When Thieves Fall Out

I noticed with no little amusement this article from the Metro regarding Alistair Darling’s new book.

Then I recalled two previous postings from this very journal firstly this one:

And then this one:

To be kind one would just have to say that Al’s memory is playing tricks. The less kind amongst us may say he was being less than frank on at least one occasion.

If he was being entirely honest with his opinions, then I have to ask:

Could it be that a blogger who plays the moothie and likes a dram but alas has no financial or political experience whatsoever, had a better handle on what was going on than the Prime Minister or the Chancellor?

Only asking.

Banking Made Simple

On the day that a State Bank is set to be announced, here is a five minute course in all you need to know. Best appreciated in its entirety.

Wanted!

For causing the credit crunch! Eh? Click Here

(Pinched from Scott at Love and Garbage)

Ah Mater!

If the rumours are true the UK government will step in tomorrow morning, before financial markets open, to nationalise the Bradford and Bingley Building Society Bank. In 2006 B&B’s share price was 536p. On Friday at one point it was 18p before finishing the day at 20p.

The credit crunch continues, everyone will be affected by increased fuel prices this winter, none more so than those on low incomes, especially those in colder parts of the UK (eg Scotland). People are worried about their homes, jobs and investments.

In other news the Queen has been looking at designs for a new £7 million jet with special corgi adaptation and has requested more money from the government for the upkeep of seven royal palaces (current budget is £15 million per annum). Prince Andrew’s travel costs last year were £800,000 and the Prince and Princess of Wales chartered a yacht for a Mediterranean cruise at a cost of nearly £250,000.

Having read this post you may wish to click here to invest in your own little piece of the aviation industry.

The Crunch Has Come.

Never in 23 years as a retailer have I faced price increases like the ones which have taken place in recent months. Obviously the price of fuel has affected the cost of getting goods from A to B. One carrier who delivers to me regularly called in the receiver this week, unable to continue in a highly competitive environment. The oil price has also affected the price of anything made of plastic. One importer of accessories intimated a 8% rise in his prices across the board with immediate effect which is unheard of. Most suppliers have an annual increase and ride out any fluctuations during the year, building them in at their next increase. Raw food prices are soaring. My particular speciality is pet food and I am paying nearly 50% more for some items than I was in January. Many retailers are being very cautious about passing increases on, aware as they are of customers already being hit by the aforementioned fuel rises and increased mortgage payments.

A friend of mine in the building trade was laid off this week. Hundreds of other workers have shared his fate and there is more to come. An estate agent I know has sold two houses in the last month.

I may not be an expert, but from the sharp end of retailing both in food and consumer items, I’d be very surprised if inflation doesn’t reach double figures by the end of the year, and I really do wonder how we are going to avoid a full blown recession.