3 major retailers down, a number on the way too?

['daiking']

Well the closing down sale signs are up at TJ Hughes now....

What is TJ Hughes? Is it like a Selfridges or Harvey Nicks?

[lol-lol]

lol, on 08 July 2011 - 04:51, said:

"Hopefully people can reflect on how they voted in the three elections before the last one and recognise the actions of the people they put in to power and the financial mess they left (are putting) the country in."

Just thought I'd correct part of your last post, Lol as it was inaccurate.

Things were going very well until the Edinburgh and New York Banks over extended themselves and needed bailing out. Public sector borrowing was stable around £50B. RBS's incredibly stupid lending, particularly to Ireland but to other markets too required the £100B rescue.

It is the recovery of this £100B which is the issue currently but why the ConDems aer asking the middle class and poor to pay for is grossly unfair. Does not effect me as I am in the top third income bracket and the ConDems ae looking after me very nicely with their lowering of fuel excise duty and the lowering of the 40% tax rate and VAT rise I and people in the £60K plus can circumvent. Thanks George, we are not really in it together but let them think we are! (tongue in cheek).

Edited 8 July, 2011 by lol

[lol-lol]

What is TJ Hughes? Is it like a Selfridges or Harvey Nicks?

TJ Hughes is a low end department store, HQ in Liverpool and mainly in the NW area.

[robmawer]

What is TJ Hughes? Is it like a Selfridges or Harvey Nicks?

Can tell you're South Manchester rather than North Manchester...

[moley]

Things were going very well until the Edinburgh and New York Banks over extended themselves and needed bailing out.

I'd have to disagree with you on that one.

My perception of the economy at that time was that everyone was borrowing too much, the economy was built on the value of your house, manufacturing was down, retail was up and there was a disaster waiting to happen as soon as the bubble burst. I never imagined the scale of the pending disaster, but there again none of the so called experts seem to predict it either.

[FellyMagic]

I see Hadleigh village residents have won their fight against Tesco's opening there!! :thumbup:

For now, sadly Hadleigh is dying on its arse and the narrow minded residents or NIMBY's objected. Tesco will continue the fight as it was by one vote that they lost and it was only a panel of 15 people. Hardly a fair demographic of the residents! It means the residents have no choice but to get in cars & travel several miles into Ipswich to do their shopping. Not very environmentally sound in my view, and Hadleigh's buses are VERY infrequent. Hadleigh doesnt have that many shops either, so it would benefit from the Tesco, and it would create more jobs.

If it had been something like a Waitrose, there would probably have been zero objections, even though Waitrose is grossly overpriced and not that great on quality & choice.

[lol-lol]

I'd have to disagree with you on that one.

My perception of the economy at that time was that everyone was borrowing too much, the economy was built on the value of your house, manufacturing was down, retail was up and there was a disaster waiting to happen as soon as the bubble burst. I never imagined the scale of the pending disaster, but there again none of the so called experts seem to predict it either.

Just look at the Nationwide Biulding Society webpages it was completely obvious that there was going to be a sinusoidal adjustment. The wave length has been distorted and is still being distorted by the lowest interest rates in 320 years but like King Canute you cannot stop the tide.

We got burned in the earlt nineties under the Tories and then learned to surf. Lend from a Biulding Society not a bank so a profit margin is not needed and then look at the data the world largest biulding society issues (no hidden agenda from them) so buying in the late nienties was a good time as it will be in 3 or 4 years time when prices low the curve as the Government give in to cost of artificial support and BoE interest rates return to a few percentage points but hopefully Biulding societies will only add on a few tenths of a percent for the Admin and nobody borrows from the banks who want to add on another few percent on top of the BoE rate.

[lol-lol]

I'd have to disagree with you on that one.

My perception of the economy at that time was that everyone was borrowing too much, the economy was built on the value of your house, manufacturing was down, retail was up and there was a disaster waiting to happen as soon as the bubble burst. I never imagined the scale of the pending disaster, but there again none of the so called experts seem to predict it either.

It is not borrowing too much but borrowing at a stupid rate or one that does not last very long.

The RBS would let you balance transfers at 2.99% pa until it is paid off at 2% per month is about 5 years. Unbelievable.

Even the simplest of banker would look at the history of fluctuating inlation rates and see this is likely to be stupid.

Until a couple of weeks ago I could have £7K in my cheque account, earn 4% gross, whilst paying 2.99% on the credit card, even less on Capitol One that was is linked to the BoE rate plus 2% I think it is.

No, some banks were very stupid (Lehmanns, HBOS, RBS). Barclays, HSBC and Lloyds were relatively sensible except for Loyds buying RBS who debts may still grow buy a few tens of billions if some of their markets collapse and the UK will have to bail them out again.

Edited 8 July, 2011 by lol

[moley]

No, some banks were very stupid (Lehmanns, HBOS, RBS). Barclays, HSBC and Lloyds were relatively sensible except for Loyds buying RBS who debts may still grow buy a few tens of billions if some of their markets collapse and the UK will have to bail them out again.

