Current Affairs

[Kendhni]

Good to see that Sunak finally made the decision to go to COP27 (albeit probably only to stop Johnson driving the UKs agenda).
It is also good to see him talk about global solutions and him promising several hundred million for protection and green technologies in developing nations.
I know some will not like this, especially during an economic downturn, but it is a necessary, right and moral thing to do. I am sure much of it will be funded out of our current aid budget.

[david63]

and him promising several hundred million for protection and green technologies in developing nations.

Unfortunately there will be several (many?) other countries that will not be doing so, even though they can afford to do so. The USA being one!

[Manoverboard]

Just been reading a newsletter from our CH oil (Kerosene) supplier that gas and oil boilers will be banned come 2025 ... best plan being to replace existing one by 2024 me thinks.

[Manoverboard]

Mortgage holders used to get tax relief on their mortgage payments, paid via their tax code. This changed in 1983, when MIRAS came in (Mortgage interest relief at source) when the tax relief was paid via a reduction in the mortgage payment. MIRAS ended in 2000, so most people have forgotten about it.

Building Society employees, plus others of course, used to get extremely favourable rates. Between 2 1/2% and 5.0% if I remember correctly. That is deffo what I would call a subsidy

[towny44]

To an extent, it did used to happen.

Mortgage holders used to get tax relief on their mortgage payments, paid via their tax code. This changed in 1983, when MIRAS came in (Mortgage interest relief at source) when the tax relief was paid via a reduction in the mortgage payment. MIRAS ended in 2000, so most people have forgotten about it.

Was MIRAS really worth much? I remember it but not in a way that it made a huge difference.

It depended on the size of your mortgage and whether you were in the higher rate band. But with standard rate tax about 35% in 2000 when Brownie abolished it claiming it was a middle class perk, it was an allowance worth having.

[Kendhni]

Just been reading a newsletter from our CH oil (Kerosene) supplier that gas and oil boilers will be banned come 2025 ... best plan being to replace existing one by 2024 me thinks.

The way it was explained to me was that gas and oil boilers would be banned from new builds.
Even if upgrading a boiler in an existing house then it will be possible to upgrade like-for-like (otherwise it will require the entire heating system to be ripped out and updated with much larger radiators and new pipework). So no need to rush out and purchase something unless necessary. More likely is that the gas distributors will introduce a percentage of hydrogen into the mix ... some boilers may not be 'hydrogen ready' and require an update.

However, the engineer did also say that the government keeps chopping and changing its mind making it impossible to offer any meaningful/reliable advice.

[Mervyn and Trish]

I believe it is 2025 for new builds and 2035 for existing houses.

[screwy]

When looking at any salary you also have to take into account the full benefits package.

Not much of a Benifits package for Prison Officers.
Final salary pension, 40/80th. Mine worked out at slightly over a quarter.plus Lump sum.

Other Benifits: Didn’t wear my own clothes.
Rolling round on the floor at 65.
Being Verbally and Physically abused, buckets of p*ss thrown at you. Attacked with makeshift blades.!
Great package.

[Manoverboard]

I believe it is 2025 for new builds and 2035 for existing houses.

You and Ken (plus OL) are correct ... I misread the report

However ... the little chappie who services our oil boiler said some time ago that we wouldn't be able to get a like for like if we needed one because the manufacturers would be moving on.

[Stephen]

Going anywhere nice

[oldbluefox]

When looking at any salary you also have to take into account the full benefits package.

Not much of a Benifits package for Prison Officers.
Final salary pension, 40/80th. Mine worked out at slightly over a quarter.plus Lump sum.

Other Benifits: Didn’t wear my own clothes.
Rolling round on the floor at 65.
Being Verbally and Physically abused, buckets of p*ss thrown at you. Attacked with makeshift blades.!
Great package.

I bet you didn't get a bonus either.

[Mervyn and Trish]

Sounds truly awful. At least when nurses get showered in p*ss it's accidental!

