Britain is a poor country pretending to be rich

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archive.vn/RhqFe#selection-1335.45-1638.0

'The problem is that it is not even remotely true. In fact, the opposite is the case: Britain is turning into a relatively poor country, and fast. In terms of GDP per capita, the UK is soon expected to fall behind Mississippi, traditionally the worst off state in the US. According to some projections, in less than 15 years we are even set to be overtaken by Poland, the country that used to supply us with an endless army of cheap workers.'

I don't agree with the reasons that the writer of the article gave for the current situation. But I think that it is very stark that even the Telegraph is admitting that we are a poor country. Guardian and FT have admitted that a long time ago.

I have retired. I said worked - past tense. I worked until I was 66, like everyone who has no choice does.

@Lozzybear

My husband does not have an NHS pension. His company was a multi National private company contracted to work within the NHS and private healthcare sector. He overpaid into a booster scheme from his 20s as he was in a job involving a lot of travel and irregular hours. Thankfully we did it so he could retire early as I couldn't see him able to continue into his 60s. I also overpaid my pension from my 20s/30s. Those are the only reasons we were able to retire early plus we stayed in the same house for over 30 years rather than keep constantly trading up.

*@Blossomtoes
*
I have retired. I said worked - past tense. I worked until I was 66, like everyone who has no choice does.

You are blaming us for the poor state of the UK economy by retiring early whereas no doubt you would have done the same had you been able to afford it? A touch hypocritical 🙄

@Cornishclio how much did you pay for your house?!

And the “trading up” is what will allow my husband and I to retire early as we now have £800k of equity in our 40’s. However, many people nowadays have no choice to trade up so they can afford a house big enough to accommodate a family. Not many people can start off in a 3 bed semi like my PIL so that they don’t have to move up the ladder. You make it sound like people today are making bad choices and buying houses that they don’t actually need. In reality, most people I know are starting out in small
flats which are completely unsuitable for raising a family.

At least my PIL acknowledge their luck and appreciate how hard it is for people
starting out nowadays.

@Lozzybear We paid £30k for our first house in the SE in 1983 (2 bed terraced) and renovated and improved that one and our next house also in the GLC area. We then moved to the West Country and bought a 4 bed detached for £100k in 1988 which we are still living in now. The same house would cost £450k today so yes I don't dispute that house prices have got out of control and those starting out now have it tougher. We have helped both our daughters to buy houses and yes their mortgages are higher but interest rates much lower (until recently). At one point we were paying 15% interest on our mortgage.

I agree that it is tough to buy a house now so not sure why you are arguing with me. Banks lent much higher multiples than they should, interest rates were kept low for far too long because of the shocking lending and borrowing practices both by our government and companies/personal debtors. We are now paying the price for that.

At one point we were paying 15% interest on our mortgage

The amount matters though ie 15% of 100k versus 5% of 400k

We're not a poor country.

We are a badly governed country.

We have a corrupt government running up huge debt giving billions to their mates and feathering their own nests.

We have low wages and low pensions and low benefits combined with high rents, high mortgage rates, high bills and high inflation because the aforesaid corrupt government is letting energy companies and oil companies and water companies extract massive profits from us.

Plus Brexit.

Brexit will continue making us poorer until we have another referendum and rejoin the EU.

New government, bin Brexit, then things can start getting better in this country.

Until then we're on a downward trajectory.