I don't recall Lloyds buying RBS? I know they bought HBOS.

[Fab Estate]

I think as a nation we are just beginning to realise that not everybody can be a shopkeeper. Every time you go to a retail park mid week there are more staff than shoppers. We need to bring manufacturing back to the country not services.

['daiking']

Can tell you're South Manchester rather than North Manchester...

I think there's one at the Stretford Arndale but I've only ever driven past it, with windows up and doors locked.

[lol-lol]

I don't recall Lloyds buying RBS? I know they bought HBOS.

Of course you are right, wrong "Bank of Scotland". Lloyds bought Halifax Bank of Scotland rather than Royal Bank Of Scotland which actually bought Nat West and Ulster Bank incredibly, *rse about face.

Edited 9 July, 2011 by lol

[jlwah]

It is not borrowing too much but borrowing at a stupid rate or one that does not last very long.

You're joking, right? And try telling that the Greeks, Irish, Portuguese, Spanish and now the Italians.

If you genuinely believe that, then you're as bad as the last government for adopting emu (bury your head in the sand) monetary policies! That's the main reason we're in this mess - we borrowed too much at a time we didn't need to in order to waste it on token governement policies designed to secure support.

No, some banks were very stupid (Lehmanns, HBOS, RBS). Barclays, HSBC and Lloyds were relatively sensible except for Loyds buying RBS who debts may still grow buy a few tens of billions if some of their markets collapse and the UK will have to bail them out again.

I think you'll find it was your mentor (Gordon Brown) who forced Lloyds to 'buy' HBOS, not RBS, to avoid a major banking collapse in his own back yard where there was no where to hide!

[Paul007]

quote name='gadgetman' timestamp='1309294552' post='2435945']

I think government could do so much.

> Tax empty shops/units to drive rents down

> Force commercial properties that are vacant for more than 2 years to convert to housing - too many offices/shops built and left empty.

> Tax breaks for making your goods in the UK (say min 60% assembly)

> Raising taxes for those that make outside the UK yet market/sell to UK customers

> Tax breaks for employing UK based staff rather than offshoring (call centres etc)

> Raise taxes for those offshoring jobs

That should start the ball rolling to kick start the economy properly, save jobs, and promote growth.

I think it is..for once -

www.communities.gov.uk/documents/planningandbuilding/pdf/1883189.pdf

Edited 9 July, 2011 by Paul007

[lol-lol]

You're joking, right? And try telling that the Greeks, Irish, Portuguese, Spanish and now the Italians.

If you genuinely believe that, then you're as bad as the last government for adopting emu (bury your head in the sand) monetary policies! That's the main reason we're in this mess - we borrowed too much at a time we didn't need to in order to waste it on token governement policies designed to secure support.

I think you'll find it was your mentor (Gordon Brown) who forced Lloyds to 'buy' HBOS, not RBS, to avoid a major banking collapse in his own back yard where there was no where to hide!

No not joking. Japan has a debt of twice its GDP ie more than Greece, Italy, Ireland, Portugal and Spain.

What is more important is the interest rate you pay and ones ability to repay the debt. Japan has the industrial strength to service its debt and hence still has its triple A rating. The PIGS and Italy strengths are Agriculture and Tourism but becuase they are in the EURO they cannot export their way out and is not a cheapish tourist destination.

I think you will find it was the Tories in the early nineties that adopted the Exchange Rate Mechanism that proved so disasterous with George Soros making billions of pounds in day on the Tories economic ineptitude. I was pro Euro but it has proved better to stay out of it I suppose but we will never know.

I was never a Brownite but was a Blairite, joined the Labour Party when Tony was appointed leader and left when he stepped down. Gordon was unlucky to be in charge when the Edinburgh and New York banks failed but he did say "no more boom and bust", not clever.

The head of Lloyds was convinced to buy HBOS to rescue it, lunacy for Lloyds as RBS losses could end up being £50B or even £75B and need more cash. Expect we will find out in some biography in a few years time.

Edited 9 July, 2011 by lol

['daiking']

No not joking. Japan has a debt of twice its GDP ie more than Greece, Italy, Ireland, Portugal and Spain.

You know what a trade surplus is, right?

And despite borrowing all that money, despite the trade surplus and despite everything else, after 20 years they're still ******

[lol-lol]

You know what a trade surplus is, right?

And despite borrowing all that money, despite the trade surplus and despite everything else, after 20 years they're still ******

Japan still invests hugely in China and many other countries and they borrow hugely and investors will lend to Japan (for now).

Who would lend to the PIGS's governments as they have little to offer until they drop out of the Euro.

Japan's loan rate is low, others much higher.

As it says in Aldous Huxley's Brave New World "spending is better than mending", keep the economy moving. My shopping list is for laptop, motorcycle, car and we must keep buying and loaning but I will do it when the price and deal is right. HP laptop, Ducati Monster, a Monte Carlo intend to get in the next few months.

Edited 9 July, 2011 by lol

['daiking']

Japan still invests hugely in China and many other countries and they borrow hugely and investors will lend to Japan (for now).

