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🧠 David Profile picture
@db_fink
Sep 14, 2020 • 13 tweets • 3 min read • Read on X
Scrolly
So I searched for news of banks "battening down" the hatches this morning.

The results weren't exactly reassuring😬
But I found the story I was looking for.

There are some lovely nuggets of the "finger in the air" approach to risk assessment in here.

Some snippets:

bloomberg.com/news/articles/…
One in six mortgage holders has already paused their repayments.

Regulators, meanwhile, say they don’t know how much was loaned to those most at risk of losing their jobs in the downturn: the workers in the booming gig economy.
Sub-Prime

Mortgages for workers without guaranteed hours were common before the pandemic, with banks charging interest rates in line with more secure borrowers...
High LTV

Banks and customer-owned lenders advanced as much as 95% of the house price to the borrowers, he said.
The pandemic is already throwing up some surprising home loan data.

One in two borrowers in some prime residential mortgage-backed securities took a payment holiday compared with an average of 28% for subprime pools, data compiled by Moody’s in July show.
Banks aren't passing on the rate cuts

bloomberg.com/news/articles/…
Meanwhile, the latest FCA draft guidelines are very open to interpretation.

fca.org.uk/news/press-rel…
"We are proposing that firms contact their borrowers in good time before the end of a payment holiday, and work with them to come up with a tailored plan to help get them back on track. Firms should not take a ‘one size fits all’ approach.”
Where borrowers require further support from lenders, either at the end of payment holidays under our guidance, or where they are in need of support for the first time, this would be reflected on credit files in accordance with normal reporting processes.
Whilst support is being encouraged, the easy ride appears to be over, and credit profiles will surely begin to slip.

The end of the furlough scheme on the 30th of October will see unemployment rise.

So, what will Rishi do?

news.sky.com/story/coronavi…

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More from @db_fink

🧠 David Profile picture
Feb 22, 2025
Terrifying re UK tax changes.

‘This is frightening...

Here’s a list of the April 6 tax changes to underline just how fierce the tax storm is going to be.

From April 6, the rate of employers’ National Insurance contributions will be increased from 13.8pc to 15pc, and the threshold cut from £9,100 per annum to only £5,000 – bringing many more low-paid and part-time workers into its ambit.

Also, the minimum wage will have already increased from 1 April by 6.7pc, providing a multiplier effect on the increase of employers’ National Insurance contributions.

Many businesses will be hit by large increases in rates as various reliefs are not renewed on April 1. Businesses in hospitality and leisure will see their bills increase from an average of £3,751 a year to £9,003 a year. Pubs with a rateable value of £100,000 will see business rates jump by £19,000 per year – and it is feared some 9,000 will close.

While the increase to the main rate of capital gains tax from 20pc to 24pc was immediate from October 30, business asset disposal relief (BADR) from capital gains tax – originally introduced by Labour to encourage entrepreneurs – and investors’ relief (IR) are both being hiked from 10pc to 14pc from April 6.

Also from April 6, non-dom status will be abolished, hastening the exodus of millionaires with that status, as few want their world-wide assets to be subject to inheritance tax at 40pc.

The supportive tax regime for furnished holiday lets will be abolished on April 6, forcing many owners to sell to second home owners, which will turn some locations into ghost towns.

Britain’s highly successful private equity industry will be made much less competitive by an increase in the rates of capital gains tax on carried interest to 32pc. Part of the industry will undoubtedly decamp to other countries with more favourable tax regimes.

Double cab pick-up vehicles will be treated as cars, with large increases on taxes due as a consequence.

Compounding the damage done by the imposition of VAT on school fees that was introduced on January 1, the eligibility of private schools for charitable rate relief for business rates will be removed.

The stamp duty threshold for first-time buyers will drop from £425,000 to £300,000. Moreover, home movers will now pay stamp duty on purchases over £125,000, rather than the current £250,000.

Vehicle excise duty (VED) doubles for all new petrol and diesel models double, with some cars facing annual charge as high as £5,490.

And of course, council tax will rise again in April 2025, with local authorities in England permitted to increase bills by up to 5pc – 90pc plan to do so.’


Wouldn’t let me post source in tweet for some reasonlinkedin.com/posts/darrenmc…
Remember this is how Labour’s tax changes have fared so far.

The UK is fucked.

Beyond repair.

And you are going to be gaslit by this bunch of cretinous, economically spasticsted troglodytes for the next 4 years.

You will have NOTHING to enjoy, while your high streets get packed with more candy stores, vape shops, and bins are collected once a month rather than the amazing /s twice per month now.

You will have more and more problems. But these problems will be still accepted because ‘the nhs is free and great still, this is what the uk is about!’

People will complain more and more but the solution will still be there isn’t enough tax.

So they will dip deeper and deeper into more creative ways to capture your earnings.

If you are young, GET OUT NOW.

Flee like you would be from a war zone because all that will be left are dysgenic retards with fraudulent motability cars, Deliveroo drivers, the pretence that things will get better and the BBC lecturing you on trans racist capitalism.

Fuck the whole establishment, they can all go and suffocate.Image
Read 4 tweets

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