The Budget Summarised

 

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Growth Revised Upwards

The OBR is expected to revise up its growth forecasts for this year from 4 percent to 7 percent, according to the Times. 

This will give Rishi Sunak £20-30 billion extra to spend in today's Budget, with another £10 billion a year coming down the track if the OBR cuts its estimate of long-term economic damage caused by COVID from 3 percent of GDP to 2 percent.

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National Minimum Wage To Rise To £9.50

Tax Investigation Insurance

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Putin On The Pressure - Uncle Volodya is Ready To Deal

 

Russia is able to start gas deliveries via the Nord Stream 2 link immediately after it gets regulatory approval, according to Vladimir Putin. 

“The first pipe of Nord Stream 2 is filled with gas. If the German regulator allows supplies tomorrow, deliveries will begin the day after tomorrow,” the Russian president said at the annual Kremlin-backed Valdai Discussion Club meeting in Sochi Thursday. The second of the route’s two lines could be ready in December, he said.

Unfortunately Europe will freeze this winter, as Germany and the EU won't authorise this anytime before January next year at the earliest!

As per Bloomberg:

"German regulators are currently reviewing the application of Nord Stream 2 AG for certification as an independent operator, but have said their initial decision could come only in January, after which the European Commission would also have to give the go-ahead."

Tax Investigation Insurance

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Indices

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Tax Investigation Insurance

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House Prices Soared by Over 10%

House prices across the UK soared by 10.6% in the year to August – up from 8.5% in July, according to @ONS 👇

Values in London rose at the fastest rate since 2016 https://t.co/RsZpxhOB6Q pic.twitter.com/mHFQE4dVfj

— Telegraph Property (@TeleProperty) October 20, 2021

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Russia's Full of Hot Air - No Increase in Gas Supplies

🚨No gas for you🚨

No evidence of an increase in Russian gas supplies to Europe next month in today’s keenly awaited pipeline capacity auctions, despite hints from Putin and friends in recent weeks.

European gas prices jump almost 18% https://t.co/loAwChlj8v pic.twitter.com/YcAjHeRSug

— David Sheppard (@OilSheppard) October 18, 2021

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Andrew Bailey - The Reluctant Hawk

 

Andrew Bailey, Governor of the Bank of England, has signalled that interest rates might rise.

However, his comments indicate he is not keen to raise them and doesn't think that raising them will actually help the situation.

Therefore, I have to ask, why make such comments in the first place?

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City of London Booming

London banks embark on record hiring spree as City tilts toward post-Brexit --> https://t.co/KVJDiwCIH8#Hiring #Recruitment #Jobs #FinancialServices #Banks #FinServ #Finance

— City A.M. (@CityAM) October 13, 2021

Record hiring activity extended into July and August, where 5,300 and 5,700 banking jobs were created respectively.

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China Sticks Two Fingers Up To Climate Change

As COP 26 approaches: China orders coal mines to increase production by tens of millions of tonnes to counter national power crisis. Reducing Beijing’s dependence on fossil fuels shelved, at least temporarily. China gets 13% of electricity from renewables, 60% from coal.

— Andrew Neil (@afneil) October 14, 2021

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Putin The Pressure on The EU - Uncle Volodya To The Rescue!

 

*PUTIN: RUSSIA READY FOR DIALOG WITH EU ON STABILIZING MARKETS

— fiatcurrency (@fiatcurrency) October 13, 2021

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Pensions - Minimum of £10,900 Needed

The Pensions and Lifetime Savings Association (PLSA) have stated that a single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement.

That spending budget increases to £16,700 for a couple.

Here is the assessment link.

Nigel Peaple, director of policy and advocacy at the PLSA is quoted by the BBC:

"The pandemic has emphasised the importance of economic security as well as social and cultural participation in retirement.

We hope the updated standards will encourage people to think about whether they are saving enough for the retirement lifestyle they want and, in particular, whether they are making the most of the employer contributions on offer in their workplace pension."

The calculations for retirement living standards are pitched at three different levels - minimum, moderate and comfortable - and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.

The assessment is intended as a guide for those planning their retirement savings. Housing costs are not included on the assumption that most pensioners have paid off mortgages, although the PLSA said that decision would be kept under review.

The minimum retirement living standard covers a typical retiree's basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.

The estimate of an annual budget for the minimum standard has risen since 2019 by £700 for a single person, and by £1,000 for a couple.

The total requirement would generally be made up of a full state pension of £9,339 per year, as well as some workplace pension savings.

The moderate retirement living standard includes a two-week holiday in Europe and more frequent eating out.