I'm not opposed to trying to recoup costs through improved efficiency, so long as it's not of the rearranging the deckchairs variety.

I'm also not opposed to changing the pension deal for new entrants. I am wholly opposed to changing it retrospectively for existing staff. It was part of their contrast and the basis on which they paid their contributions.

Yes, some public service pensions are better than the private sector. I know this very well from spending most of my working life in the public sector. However, my salary was consistently below what I could have earned in the private sector. No other benefits either. No company car, no BUPA, very limited expenses.

[Stephen]

I see the protesters are back causing havoc.


Just Stop Oil: Activists carry out M25 protest despite police plan https://www.bbc.co.uk/news/uk-england-london-63539967

[Mervyn and Trish]

Time to get Boris's water cannon out of mothballs. Or just leave them up there. If they fall off, need the toilet or food tough.

The quoted protester says don't direct your anger at us, direct it at the government. I'd say the same. Have your protest in the road outside the gates of Downing Street, or the entrance to the Houses of Parliament car park, or the corporate HQs of the oil companies.

But above all get real. We're trying to get rid of oil and gas (have you not noticed the electric cars and wind turbines?) but it will take time (some years) and in the meantime it would cripple the country and kill vulnerable people if we just stopped it now and it's not great, nor green, being dependent on imports either.

[Kendhni]

I'm also not opposed to changing the pension deal for new entrants. I am wholly opposed to changing it retrospectively for existing staff. It was part of their contrast and the basis on which they paid their contributions.

I remember discussing this with OL a while back, and agreed it should not be retrospective. If an employee has accrued benefits under an existing scheme then those benefits should be honoured ... however everybody, both existing and new employees, should be moved out of what is effectively a un(der)funded ponzi scheme that cannot possibly support accrued benefits even today. The government has known they have a major issue for over 25 years, yet no party has been willing to address it.

[Onelife]

I see the protesters are back causing havoc.


Just Stop Oil: Activists carry out M25 protest despite police plan https://www.bbc.co.uk/news/uk-england-london-63539967

I think these protesters need to keep the pressure on Government but not in the way it is preventing people going about their everyday lives...they also need to realise that we are in a transitional period of change, with, it has to be said, the momentum in their favour…if they keep going about this in the way they are doing then the whole green agenda could suffer due to their recklessness.

[Chalgrave4]

Trying to force their views on everybody else with no regard for other people or the law
Treat them as they are - Terrorists, to be locked up indefinitely

[Gill W]

To an extent, it did used to happen.

Mortgage holders used to get tax relief on their mortgage payments, paid via their tax code. This changed in 1983, when MIRAS came in (Mortgage interest relief at source) when the tax relief was paid via a reduction in the mortgage payment. MIRAS ended in 2000, so most people have forgotten about it.

Was MIRAS really worth much? I remember it but not in a way that it made a huge difference.

The tax relief was on the first £25000 of the mortgage and went up to being on the first £30000 of the mortgage from 1983 onwards.

My first mortgage was for £21000 in 1981, so the interest on the whole mortgage was eligible for tax relief

The monthly interest payment at 15% would have been £262.50. I vaguely remember the tax relief amount being 25%, so that would have reduced the monthly interest payment to about £197, which was a significant reduction. (it should also be remembered that there would also have been a capital element to the mortgage payment or a payment into an endowment policy).

As time went on, the benefit of Miras was less, as people began to have larger mortgages and the tax relief was capped at £30000.

But for a newly wed in 1981, the £65 a month saving was a big deal!

[Kendhni]

To an extent, it did used to happen.

Mortgage holders used to get tax relief on their mortgage payments, paid via their tax code. This changed in 1983, when MIRAS came in (Mortgage interest relief at source) when the tax relief was paid via a reduction in the mortgage payment. MIRAS ended in 2000, so most people have forgotten about it.

