Will the Government & Financial Institutions Deliver?

Shoot

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The government is promising much in these challenging times, but will they deliver? Will banks offer repayment holidays on loans etc......
Regardless of promises I can see inside a month there will be horror stories about how folks are struggling while the government and financial institutions try to sort themselves out and work out how they are to implement things etc.....
The self employed who suddenly find themselves with no work or income will likely find themselves last priority over payroll employee's who seemingly will be bailed out to the tune of 80% of there usual income. As far as I am aware there has been no such clarity on how the self employed will be assisted.
Make no mistake, there will be tough times ahead for many.
 

IDFD

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I think it all depends on time. How long are we like this. 6 weeks, 3 months a year? We’re in unprecedented territory and there is nothing to bookmark this government against and if it’s been a success. I’m a staunch labour voter and never expected the conservatives to come through with the promises they made on Friday. They’ve made a real stand with the people here.

I actually find myself in an intriguing situation. I’m not permanent staff where I am. The whole time site is still going they’ll be fine but usually once that stops contract staff are the first out the door. However on the other hand before this started we were in talks about going permanent and 8 months in to their most prestigious project once I’ve developed a relationship with the client isn’t the best time to be making personnel changes. So interesting to see where all this heads.

I think if this is still happening towards the end of June then there’s going to be major issues across the country. The financial implications of what the government have promised just aren’t feasible any longer term than that.
 

Mr C

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I have no faith in the UK government, QT the other night they said were sending out the pp to NHS staff, still none in the hospitals. He just seems to be bumbling, closes pubs on Friday and they are all still open, people mixing in parks etc. He should have locked down last week. I really fear for you guys, think it will be worse than Italy there. He's not done enough quick enough.

So whatever they have said, I don't think they'll follow it through.
 

Shoot

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I think it all depends on time. How long are we like this. 6 weeks, 3 months a year? We’re in unprecedented territory and there is nothing to bookmark this government against and if it’s been a success. I’m a staunch labour voter and never expected the conservatives to come through with the promises they made on Friday. They’ve made a real stand with the people here.

I actually find myself in an intriguing situation. I’m not permanent staff where I am. The whole time site is still going they’ll be fine but usually once that stops contract staff are the first out the door. However on the other hand before this started we were in talks about going permanent and 8 months in to their most prestigious project once I’ve developed a relationship with the client isn’t the best time to be making personnel changes. So interesting to see where all this heads.

I think if this is still happening towards the end of June then there’s going to be major issues across the country. The financial implications of what the government have promised just aren’t feasible any longer term than that.
Must be tough being a staunch Labour voter in this day and age!
Can I presume you were in discussion about going permanent due to IR35 Legislation?
If you ask me there is only one place this is heading. Businesses folding, mass redundancy's and bankruptcy's galore.
 

jsp

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We really don't know what will happen the government has to follow through on what it says but how long can it really continue to do what it's said it will do if it's going to take a year to get a vaccine (assuming there is one)? What sort of rainy day fund have they dipped into to find all this money?

I mean the big thing for a lot of people will be the realisation that once we are through this funds will need to be paid back once we are back at work the government will need to carry on pumping money in to add stimulus to the economy as businesses will not be taking risks.
 

Shoot

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If you ask me what is currently happening will not override bureaucracy. There will be chaos while the try to work out how to properly administer what they promise, while they try to work out who the most needy is, where best to put these funds. And then........ they will announce they need to reduce things to basic needs only.
 

Shoot

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The self employed who suddenly find themselves with no work or income will likely find themselves last priority over payroll employee's who seemingly will be bailed out to the tune of 80% of there usual income. As far as I am aware there has been no such clarity on how the self employed will be assisted.
Martin Lewis presently on This Morning fighting the case for the self employed
 

Shoot

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Anyone know how I can add a screenshot I have saved on my desktop?
 

IDFD

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Must be tough being a staunch Labour voter in this day and age!
Can I presume you were in discussion about going permanent due to IR35 Legislation?
If you ask me there is only one place this is heading. Businesses folding, mass redundancy's and bankruptcy's galore.
Especially when you also can't stand Corbyn and think he's holding the party back!

The discussions were bought up by me simply because I could see a while back where this was all heading and as much as I didn't think it would be this extreme didn't want to take any risk but that was back in the middle of January!

Both the company I work for and the company we're on site for (AELTC) have a solid financial positions so thankfully on that situation i'll be okay but I agree with you there are going to be tens of thousands of job losses and businesses lost. My friend works for the group who own Frankie & Benny's and Wagamama's as one of their head accountants and before Friday's announcement was told to let 8,000 people go.
 

jsp

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I think a lot of companies were on the verge of job cuts before all this stuff started happening things have been tough across many industries for a long time especially retail and automotive. I read Topshop have basically told all staff they're going home unpaid not sure if that was fake news or not.

Some might hide behind the recent events to carry on with these plans.

I know as a business we were expecting our turnover to drop significantly next year before all this stuff happened due to market conditions which meant jobs would be lost.

Friday's big announcement might have given a lot of people a false sense of security of their futures the main thing any business needs now is cash if you've got cash in the bank that's massive over the next few months if you don't it's going to be very tough and this is where government will have to help businesses stay afloat.
 

Sideshow Bob

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From BBC:

Rishi Sunak says self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the government.

He says this will be calculated using average monthly profits over last three financial years.

He says support will be capped at £2,500 per month, and will initially last three months.
 