This was assessed to require a budget of £20,800 for a single person, £600 higher than two years ago, and £30,600 for a couple, up £1,500.

The annual budget needed for a comfortable retirement living standard has increased since 2019 by £600 to £33,600 for one person and £2,200 to £49,700 for a couple.

This covered items such as regular beauty treatments, theatre trips, and annual maintenance and servicing of a burglar alarm. 

The figures may seem reasonable. However, they ignore that fact taht as you get older your lifestyle changes. Those in their 80's are less likely to be changing their cars every so often, upgrading their kitchens or going out quite so much. They will, though, be more likely to spend money on care.

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Jobs Galore!

UPDATE: The number of job vacancies in the UK soared to 1.1 million in the three months to September - the highest level since records began. The number of employees on payrolls rose to a record 29.2 million. (Source: ONS) #Britishjobs🇬🇧

— Jefferson (@Jefferson_MFG) October 12, 2021

Tax Investigation Insurance

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The Global Energy Crisis

 

EUROPEAN ENERGY CRUNCH: More and more evidence is emerging of industrial consumers shutting down in Europe due to high electricity and gas prices. The latest: Spanish steel maker Sidenor plans to stop production 20 days from now until Dec 31 (that's equal to ~30% of the time).

— Javier Blas (@JavierBlas) October 12, 2021

The global LNG shortage is so bad that Pakistan’s latest purchase tender received ZERO offers 🇵🇰 🚢 0️⃣

Pakistan closed a tender yesterday seeking LNG cargoes for Dec.-Jan.

There is a growing risk that LNG buyers dependent on the spot market will be caught short this winter pic.twitter.com/t8w2byQLXz

— Stephen Stapczynski (@SStapczynski) October 12, 2021

The British media, in their desperation to stir the shit, would have us believe that the ongoing rises in energy prices are down to a combination of Brexit and Boris.

Yet, cast your eyes abroad and you can see that the problem is global.

For why?

A number of reasons, including:

- China buying large amounts of LNG

- China cutting back on its coal production (green policies and flooding) 

- Russia playing silly buggers with gas supplies because of its long running dispute with the EU over Nord Stream 2 and Europe not wanting long term contract with Gazprom

- Covid screwing with supply chains 

- The rush to go Green, without having the necessary capacity etc.

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The Global Supply Chain is Blocked

Ships wait off the California coast, unable to unload their cargo.

Truckers are overworked and overwhelmed, often confronting logjams.

Rail yards have also been clogged, with trains at one point backed up 25 miles outside a key Chicago facility. https://t.co/9gTuUmZT1g pic.twitter.com/Xit0oPUPFs

— The Washington Post (@washingtonpost) October 10, 2021

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Putin Pressure on Europe - Uncle Volodya Offers Terms

 

Yesterday, in a volatile day of trading, wholesale gas prices across the continent surged amid intensifying fears of a winter energy shortage.

Russian Deputy Prime Minister Alexander Novak said on Wednesday at a meeting chaired by Putin, that certification of the Nord Stream 2 undersea gas pipeline, which expects clearance from a Germany's regulator, could cool soaring European gas prices.

Prices have spiked in response to a recovery in demand, particularly from Asia, when storage levels are low.

European benchmark Dutch wholesale gas for November has jumped almost eightfold since the start of the year and reached an all-time high of over 150 euros per megawatt hour (MWh) in the early hours of Wednesday.

Putin told the meeting that Europe was wrong to reduce the share of long-term deals in natural gas trade in favour of the spot market instead, where prices have surged.

"We talked to the European Commission's previous lineup, and all its activity was aimed at phasing out of so-called long-term contracts.

It was aimed at transition to spot gas trade. And as it turned out, it has become obvious today, that this practice is a mistake."

Uncle Volodya stated that Russia is prepared to stabilise the market, and that Moscow is ready to discuss new long-term contracts for gas sales to European consumers.

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Global Supply Chains Are Well Fucked!

Every dot is an anchored vessel off of Long Beach.

I have been in and out of this port many times. Never even looks remotely like this. Usually zero ships anchored. pic.twitter.com/FNXdk5fnQB

— Gannon Breslin (@gannonbreslin) October 2, 2021

Tax Investigation Insurance

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France's Energy Price Block Doomed To Failure

FRENCH PRIME MINISTRE JEAN CASTEX: AFTER FRIDAY'S GAS PRICES RISE, THE GOVERNMENT WILL BLOCK THE PRICES

— *Walter Bloomberg (@DeItaone) September 30, 2021

Given that France doesn't control or produce gas, any attempt to block a price rise will cause a disruption in supply and lead to rationing.

It is a policy that is doomed to failure!

Tax Investigation Insurance

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