#debt-uk

[faithinlouisfuture]

Louis being an absolute delight on the red carpet (x)

[zee-man-chatter]

A very informative, but not overly cheery report on Britain's finances which have been severely impacted by loans to Ukraine. Starmer's misrepresentation of national debt, and illegal immigration are also covered.

[mariemariemaria]

you have to go to uni otherwise your life will go nowhere why would you go to uni these days the trades are dying we need more people in the trades no no we don't want more women in the trades we need more doctors nurses teachers so you have to get a degree or multiple degrees why are you complaining about debt you chose to do this you have to get at LEAST a masters degree because bachelors are basically useless they're handing degrees out like sweets these days you shouldn't go to uni if you can't afford it you have to get good grades at a level to get anywhere wait you don't want to go to uni? then what the fuck do you expect from life? student loans are fine they're not like other debt the highest student loan debt is £230,000 you'll be repaying it for your whole life there are so many useless degrees they need to get rid of them STEM is the way to go why is art and literature and music so bad these days the top earners at unis are on six figure salaries your student loan interest will go up year on year and btw we are really looking for someone with a higher level of education for this entry level position

[galadriel1010]

Another day, another debt help advert on Tumblr. Don't do it.

If you're in the UK, you can go to StepChange or Money Advice Trust for free debt advice online or over the phone, Citizens Advice Bureau if you have other challenges piling on top of your debt, or Christians Against Poverty if you are comfortable going to them.

Some debt relief options have a fee, many do not. What you need to do is go through your finances and work out your income and expenditure. Track it over the last few months if you can and then do a debt advice session online, over the phone or in-person, depending on your needs. Set yourself aside as much time to do it as you can so you aren't rushed as well as stressed. Do not be afraid to pick up the phone or use the text chat if you need support, the staff are there to help.

Don't leave it to the last minute. Do it now, even if you don't think you need it. People often don't reach out for support until they are in crisis, by which point they have fewer options. The earlier you ask for help, the more you can be helped.

Do a benefits check on Policy on Practice or Turn2Us to make sure you're claiming all benefits you're entitled to, too.

[niamhthefae]

i wish there was a place i could get vampire fangs when it's not october. what if i want to be a spooky little dude in april? or december? HUH?

[chronicallyuniconic]

📢🗣️ In case anyone doesn't know, in the UK, warm home discount has changed & you have to ring 0800 107 8004 to apply for the £150 discount, instead of going via your supplier 📢🗣️

You will need your electricity account information available & you only have until the 28th February 2023.

Lines open 8am to 6pm.

✨Share to your low income friends & family so they can stay warm for the rest of the winter without having to worry about debt. We can do this together✨

[tearfest]

sorry to log on n rant but i need to rant

[strangelandofbritain]

What a country.

Britain punishes homeless people for being in debt.

A "Kafka-esque nightmare", as this article says.

#whatiswrongwithBritain?

[eaglesnick]

“Leverage is the reason some people become rich and others do not become rich” - Robert T Kiyosaki

The privatised water companies have been demanding price rises of between 24% and 91% over the next five years according to the Consumer Council for Water. The mainly foreign owned "English" water companies want to invest £96bn in water and sewage restructuring between now and 2030. New reservoirs, the first for over 30 years, will be built, leaks will be reduced and less sewage will be pumped into our waterways and seas.

Amen to that! But wait…

“English water firms have handed £57 billion to shareholders in the 30 years after privatisation.” (The London Economic: 28/10/21)

We, the consumer, having generously contributed to foreign share dividends for three decades to the tune of £2 billion per year, are now expected to part with even more money to pay for 30 years of private water company neglect. Meanwhile, the CEO’s of these private companies gave themselves a 20% pay rise for the year 2021-22, pocketing £24.8 million.

None of these facts are particularly new but what really irked me yesterday morning was an interview on BBC’s “Today" programme with David Henderson, CEO of Water UK, the organisation that represents all of the privately owned water companies.

Stressing the country’s need for “economic growth", Henderson said this would not be possible unless the water companies were allowed to drastically raise the price of water to cover the cost of investment needed to upgrade our water infrastructure. Talking of the need to increase water supply he stated:

“We have not built a reservoir in 30 years, even though our population has risen by 20% in that time. And that’s because we have been blocked by regulators and by planning officials around the country.”

The cheek!

According to New Civil Engineer magazine (01/09/22)

“There is a seemingly direct link between the 1989 privatisation of water companies in the UK and the ceasing of new reservoirs being built. While there have been a number of flood alleviation reservoirs built by the Environment Agency in this time, the water companies have not invested in potable drinking reservoirs.”

