issue but thanks to the exorbitant cost of childcare in addition to the Truss budget's effect on interest rates things are going to be a lot closer than comfortable for the foreseeable.

[king canary 7,681]

56 minutes ago, hogesar said:

It's interesting.

I'm 30 (ish) married with no kids and we both work full-time in decent jobs so are fortunately positioned. However, despite all the talks of a crisis it's incredibly hard to get a table at  a lot of restaurants, expensive or not-so, places are fully booked, lots of people out on Friday / Saturday nights etc. 

I see a downturn in lots of industries due to what my job entails so I can confidently say there's less money being spent in a lot of trades and industries. But it feels like meals out, drinks out etc, despite price hikes, is as busy and popular as ever.

Data suggests otherwise- Barclaycard said spending on restaurants continues to go down.

Certainly where I live it is notable that trade has completely dropped off on some nights- basically nobody is going out for food on a Tuesday or Wednesday and while these weren't days where you'd expect to be fully booked, you're now lucky to get 3 or 4 tables.

Some places have taken to shutting Monday and Tuesday nights as the cost of opening the place (staff, running costs, ingredients) far outweighs the benefits of being open. 

[king canary 7,681]

29 minutes ago, Canary Wundaboy said:

My wife found out last week that her company is effectively being mothballed and a bunch of people were being let go, her included. She was 2 weeks away from going on maternity leave, no discrimination involved however as everyone in the European operation was being let go.

While they've promised to sort her out financially it's been a kick in the teeth as she now has to worry about finding work after 6-9 months and until then has the worry about whether we can afford our household outgoings on my single salary. Wouldn't have been an issue but thanks to the exorbitant cost of childcare in addition to the Truss budget's effect on interest rates things are going to be a lot closer than comfortable for the foreseeable.

Really sorry to hear that- having a baby is stressful enough as it is without chucking that on top of it. I hope they stand by their word to sort her out financially. 

[king canary 7,681]

16 hours ago, littleyellowbirdie said:

Never understood why building societies aren't more popular than banks. It always struck me as a no-brainer that money deposited should constitute a stake in the bank. To then use money to create a dividend for shareholders who get to vote at the expense of interest on accounts of people who have no say in the running of the bank is bonkers.

My personal experience is that Building Societies were often a bit rubbish on technology and everything had to be done in branch which is hugely inconvenient when they are only open 9-4pm Monday-Friday and I work full time.

This may have changed more recently though.

[king canary 7,681]

On 15/11/2023 at 18:09, TheGunnShow said:

For those at the lower end, it's bloody hard work. Think of it as a litany of paper cuts. Higher interest rates on mortgages. Higher petrol costs. Higher food prices. Wages not keeping pace with inflation for a prolonged period of time. Throw in debt levels as well, and mix together.

I'd add it is all interlinked too- while a 'squeezed middle' might not be in danger of losing their homes they will choose to eat out less, maybe get rid of the cleaner, not get that bit of redecorating done they were planning to do. Those aren't hardships but if that restaurant finds all their customers eat out less, or that cleaner loses 3 or 4 weekly clients or the decorator finds he doesn't have enough work then they'll struggle more and so on and so on. 

So someone like me, he earns good money, finding my disposable income shrinking isn't a disaster but it has knock on effects down the line.

[Daz Sparks 1,198]

30 minutes ago, king canary said:

My personal experience is that Building Societies were often a bit rubbish on technology and everything had to be done in branch which is hugely inconvenient when they are only open 9-4pm Monday-Friday and I work full time.

This may have changed more recently though.

Nationwide are one of the few larger building societies remaining, and as far I can see, are indistinguishable from any other high street bank, offering full Internet, mobile and telephone banking services. I would presume all other decent sized building societies do the same. 

[hogesar 9,776]

29 minutes ago, king canary said:

Data suggests otherwise- Barclaycard said spending on restaurants continues to go down.

Certainly where I live it is notable that trade has completely dropped off on some nights- basically nobody is going out for food on a Tuesday or Wednesday and while these weren't days where you'd expect to be fully booked, you're now lucky to get 3 or 4 tables.

Some places have taken to shutting Monday and Tuesday nights as the cost of opening the place (staff, running costs, ingredients) far outweighs the benefits of being open. 

Cheers, interesting re Barclaycard.

Maybe I've just been 'unlucky' when I've tried to book things, it's been really difficult lately! Which has surprised me, considering the general climate supposedly.