Shoot

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I’m a staunch labour voter and never expected the conservatives to come through with the promises they made on Friday. They’ve made a real stand with the people here.
So, Imagine Labour had won the election......
Jeremy Corbin would now be self isolating and we would be getting lectured on the telly by Diane Abbott
 

IDFD

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As I said elsewhere on this thread I couldn't stand the two of them. I'm a fan of the Labour party beliefs and the idea that the poor shouldn't be disregarded. Look at what the conservatives did to the north and you'll see why it's impossible to have any respect for the party.
 

Shoot

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I used to agree but the world is a very different place to the Thatcher days. It's not like that anymore and neither are Labour since Tony Blair's New Labour.
I am reasonably happy with the Conservatives in recent years but that is not to say I am fooled. Regardless of what anyone thinks of the SNP for instance, they certainly keep the Conservatives on their toes.
Labour are a spent force and will be for sometime to come.
 

IDFD

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I’d agree that labour are a spent force at the moment with poor leadership. But let’s not kid ourselves that the Conservatives have done anything great in the last 10 years. Their entire political mantra at the moment is ‘at least we aren’t labour’

How many different leaders in the last decade? The party is also a joke that lacks direction unfortunately those that are old and rich lack compassion for the young and poor so they don’t get called to task over their misgivings to these groups. Personally I’ve got money, I live in a nice area and it doesn’t effect me but it just doesn’t sit right with me to ignore the problems in society.
 

jsp

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Tories spent a decade slashing spending on public services and blaming everything that has gone wrong on the Labour Party claiming they trashed the economy when it was actually a worldwide financial crisis that screwed the economy.

They’ve been a mess since Cameron jacked bumbling from one leader to the next.

They’re the leadership we’ve got and the Labour Party right now is a joke but if they pick the right person in the next leadership race they could easily recover quickly when the dust settles on this current crisis people will want a lot more public protection.
 

O-Dog

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The hostile environment at the DW&P and Home Office, the whole scivers v strivers divide that the gov and press engineered, the treatment of disabled claiments, Windrush, cuts to the NHS and social care, the flagrant use of fake news and false advertising. How anyone can be happy with the last ten years of Tory rule is beyond me.
 

Shoot

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The hostile environment at the DW&P and Home Office, the whole scivers v strivers divide that the gov and press engineered, the treatment of disabled claiments, Windrush, cuts to the NHS and social care, the flagrant use of fake news and false advertising. How anyone can be happy with the last ten years of Tory rule is beyond me.
Don't particularly disagree with any of this but I do believe the last ten years would have been a tough gig for any Government. My words were reasonably happy and based on the requirement for economic recovery (now totally destroyed), keeping the UK together while others tried to fragment it and the Brexit scenario.
I am a Scot who lives in England, I am not a Scottish Nationalist and want a strong united UK. I also want Brexit. So you could say it's all going my way, why would I not be reasonably happy.
 

IDFD

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Because as a nation we shouldn’t be happy with just our own individual situations we should care for others and their situations too.

We have a ridiculously high rate of homeless people. We know about this but turn a blind eye.
We slashed police funding and have a serious problem with knife crime in the poorer parts of urban cities.
Our NHS is understaffed and underfunded.
The country is as divided as it’s ever been that I can remember. What is there about that to be happy with?

The gap between the rich and poor just keeps widening and one of the big problems which still isnt looked at is the lack of social housing and landlords renting out 3,4,5 plus properties at a rate which covers their mortgage allowing the poor to line their pockets
 

Shoot

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Because as a nation we shouldn’t be happy with just our own individual situations we should care for others and their situations too.

We have a ridiculously high rate of homeless people. We know about this but turn a blind eye.
We slashed police funding and have a serious problem with knife crime in the poorer parts of urban cities.
Our NHS is understaffed and underfunded.
The country is as divided as it’s ever been that I can remember. What is there about that to be happy with?

The gap between the rich and poor just keeps widening and one of the big problems which still isnt looked at is the lack of social housing and landlords renting out 3,4,5 plus properties at a rate which covers their mortgage allowing the poor to line their pockets
Yes, all of these social problems do unfortunately exist and need addressing. However, you believe it wouldn't exist under Labour or any other government?
 

IDFD

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As I said previously not being labour doesn’t make them a good government and the fact that that’s the only argument highlights just how poor the conservatives have been over the last 10 years. They’re just a monster PR machine.

I also believe labour would have made some effort to turn the tide on the above things mentioned and not just turn a blind eye.
 

Shoot

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It looks like the financial institutions are playing fair game
In case anyone isn't aware, all the banks now have online payment referral forms where you can apply for payments to be suspended for a period of 3 months on mortgages, loans and credit card payments.
All you have to do is log in online and read their coronavirus help pages and it will direct you to these forms via links.
I discovered these forms were available on Wednesday and applied for 2 payment referrals. Both were approved this morning by text message.
Get cracking!! we don't know how long this is going to last.
 

jsp

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The chancellor let it slip yesterday this money will have to be paid back at some point.

Let’s see how they do it
Further austerity measures
Raise taxes
Reform of the tax system

We all know which system this lot will vote for
 

IDFD

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Oh our kids and their kids will be paying for this long after we’ve retired. This long term hit of this will impact us for years to come.
 

Shoot

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I would be interested to know how anybody could think there will not be a cost to all of us for a long time after this regardless of who is in Government.
 

IDFD

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I don’t think anyone mentioned there wouldn’t be if another government was in charge? Just that we know the ways the conservatives will go after people.
 

jsp

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We al know we’ve got to pay it back but we also know for decades those with money have taken advantage of crazy loopholes to limit what they pay if ever there was a time to remove these loopholes it is now.

The world economy is going to be a very different place after this.
 

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