While I have no doubt that some applications for new reservoirs have been refused by planning authorities the main reason for inadequate reservoir capacity is the reluctance of the privately owned water companies to spend money on investment. Despite what David Henderson said on the Today programme this is a headline from the Express:

“Water firms ‘sold off reservoirs that could have eased drought' - Profit ahead of supply" (10/08.22)

In defending the private water companies Henderson was merely doing his job - after all that is what he is paid to do - but unfortunately their behaviour is indefensible. The reason that our waterway infrastructure is near collapse is not because investment plans have been blocked by “regulators and planning officials" but because of greed.

When Margaret Thatcher privatised the previously publicly owned water companies she sold this national asset for a grand total of £7.6bn. In addition she gave the newly created privately owned water companies a “green dowry" of £1.5bn. At time of purchase the water companies were totally debt free.

Fast-forward and what do we find?

“Water firms’ debts since privatisation hit £54bn as Ofwat refuses to impose limits.” Guardian: 01/12.22)

The water companies have spent the last few decades borrowing money, not to improve the water supply and sewage disposal infrastructure, but to pay dividends to shareholders. According to Ofwat’s own figures the water companies have been running ratios of debt to capital value as high as 80%. Water company share holders (70% owned by foreign investors) have received £65.9bn in dividends and it is calculated that 20% of household water bills go towards paying for the debt that rewards these shareholders.

Rachel Reeves much heralded national wealth fund is supposed to be a central plank of the Labour governments “Green Prosperity Plan” but Labour’s earlier promise to nationalise the dysfunctional private water companies has now been abandoned.

David Henderson has issued what in effect is a blackmail ultimatum to the new Labour Government that without massive price rises in consumer water bills, the Labour Party can kiss their dreams of economic growth goodbye.

Today Ofwat, the water regulator, sanctioned an average increase in water bills of 21%, some companies charging as much as 44% more over a five year period. This is a third less than what the water companies demanded, but even a 21% rise over five years is an increase of 4% a year, twice the inflation rate target of the Bank of England.

An interesting case study will be that of Thames Water which has dire financial problems due to building up a debt of £14bn (while still paying out tens of millions in dividends to its shareholders). It remains to be seen if Thames Water will be allowed to go bust or whether the new Labour Government will step in and bail it out but maybe this headline gives us a clue:

“Labour abstain on bid to criminalize water companies for sewage pollution” (Canary: 17/05/24)

[ausetkmt]

oooooooo UK & Scotland, wtf y'all doin with 2024 SLAVERY?

[fake-married-my-dead-fiance]

Jang Uk: How DARE you make me go to school without my favourite servant that I bought like six weeks ago.

Mu deok: How DARE you make my master survive without me for a couple weeks!

[gold-finch]

romanticising old university cities seems so silly to me. you're not that special for studying in an old building

[axe8472]

nothing radicalises a UK university student like reading about the history of tuition + maintenance grants/loans

[junk-culture]

student loan debt is a bit scary actually. why didn't i know this before i went to university <- i literally knew this

[daily-linkclick]

Regarding your tags about the overseas trip... Maybe Qiao Ling's father has landlord money and offered to pay for Lu Guang and Cheng Xiaoshi's trip abroad... but it got added onto the debt they needed to pay later?? Just throwing out theories at this point

yeah most likely! the thing that bothers me most is how lu guang got that same good grace when he never grew up alongside qiao ling - which makes me believe he had his own money until after college. unless qiao ling's father was insanely kind, i just find it hard to believe that he'd pay for more than one kid when he's already paying for two

[eaglesnick]

“Things come apart so easily when they have been held together with lies." -  Dorothy Allison

“Five ways to fix the £40bn hole in UK’s public finances.” (FT: 18/10/22)

“Fast-rising borrowing costs putting UK public finances at greater risk, warns OBR.” (Guardian: 13/07/23)

“Britain’s debt timebomb is about to explode – and politicians are too timid to defuse it.” (The Telegraph: 09/12/23)

“The Institute for Fiscal Studies (IFS) suggested some government departments could see cuts of between £10bn and £20bn – something Labour was reluctant to engage with during the election campaign." (BBC News: 27/07/24)

Given that the above news outlets – along with many others – have been telling us about the hole in UK public sector finances for at least  2 years why does it seem to have come as a great shock to Rachel Reeves?

“Chancellor Rachel Reeves said there was a £22 billion black hole in the public finances as she accused the Tories of covering up the scale of the problems.” (Northwich & Winsford Guardian: 29/07/24)

Either Rachel Reeves does not read official financial reports (in which case why is she Chancellor of the Exchequer) - or she is simply lying. I suspect the latter. This is what fullfact.org had to say:

“The IFS says many of the challenges Labour outlined this week were “entirely predictable”, and during the election campaign the think tank said that a new government would likely see a shortfall of £10-£20 billion by 2028/29.” (30/07/24)

How disappointing that Starmer’s Labour Government has the same relationship with the truth as the Tories - utter distain!