Was MIRAS really worth much? I remember it but not in a way that it made a huge difference.

The tax relief was on the first £25000 of the mortgage and went up to being on the first £30000 of the mortgage from 1983 onwards.

My first mortgage was for £21000 in 1981, so the interest on the whole mortgage was eligible for tax relief

The monthly interest payment at 15% would have been £262.50. I vaguely remember the tax relief amount being 25%, so that would have reduced the monthly interest payment to about £197, which was a significant reduction. (it should also be remembered that there would also have been a capital element to the mortgage payment or a payment into an endowment policy).

As time went on, the benefit of Miras was less, as people began to have larger mortgages and the tax relief was capped at £30000.

But for a newly wed in 1981, the £65 a month saving was a big deal!

Thanks Gill, I had totally forgotten how much it was worth and how it was calculated.

[Kendhni]

I see the protesters are back causing havoc.


Just Stop Oil: Activists carry out M25 protest despite police plan https://www.bbc.co.uk/news/uk-england-london-63539967

I think these protesters need to keep the pressure on Government but not in the way it is preventing people going about their everyday lives...they also need to realise that we are in a transitional period of change, with, it has to be said, the momentum in their favour…if they keep going about this in the way they are doing then the whole green agenda could suffer due to their recklessness.

My feelings exactly. They have to find ways that do not unduly inconvenience a public trying to go about their daily lives, while keeping a high profile and pressure on government.

[Gill W]

Mortgage holders used to get tax relief on their mortgage payments, paid via their tax code. This changed in 1983, when MIRAS came in (Mortgage interest relief at source) when the tax relief was paid via a reduction in the mortgage payment. MIRAS ended in 2000, so most people have forgotten about it.

Building Society employees, plus others of course, used to get extremely favourable rates. Between 2 1/2% and 5.0% if I remember correctly. That is deffo what I would call a subsidy

It was part of a benefits package - many companies have benefits packages - it's not all about the salary.

In the early 80's you had to wait 3 years after the start of employment, or to the age of 24 before you got a staff mortgage, so I had 3 years paying 15% + interest rates.

Once on a staff mortgage, the benefit of Miras was less, as less interest was being paid. Also, I paid more tax, as the mortgage was a benefit in kind, so I had to pay tax on the benefit

The staff mortgage was an excellent part of the employee's remuneration package, but most people on the outside didn't know the about the additional taxation.

By about 2000, the staff mortgage wasn't a significant perk at all and many staff opted for a public rate mortgage.

[Chalgrave4]

When MIRAS first started in 1983 it was available both for House Purchase and Qualifying Home Improvements.
(Subject to the combined ceiling)
New Home improvements were excluded in the late 80's.
In my role as a bank MIRAS liaison Officer I was told by Inland Revenue sources that this was due to the number of
people driving up and down in new bathroom suites etc.

[Gill W]

When MIRAS first started in 1983 it was available both for House Purchase and Qualifying Home Improvements.
(Subject to the combined ceiling)
New Home improvements were excluded in the late 80's.
In my role as a bank MIRAS liaison Officer I was told by Inland Revenue sources that this was due to the number of
people driving up and down in new bathroom suites etc.

Yes indeed.

We always requested estimates for the proposed improvements when a further advance application was made and invoices when the money was to be released. But I'm qujte sure that in some cases, people 'knew' someone who'd give them the documents

[screwy]

We bought our house off the MIL.in 1976.
1930s 3 bed semi. She sold it to us for the same price she paid. £6000. We borrowed a further £2500 for improvements. Think we got a bargain.

[Mervyn and Trish]

Just briefly returning to the "should NHS pensions be downgraded?" discussion.

It already has been downgraded - once in 2008 and again in 2015. On both occasion benefits were reduced. For example retirement age increased. In 2015 it was changed from a final salary scheme to a career average scheme and widow/widower benefits were reduced. A considerable downgrade for some.