Member Info for snige

I read the write up and that was shifting some of the responsibility onto the church/women.
They said it was £17bn but the commitment/risk at the time was 40% of government budget which at today's rate £300bn.

Bounce back loans must have had some positive effect on impairments and if the fees are included in Q2 then short term this would help revenue but within the 6 yr term a negative.

The 1% who have 50% of the worlds wealth want to pay more tax - they could start with giving back the slavery compensation.
https://www.bbc.co.uk/news/business-53383372

Big oil tried to destroy an electric car company and it's cost them dearly but the delay in mass production of the electric car has saved them more, so the short squeeze was worth it.

Is the government guarantee carved in stone when FCA Randall said,
On June 16, Charles Randell, chairman of the UK's Financial Conduct Authority (FCA), warned banks of the possible challenges the debt incurred. During an online meeting, Randell said: “Lenders will need to scale their arrears-handling functions quickly, and invest in training and controls.”

HSBC can dilute any problems with the loans but have taken on the equivalent of 10yrs worth.
"In the reported statistics, HSBC ranked as one of the worst offenders. It kept 42% of applicants waiting more than a month on the status of their loan.
The bank reports that it has had to process 140,000 BBLS worth £4.5 billion in 2020, the same number it would normally process over a 10-year period."

If you want people to spend their savings you have to reassure them that in the event of a second wave they will be financially covered for the basics.
Leicester is covered by existing policy but it was a perfect opportunity to release plans on how you would deal with further outbreaks come the winter.

Savings have increased by £56.6bn in the 3 months ending to May 2020 and 71% of people believe we are going to have a second wave.
Sunak has indicated furlough is coming to an end so why blame the people for using common sense and saving for a rainy day or 6 weeks in the winter like the state of Victoria.
Somehow or other you have to dispel this idea of a second wave, a lot tougher than getting 17 million to put a cross in the box for brexit, one for Cummings to figure out.
Stop all reporting on Corona?

Apparently if you're in a trading club (even WTO) you have to follow the rules - preposterous
https://www.businessinsider.com/leaked-liz-truss-letter-boris-johnson-brexit-border-plans-concerns-risks-2020-7?r=US&IR=T

till the Autumn budget in 4 months time apart from some scary BOE negative interest intervention and the mounting cost of 2.5% bounce back loans.
Boris & Rishi deserve a good break on a sky bridge to the Caribbean me thinks.

The tactic is to delay, whether it be wait for VAT reduction on the 15th July, will customers see any benefit - see what happens.Half price meals for 13 days in August - see what happens, and pay and hold staff till 31st Jan - see what happens.
I like the £1000 bonus it rewards successful business.

Thanks for the long list TFE.
We still don't know which of those promises have been kept, so wouldn't it be easier to just to compare additional government borrowing and allow for 50% due to a reduction in revenue in April/May, probably a third in June and accept deferrals are neutral.

TFE, so far the government has borrowed £100bn more in April/May but at least half of that is due to their revenue falling of a cliff edge.
As for furlough if it wasn't there then universal credit and other benefit payments would have still been around 80% of these costs which then leaves £7bn SE grants and a few billion of other grants.
Low profit 2.5% Small business bounce back loans of £30bn are coming out of the banks and at current rates will probably amount to £60bn by November.

Barnier has taken back control of his borders saying "We have recruited customs officers, 750 in the Netherlands, 700 in France, close to 400 in Belgium and many in Ireland as well, because we will have to carry out checks on products coming into the European Union,”
Will Britain be ready for anything- don't think so.

"If the Pound devalues big time, then UK manufacturers are more competitive"
Fleccy you can't just rely on your currency devaluing, has the UK changed since 2016?
We've been caught as much as France,Spain and Italy with high levels of debt.

"Lloyds will always under perform until Brexit is done and dusted. Whatever the result of the negotiations, Lloyds will recover once certainty is established"
Fleccy the best you can hope for is an incomplete deal and negotiations carrying on for years or you could just revert to WTO and take the 8% hit.
Either way they were a little bit economical with the truth when it came to the "dusting" phase.

When a government pledges to spend £800m more on recruiting 13,500 extra staff at job centres you know something is up.
The furlough was a delaying measure and off loaded the administration of payment (for free) to employers because the Universal credit system designed not to pay out would have melted down.
The marginal cost of furlough is smaller than you think when you take into consideration furlough is taxed/NI and doesn't pay any housing cost.
I think they said the average gross furlough payment was approx £320 a week compared to average weekly wage of £540,there is some pent up demand but will this be enough.
If Sunak goes for more cheaper money on Wednesday the banks are doomed,like everyone entitled to a bounce back loan.

"It's Looking like the regulators may have saved Lloyds having spent the last ten years making Lloyds more resilient"and PPI never happened.
Just a few more airbrush strokes to wipe out this history at the Ministry of propaganda digital library.

"The West will go to war with China before your dividend is reinstated"
Trifle, wouldn't it be better for us to sit on the fence for at least a couple of years and then choose a side, just as America has twice done to us.
Why doesn't the media never explain how we ended up with Hong Kong in the first place, is Britain embarrassed with it's history again.

Bounce back loans (under £50,000 average take up £30,000) are now standing at £30bn and open till Nov2020, 1 million businesses with half unlikely to be recovered.
OK the banks get a guarantee but not much profit on 2.5% when usually business loans attract 7-8%.
Small business loans are the icing on the cake,Lloyds will miss them.