Who would lend to the PIGS's governments as they have little to offer until they drop out of the Euro.

Japan's loan rate is low, others much higher.

As it says in Aldous Huxley's Brave New World "spending is better than mending", keep the economy moving. My shopping list is for laptop, motorcycle, car and we must keep buying and loaning but I will do it when the price and deal is right. HP laptop, Ducati Monster, a Monte Carlo intend to get in the next few months.

Foreign computer, foreign motorbike and foreign car... Go UK trade deficit!

Cuts clearly not deep enough yet. Oh wait, those cuts that everyone complains about actually amount to the government spending more money year on year.

[lol-lol]

Foreign computer, foreign motorbike and foreign car... Go UK trade deficit!

Cuts clearly not deep enough yet. Oh wait, those cuts that everyone complains about actually amount to the government spending more money year on year.

Not sure there is any UK PC manufacturers left but there are UK car and motorcycle assembly/manufacture.

Use to by Elonex PCs many years ago but they only do tablets now, suppose could go to OGL, worcs for the HP stuff.

Motorbike might well be a Triumph, Speed Triple probably to replace the Fazer I had, some parts made in JP and TH sadly.

Car, plan is to swap one of the Octavias for a 1.2 TSI Monte Carlo, yes CZ biult, only alternative is to go for a Qashqui? UK screwed together. New 2.2 litre XF getting rave reviews so that will is worth considering to replace L&K DSG Octy2.

Agree we are not very nationalistic when it comes to purchases although I have had many Rovers, 2.6 & 3.5 V8s, Spitfires Mk 3 and 5 & Triumph 1500s

Edited 9 July, 2011 by lol

[cheezemonkhai]

Problem being is how can we make stuff at a price that will sell, when people are paid the same for a day as other countries pay for a week.

This is a problem of two parts, because some countries have their currencies fixed in relation to others, so will pretty much always be cheap, but we are certainly not helping ourselves by paying people so much not to work, that a job has to pay a lot to be worth taking.

It's a balance, because you can't leave people on the street, but at the same time you can't pay out so much that they never want to work.

These days I try to buy things that are made in the UK and if not the UK, then at least Europe whenever possible.

Edited 9 July, 2011 by cheezemonkhai

[gadgetman]

Went to both homebase and Wilkinsons today and both had massive discounts and looked as empty as focus did when still up and running.

I assume both are trying to reduce stock holding, but in general or ready for next season? Both could downsize to 2/3 size or even 1/2 based on what I saw today!

[oil]

What is TJ Hughes? Is it like a Selfridges or Harvey Nicks?

Definitely not either of those touch above Poundland!

['daiking']

Not sure there is any UK PC manufacturers left but there are UK car and motorcycle assembly/manufacture.

Use to by Elonex PCs many years ago but they only do tablets now, suppose could go to OGL, worcs for the HP stuff.

Motorbike might well be a Triumph, Speed Triple probably to replace the Fazer I had, some parts made in JP and TH sadly.

Car, plan is to swap one of the Octavias for a 1.2 TSI Monte Carlo, yes CZ biult, only alternative is to go for a Qashqui? UK screwed together. New 2.2 litre XF getting rave reviews so that will is worth considering to replace L&K DSG Octy2.

Agree we are not very nationalistic when it comes to purchases although I have had many Rovers, 2.6 & 3.5 V8s, Spitfires Mk 3 and 5 & Triumph 1500s

Always so literal.

What's going to happen when you and everyone else has spent their savings? It still doesn't address the issues of wealth distribution or creation.

[lol-lol]

Always so literal.

What's going to happen when you and everyone else has spent their savings? It still doesn't address the issues of wealth distribution or creation.

Well I hope I am still getting richer and not poorer now ie my pay is still adding to my personal wealth and hopefully some of my larger assets will not decline too much. UK property could well decline by 20% I reckon so me any many others will loss a few tens of thousands with that but it is the pension fund that is the biggy potential loss although I have opted for bonds options rather than shares. With a projected value of £2M losses could be huge if shares equities fall by 20% also that is a scary amount of money.

I forgot Evesham Computers who I use to buy from too (yes screw driver operation not true manufacture), got an Evesham telly which I got jsut as they were entering Administration. Should be some great bargains as businesses fight for market share.

Edited 9 July, 2011 by lol

[slider]

Went to both homebase and Wilkinsons today and both had massive discounts and looked as empty as focus did when still up and running.

I assume both are trying to reduce stock holding, but in general or ready for next season? Both could downsize to 2/3 size or even 1/2 based on what I saw today!

I have alway tried to avoid using a credit card , preferring to reply on a debit card but this is a classic example of why anyone buying anything at the moment that they they cannot carry away there and then should use a credit card for protection - provided of course they can settle the payment before interest is added.. In the current times it seems that anyone can go bust.

......I suppose then of course we will get to the point when the CC companies can't affoad to carry the can if there are more big business going into liquidation. The vortex gets bigger......