Insolvency cases surge by 57%

mkpdavies · 04-02-2006, 02:31 PM

Quote:

Easy credit, relaxed legislation, higher bills and a slowing economy led to the number of people filing for insolvency in England and Wales increasing by 57 per cent in the final quarter of last year, compared with the same three months in 2004, according to official figures.

The Department of Trade and Industry said there were 20,461 personal insolvencies in the final three months of the year, 15 per cent more than the previous quarter. The total number last year was 67,580: a 45 per cent increase on 2004.

This is getting way out of hand.

Hartlepool · 04-02-2006, 03:16 PM

Its considered as the modern and smart way to go these days to run up massive debts and then declare yourself as insolvent. Personal Insolvencie is too easy really.

Edward Longshanks · 05-02-2006, 10:09 AM

Obviously the easy allowance of credit sucking in cheap foreign goods (free trade?) has created major problems for the future.

In addition to this, the "feel good factor" has been created on the back of inflated house prices. Now we read that more than one in three will have to pay inheritance tax, which translates INTO phpbb_yet another stealth tax by the back door. To be spent on waging unnecessary wars and subsidising mass immigration no doubt.

brian pearson · 05-02-2006, 10:23 AM

Gordons' economic miracle has been built on consumerism fueled by credit. Not just cards and loans but re-mortgages based on over inflated house prices. Money from nowhere !

We don't make anything anymore because we think manual labour is below us and we can build a 'high tech' economy. All of us sitting behind a pc while the East creates real wealth.

Not that we can compete with the rest of the world because our economy has been warped by the out of control welfare state. Who wants to sit behind a machine knocking out widgets all day when a comfortable life is out there paid for by the 'government'. "me grandad paid in for years".

When this does come crashing down it will not be pleasant.

mkpdavies · 05-02-2006, 10:47 AM

British money finances a lot of the global economy. I personally fund much of the economies of the world, through stock options, pension funds etc. Many other British people and companies do the same.

The wealth created therefore is coming back to Britain and some of it spent on the British economy based here.

It is way to simplistic to think of British companies etc now. Like it or not, we live in a global economy and Britain has done for it years, helping it punch way above it's weight as an economic power.

If you want to argue that we no longer have certain types of job, especially in manufacturing, then that's fine. Certainly you have to question the wisdom of outsourcing munitions, energy production, food production etc. However, while the British are taking advantage of global opportunities, there will always be wealth in this country, meaning opportunities for all sorts of service industries, research and technology and limited manufacturing of goods.

If British industry and people stopped doing this, then sure it would survive, by replacing one kind of jobs and products with others. However, we would have less choice.

I like choice, which is what fair free trade will bring everyone.

brian pearson · 05-02-2006, 12:10 PM

I too like choice. I think the problems with our economy are deeper than whether interest rates are rising or if the headline unemployment figures make the government look good.

I believe that there is a social aspect to this. Work gives people a pride in themselves and surroundings that watching daytime television and collecting free money never can.

I look forward to the near future when we can come back to this argument and see if the 'miracle' economy is still producing that feel good factor.

mkpdavies · 05-02-2006, 12:25 PM

The problem is, our economy is being stunted.

Stunted by over regulation by the EU.
Stunted by Labour creating a high tax economy, with waste of money on many things and the creation of non jobs.
Stunted, by our education standards slipping so that our kids are less capable.
Stunted by billions of pounds over years being poured down the EU drain.
Stunted, by people pensions being decimated by Browns smash and grab now.

Add to that other things like high energy costs, massive bureaucracy and PC throughout British life and it doesn't matter if you have the best economic model in the world, it just won't be able to sustain all of that.

There will be pain, but there will be many reasons for it.

brian pearson · 05-02-2006, 12:33 PM

Ageed. Part of that overburdening of business though is the high taxes we pay in part to fund the massive welfare budget.

The 'working class' (those that are able to work and do) can only fund this for so long. The EU has to shoulder a lot of the problems agreed. But our own welfare culture is at breaking point.

mkpdavies · 05-02-2006, 04:53 PM

http://www.sky.com/skynews/xml/artic...0,00.html?f=mf

Quote:

According to the latest figures from trade association the Council of Mortgage Lenders (CML), mortgage repossessions rose by seven-tenths (70%) last year.

You've never had it so good.

Quote:

At first glance, this appears to be shocking news, but the reality is far less worrying. That's because repossessions hit a 23-year low in 2004, and so the increase, although large in percentage terms, is still low in absolute terms.

Oh that's alright then, until you scroll down and see the amount of debt we now have.

Phat Boy Fat · 08-02-2006, 04:33 PM

Brian Pearson wrote

Quote:

Gordons' economic miracle has been built on consumerism fueled by credit. Not just cards and loans but re-mortgages based on over inflated house prices. Money from nowhere !

Yup ! I could not agree more ! Just about here there are quite a few indicators that Gordons miracle economy might be turning a little less miraculous. OK in some industries Jan / Feb are always quiet months due to the post Xmass financial hangover. But I have been hearing a few worrying things around here.