Has anyone else noticed a drop off in Norwich? I can't say I go out tons, maybe out for a meal somewhere once a week, and it's always hard to get in somewhere! Even locally in Wymondham, the Thai, Indian and Pubs are full - admittedly I'm referring to Friday / Sat / Sun

[king canary 7,681]

31 minutes ago, Daz Sparks said:

Nationwide are one of the few larger building societies remaining, and as far I can see, are indistinguishable from any other high street bank, offering full Internet, mobile and telephone banking services. I would presume all other decent sized building societies do the same. 

Yep probably true these days.

I just remember about 10-12 years ago having an old account with Nationwide and another with Barclays- Nationwide was a pain as I always needed a pass book to do anything and it all had to be in branch.

All anecdotal but I wonder if most younger peoples first exposure to Building Societies is some account they were set up with by their parents where your money is difficult to access and have struggled to shake that image off. 

[DraytonBoy 165]

3 minutes ago, hogesar said:

as anyone else noticed a drop off in Norwich?

I've only been back in Norwich a few months but what is noticeable is the reduced opening hours of pubs with some shut Monday and Tuesday, in addition to that the city just doesn't seem as busy considering how close to Christmas we are.

My take on things is that more people at the bottom are struggling, the squeezed middle are cutting back but overall it's not a 'crisis' in the true sense of the word.

[king canary 7,681]

41 minutes ago, DraytonBoy said:

I've only been back in Norwich a few months but what is noticeable is the reduced opening hours of pubs with some shut Monday and Tuesday, in addition to that the city just doesn't seem as busy considering how close to Christmas we are.

My take on things is that more people at the bottom are struggling, the squeezed middle are cutting back but overall it's not a 'crisis' in the true sense of the word.

I think for some it is but your definitions can vary. Certainly some sectors have really struggled. Also I think younger people in high cost places like London are really feeling it was rising mortgage costs are being past on to them via their landlords. I think some people have adjusted and the trickle down effects of what this means aren't always obvious straight away.

I was at a conference this week that featured a presentation by the lead economist for KPMG who said despite falling inflation there is still another 3rd of homeowners who's mortgage deals are yet to expire (myself included) that will happen before any likely significant drop in interest rates. So there is more to come. 

[Midlands Yellow 4,114]

59 minutes ago, hogesar said:

Cheers, interesting re Barclaycard.

Maybe I've just been 'unlucky' when I've tried to book things, it's been really difficult lately! Which has surprised me, considering the general climate supposedly.

Has anyone else noticed a drop off in Norwich? I can't say I go out tons, maybe out for a meal somewhere once a week, and it's always hard to get in somewhere! Even locally in Wymondham, the Thai, Indian and Pubs are full - admittedly I'm referring to Friday / Sat / Sun

Maybe you’re just making stuff up again. 

[hogesar 9,776]

53 minutes ago, DraytonBoy said:

I've only been back in Norwich a few months but what is noticeable is the reduced opening hours of pubs with some shut Monday and Tuesday, in addition to that the city just doesn't seem as busy considering how close to Christmas we are.

My take on things is that more people at the bottom are struggling, the squeezed middle are cutting back but overall it's not a 'crisis' in the true sense of the word.

Fair. Longwater last week couldn't even get a space though! Peak Saturday time, mind.

2 of my clients own restaurants / pubs in Norwich and one of them has literally built it up from what was nothing more than an outside stand over the course of the year and done really well. Then again it's pub-priced food and they also do takeaway. 

Not tried going to the city for xmas shopping yet!

[Midlands Yellow 4,114]

4 minutes ago, hogesar said:

Fair. Longwater last week couldn't even get a space though! Peak Saturday time, mind.

2 of my clients own restaurants / pubs in Norwich and one of them has literally built it up from what was nothing more than an outside stand over the course of the year and done really well. Then again it's pub-priced food and they also do takeaway. 

Not tried going to the city for xmas shopping yet!

Rent boy? 

[hogesar 9,776]

56 minutes ago, king canary said:

I think for some it is but your definitions can vary. Certainly some sectors have really struggled. Also I think younger people in high cost places like London are really feeling it was rising mortgage costs are being past on to them via their landlords. I think some people have adjusted and the trickle down effects of what this means aren't always obvious straight away.

I was at a conference this week that featured a presentation by the lead economist for KPMG who said despite falling inflation there is still another 3rd of homeowners who's mortgage deals are yet to expire (myself included) that will happen before any likely significant drop in interest rates. So there is more to come. 

Yes and that's impacting the rental market in Norwich too, which is usually really slow to catch up.

P.S - I'm not sure why a 50+ year old bloke / woman / whatever from the midlands is so desperately gagging for my attention on any thread I venture onto, but that's the internet for you I guess.