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Do not underestimate the extent to which the "free money" liberated by the ongoing PPI claims culture has been propping up consumer spending on cars and other big ticket items. The August the 29th deadline may be good news for LLOY on an individual share basis, but may also pull the rug from under consumer confidence and thus put a large dent in the wider economy.
Consumer spending is around £340 billions per quarter
https://tradingeconomics.com/united-kingdom/consumer-spending
PPI around £340 millions per month
https://www.fca.org.uk/data/monthly-ppi-refunds-and-compensation
Gives some context to it's importance within the TOTAL consumer spending.
Marginal imo
ATB
Why change a god thing PokerChips.
France has what I would like to see in the UK. A maximum 35 hour working week. There is not enough work - fairest way is to share it around by limiting the hours.
France has a good lifestyle: good food, good wine, plenty of holidays, good patisseries. There pilots are the highest paid in Europe because as soon as EasyJet tried to being their pay inline with the rest of Europe they went on strike (an EasyJet employee told me this firsthand).
I'm not saying the French are fair. I'm just saying what they do works - it's in their own self-interest so to speak. Why should they accept lower wages when almost every time their employees go on strike the company involved decides not to implement the proposed new policies and pay.
Of course these are sweeping generalisations - but that's the best that any one person can do when the economy comprises tens of millions of people.
However, I would like to see the UK become more like France. Support the workers. Everyone is in it together. Everyone is going to become better-off together. I hope the next UK government takes this attitude as the current government tries to pit some people in society against other groups in society. One day those groups will wake up, unite, and turn on the people who thought they could profit by causing harm to others. The way to profit is to produce something and to contribute to society. We should become more like the French - one for all and all for one. The UK is going to ensure everyone benefits - we all get more of what we want - no one should be left behind - that's what a growing economy could do with the correct attitude from the government.
The ideology is iffy but then all it will take is a couple of tractor loads of manure in front of number 10 and a blockade of a pier or two. Not rocket science just saying
Love_You
" I'm just saying what they do works "
no comment on that little gem
Yes but consumer spending is multiplied. i.e. if the teachers pays the hairdresser they might pay the fishmonger who might pay his electricity bill and the electricity company might may their employees and those employees might pay the butcher and the butcher might buy a new car. Hence if you add £10 at the start of this chain, and if the chain of spending works, then it would be recorded as consumer spending of £600.
Hence if PPI is £340 million per month then we have to multiply this by 60 to find out the true positive impact it generates on consumer spending.
Hence the true impact of PPI on consumer spending is £60 billion per quarter. So remove PPI and you might have an 18% decline in consumer spending as a consequence!
So why do so many FRench businesses relocate to UK. I believ it is 160 in Kent alone. Because it is too much slanted to the workers and see how belligerent their farmers are. Look at the CAP.
Yet with all it's problems and no oil,France holds it own on the current account (0.72% of GDP) and a productivity rate 20% higher than ours,fascinating.
Any problem negotiating with the french easily overcome.
Just throw a bar of soap on the table.
As burns said a frogs a frog for all that.
One always has to careful not to offend.
Older People who now can excess there pension money will carry on where ppi has ended,that ppi money will go back to share holders now who can then spend it in our economy...win win..
Thanks for the tip Oxo.
I've placed them on my "complete insanity,blow the claymore's,will I regret this investment" watch list, ta.