The mobile phone company along the corridor from my office can't seem to sell a single phone at the minute.
The used car dealer who is below my office is hardly selling a car, and a few months ago I was watching cars roll off his forecourt several times a week.
The upmarket car dealer just round the corner has had a Ferrari 550 Maranello in it's window for ages, it has gradually gone down from £66,000 to £57,000. What does that tell you ?
A mate is a Chiropractor and he is very quiet, when he rang round some of his mates in the profession they all said the same thing. Some said they had never known a January so quiet. Worse still the 'casual' patients had dried up, and only trauma cases or people in quite a bit of pain are showing up.
Add in soaring domestic fuel prices, record credit card borrowings, unemployment creeping up et al, and I think our economy might just be going down the tubes. My bet is that in a few months the R word will be on everyones lips.

RECESSION !

What chances for Liebours re-election then ?

05-02-2006, 10:47 AM	#5 (permalink)
mkpdavies Uber Member Join Date: Sep 2004 Location: Woking Posts: 30,604	British money finances a lot of the global economy. I personally fund much of the economies of the world, through stock options, pension funds etc. Many other British people and companies do the same. The wealth created therefore is coming back to Britain and some of it spent on the British economy based here. It is way to simplistic to think of British companies etc now. Like it or not, we live in a global economy and Britain has done for it years, helping it punch way above it's weight as an economic power. If you want to argue that we no longer have certain types of job, especially in manufacturing, then that's fine. Certainly you have to question the wisdom of outsourcing munitions, energy production, food production etc. However, while the British are taking advantage of global opportunities, there will always be wealth in this country, meaning opportunities for all sorts of service industries, research and technology and limited manufacturing of goods. If British industry and people stopped doing this, then sure it would survive, by replacing one kind of jobs and products with others. However, we would have less choice. I like choice, which is what fair free trade will bring everyone. __________________ http://brits4ronpaul.blogspot.com/ http://wokinglibertarians.blogspot.com/ http://lpuk.org My ignore list Labour, Blue Labour, Lib Dems

05-02-2006, 12:25 PM	#7 (permalink)
mkpdavies Uber Member Join Date: Sep 2004 Location: Woking Posts: 30,604	The problem is, our economy is being stunted. Stunted by over regulation by the EU. Stunted by Labour creating a high tax economy, with waste of money on many things and the creation of non jobs. Stunted, by our education standards slipping so that our kids are less capable. Stunted by billions of pounds over years being poured down the EU drain. Stunted, by people pensions being decimated by Browns smash and grab now. Add to that other things like high energy costs, massive bureaucracy and PC throughout British life and it doesn't matter if you have the best economic model in the world, it just won't be able to sustain all of that. There will be pain, but there will be many reasons for it. __________________ http://brits4ronpaul.blogspot.com/ http://wokinglibertarians.blogspot.com/ http://lpuk.org My ignore list Labour, Blue Labour, Lib Dems

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04-02-2006, 03:16 PM	#2 (permalink)
Hartlepool Uber Member Join Date: Jan 2005 Location: North East England Posts: 6,605 Party: Free England Party	Its considered as the modern and smart way to go these days to run up massive debts and then declare yourself as insolvent. Personal Insolvencie is too easy really.

05-02-2006, 10:09 AM	#3 (permalink)
Edward Longshanks Senior Member Join Date: Sep 2005 Location: Bucks Posts: 625	Obviously the easy allowance of credit sucking in cheap foreign goods (free trade?) has created major problems for the future. In addition to this, the "feel good factor" has been created on the back of inflated house prices. Now we read that more than one in three will have to pay inheritance tax, which translates INTO phpbb_yet another stealth tax by the back door. To be spent on waging unnecessary wars and subsidising mass immigration no doubt.

05-02-2006, 10:23 AM	#4 (permalink)
brian pearson Senior Member Join Date: Dec 2005 Location: nottinghanshire Posts: 586	Gordons' economic miracle has been built on consumerism fueled by credit. Not just cards and loans but re-mortgages based on over inflated house prices. Money from nowhere ! We don't make anything anymore because we think manual labour is below us and we can build a 'high tech' economy. All of us sitting behind a pc while the East creates real wealth. Not that we can compete with the rest of the world because our economy has been warped by the out of control welfare state. Who wants to sit behind a machine knocking out widgets all day when a comfortable life is out there paid for by the 'government'. "me grandad paid in for years". When this does come crashing down it will not be pleasant.

05-02-2006, 12:10 PM	#6 (permalink)
brian pearson Senior Member Join Date: Dec 2005 Location: nottinghanshire Posts: 586	I too like choice. I think the problems with our economy are deeper than whether interest rates are rising or if the headline unemployment figures make the government look good. I believe that there is a social aspect to this. Work gives people a pride in themselves and surroundings that watching daytime television and collecting free money never can. I look forward to the near future when we can come back to this argument and see if the 'miracle' economy is still producing that feel good factor.

05-02-2006, 12:33 PM	#8 (permalink)
brian pearson Senior Member Join Date: Dec 2005 Location: nottinghanshire Posts: 586	Ageed. Part of that overburdening of business though is the high taxes we pay in part to fund the massive welfare budget. The 'working class' (those that are able to work and do) can only fund this for so long. The EU has to shoulder a lot of the problems agreed. But our own welfare culture is at breaking point.