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Like millions of others I enjoy my daily cup of tea at work, in fact I enjoy it so much I have one in the morning and another in the afternoon. Last week I could get a cup of tea for 30p from our staff canteen, however this week the dreaded inflationary price increases come into force adding an extra penny onto every cup of tea.
During the 228 days per year I spend at work, I drink my way through 456 cups of tea, so now thanks to inflation I am now £4.56 per year worse off. So forget your RPI and CPI measures of inflation, the true rate of inflation is 3.3% based on my cup of tea!
It seems unthinkable but that is exactly what it happening at the moment. In recent times banks have made huge profits by lending irresponsibly to homeowners that had little chance of surviving an economic downturn. Now that we stand on the verge of that economic downturn the banks are asking the government to guarantee the very loans they lent irresponsibly to make themselves billions of pounds in profits.
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When Mick Jagger receives his first state pension payment this month he will be joining 12 million other pensioners as the state pension celebrates its 100th birthday this month.
It’s come a long way in 100 years as the most you could receive back then was 25p, the equivalent of just under £20 now. Today a full pension is worth £90.70 but despite being worth four times more than back in 1908 it wont fund a lavish lifestyle.
Assuming I was to retire today and save every one of my pension payments towards my goal of becoming a millionaire it would take over 119 years to become a millionaire (that is of course assuming the government continued increasing the state pension in line with inflation).
Although life expectancy continues to rise the average pensioner only enjoys 24 years of retirement on a state pension, so it looks like I had better delay my plans for early retirement if I ever want to become a millionaire!
The BBC News have a feature this morning about a market stall holder in Derby that is offering customers the chance to purchase a £5 note for just £4. You would be hard pressed to find anywhere else today where you could get a 25% return on your investment within a matter of seconds, but despite this most people reject his offer as they believe it’s too good to be true.
This reminds me of my own reaction when I received an email from the eBay research department offering me £5 simply for taking part in an online survey. I was pleasantly surprised when I received my money as I am sure many others were, but I wonder how many people turned this offer down because they were thinking it was a scam.
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According to the Centre for Economics and Business Research the current economic downturn will result in 15,000 estate agents losing their jobs over the next two years. While this may not be good news for those individuals, I believe this is great news for consumers as estate agents are now both unnecessary and costly as far as I am concerned.
Yes they may have been useful in the pre-web era by aggregating information on which houses were available to buy for potential homebuyers and further adding value by explaining the process to both parties but their position as intermediary was costly for both the buyer and seller.
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