Contingency planning for Labour win?

[CIS121]

It seems unlikely - so did Brexit to many of us based in London, but it seems uncertain what the outcome this week will be

I consider myself in the middle - certainly not rich, but fall quite a bit over their target definition of earning 80k+, own 2 companies in the UK with property and assets and enough cash savings to be comfortable - into high 6 figures. I've worked incredibly hard and sacrificed a lot to have a comfortable life.

Corbyn worries me and the financial security I have built over a lifetime

Interesting article in the Guardian:
https://www.theguardian.com/news/2019/nov/02/super...

Anyone not in the super rich but with good savings and income taken any contingency measures in case he does win or have thoughts on what would/could likely happen to anyone in his top 5% target?

[Mazinbrum]

Just a couple of bets with PaddyPower, if they win I'll be happy for a day.

[putonghua73]

Mazinbrum said:

Just a couple of bets with PaddyPower, if they win I'll be happy for a day.

Oddschecker have the following odds:

1. Conservative Majority 2/5
2. No Overall Majority 11/4
3. Labour Majority 28/1

Most Seats:

1. Conservative 1/20
2. Labour 14/1
3. Brexit Party / Liberal Democrats 500/1

You are right to consider different scenarios, however a Labour Govt is extremely unlikely - and whether they would implement (and be able to pass) everything pledged in their manifesto, is even more unlikely.

I'd look a bit further ahead and start considering likely scenarios whatever party is in power i.e. we are looking at increased spending and borrowing, which will in all likelihood, not be fully funded.

I'm more concerned by the broader developments:

1. Global deficit spending
2. Low / negative interest rates (MMT)
3. More QE (asset pricing inflation continues)
4. Increased protectionism (tariffs)
5. Strong dollar (no sign of weakening)
6. Global credit risk [Corp Bonds]
7. No Deal is still on the table

[deggles]

Another thread already running here: https://www.pistonheads.com/gassing/topic.asp?h=0&...

[pghstochaj]

CIS121 said:

It seems unlikely - so did Brexit to many of us based in London, but it seems uncertain what the outcome this week will be

I consider myself in the middle - certainly not rich, but fall quite a bit over their target definition of earning 80k+, own 2 companies in the UK with property and assets and enough cash savings to be comfortable - into high 6 figures. I've worked incredibly hard and sacrificed a lot to have a comfortable life.

Corbyn worries me and the financial security I have built over a lifetime

Interesting article in the Guardian:
https://www.theguardian.com/news/2019/nov/02/super...

Anyone not in the super rich but with good savings and income taken any contingency measures in case he does win or have thoughts on what would/could likely happen to anyone in his top 5% target?

Always makes me laugh than somebody earning the above and owning the above considers themselves to be in the middle. It’s only the middle if you consider the middle off 100 to be 95/5. It’s not anything against what you have, I also do well for myself, but you need to get a better grasp of your percentile.

[mikeiow]

pghstochaj said:

Always makes me laugh than somebody earning the above and owning the above considers themselves to be in the middle. It’s only the middle if you consider the middle off 100 to be 95/5. It’s not anything against what you have, I also do well for myself, but you need to get a better grasp of your percentile.

^^^^
this!

I have no envy for people doing well: good for them (provided they pay their fair share of taxes etc), I'd rather be in an economy with a rising tide where all are aiming higher than the alternative of dragging everyone down to a lowest common denominator.....

........but when people appear utterly clueless about how well off they are compared with the VAST majority, it does makes me cringe!

[romeogolf]

pghstochaj said:

Always makes me laugh than somebody earning the above and owning the above considers themselves to be in the middle. It’s only the middle if you consider the middle off 100 to be 95/5. It’s not anything against what you have, I also do well for myself, but you need to get a better grasp of your percentile.

Absolutely this.

Congrats for doing well, but that means paying back into the system that allows your business to thrive and offers the same opportunities to others.

[anonymous-user]

The best precaution for the better-off to take against a Corbyn government is helpfully explained by the Red Hot Chilli Peppers,

https://www.youtube.com/watch?v=Mr_uHJPUlO8

[JB8]

pghstochaj said:

Always makes me laugh than somebody earning the above and owning the above considers themselves to be in the middle. It’s only the middle if you consider the middle off 100 to be 95/5. It’s not anything against what you have, I also do well for myself, but you need to get a better grasp of your percentile.

This absolutely.

[anonymous-user]

Just because you're "better off than most" doesn't get within a million miles of "rich" in today's world.

I wish the system would properly bring the truly rich, who often pay very little tax, inside the tax net.

[jeff m2]

rockin said:

Just because you're "better off than most" doesn't get within a million miles of "rich" in today's world.

There was a survey in Morningsatar as to what people considered "rich", the consensus was 2.5 Million.

Apparently no rich people did the survey.

[Cheib]

rockin said:

Just because you're "better off than most" doesn't get within a million miles of "rich" in today's world.

I wish the system would properly bring the truly rich, who often pay very little tax, inside the tax net.

I used to work for a Family Office...i.e. the corporate entity investing the assets for a super rich family. They did a fair amount of “giving back” but I doubt that amount got anywhere near what they spent on lawyers/tax advisors/board directors running the web of offshore companies that owned all of their assets in a “tax efficient” structure.

[BlackG7R]

If JC wins, I'm giving up work and going on the social.

[Eric Mc]

I think you can all rest easy. My prediction - by this time tomorrow, JC will be history.

[RDMcG]

Eric Mc said:

I think you can all rest easy. My prediction - by this time tomorrow, JC will be history.

And a good thing too.

[Eric Mc]

Of course.

I was a remainer at heart but the good thing from this election is that it looks like Corbyn is toast.

[The Moose]

I hope you're right Mr Eric. Corbyn scares the crap out of me. I really wish I'd pulled out of the UK in it's entirety a few years back. Time will tell if I screwed myself or not!

[200Plus Club]

Elvis is leaving the building later today..

[anonymous-user]

Eric Mc said:

I think you can all rest easy. My prediction - by this time tomorrow, JC will be history.

Someone from Momentum was interviewed on TV. Said there's no need for the party to adjust its policies. Brilliant.

Who's next for the top job? Hopefully Diane Abbott.

Meanwhile Santa has begun his rally - so if you're now chief crystal ball gazer here on PH, how long will the rally last? Fade away over the next couple of weeks or power straight through to 31 December?

[K12beano]

Eric Mc said:

I think you can all rest easy. My prediction - by this time tomorrow, JC will be history.

Who?