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The Government has invested £3,500 of my money as a taxpayer as part of their £110bn rescue package for the Northern Rock. Whilst the popular press are rushing to print their articles on the potential risks of this being a bad deal for taxpayers I have to disagree.
Richard Branson and his Virgin group aren’t stupid, they saw possible returns of upto 75% if they could have bought the bank, and whilst the Government don’t have a good track record of running businesses if they can avert a recession and offload the bank to somebody else in the next couple of years they could make a tidy profit. The question then is whether us taxpayers would see any potential return on the risk being taken. (more…)
I needed to buy a new shirt today and resisting the shrine to consumerism that is our local shopping centre I instead chose to shop online where I could shop from the comfort of my home and focus solely on purchasing what I need, rather than being sold what I don’t need.
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It is reported that people in the US will spend more than $17 billion on Valentine’s this year, with men spending on average $160 (approx £80 each) and women spending half that amount. In the UK we are a little bit more frugal with Alliance & Leicester predicting that we will spend on average £35 each this year celebrating Valentine’s day.
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With £95m up for grabs in the EuroMillions lottery I had to have a go, no matter how long the odds of winning are (well to be precise the odds of winning the jackpot are 76,275,360 to one!).
So did I win… uh, no. (more…)
… well according to the Bank of England and the Fed it’s to cut interest rates to keep people spending and borrowing. Whether this policy will work in the short to medium term is debatable, but in the long-term people will have to cut back their levels of borrowing as its simply not sustainable.
The rate cuts are bad news for savers as interest income will be cut and with inflation continuing to rise, as a result of higher food and energy prices, savers will be feeling a lot worse off this year.
