Redundancies

[Lee54]

She said Quote>

In a statement, she said: 'We have restructured our business to ensure that we are well placed to meet the challenges ahead.

She wants the phone number for some Polish workers, two for the price of one .

 

Never mind those being paid off will have plenty of spare time, they can volunteer to do some painting of the schools

You really are MCB/Copycat. Remember, that any downturn in this sector will affect everyone; the whole island is dependant on it to a greater or lesser degree - best not to gloat too early.

 

I hope those affected do find something else.

 

Sorry that ain't my problem, its the ones you voted in who put all the eggs in one basket. The same ones that voted to pay out up to £50k in compensation to private account holders and local authorities but sod all for small companies and possible sole traders.

 

The ones I voted for didn't get in! There is quite a bit of commercial diversification on this island, despite what you may think. You need to check again about the depositor protection scheme; it may not meet your every wish, but it is damn sight better than is being offered elsewhere.

 

As far as it ain't your problem, just be careful as one day it may become your problem.

 

The scheme has no protection for small companies or sole traders, so let them go to the wall and more on the dole, good thinking batman

 

There shouldn't be any protection in my view. Why should I, as a taxpayer, bail out somebody who has made a risky investment, and profitted from it in the good times? Do you want government to pay up when you lose a bet on the horses?

 

And this is not a no-cost scheme. Interest rates offered by good banks would be higher if it weren't for the cost of insuring themselves against having to pay for defaults by bad banks.

 

S

 

So Joe Blogs the shopkeeper has an account with the Bank, most of the money would be in a current account to pay his suppliers and vat at the end of the month. The bank goes tits up, Mr Blogs still has to pay his suppliers ( which could be you) and he has to pay the vat. Should he just keep in money under his bed and have some thief break in once they find out he keeps cash in the house.

Sole traders, small businesses should be treated the same as the rest.

[Sebrof]

So Joe Blogs the shopkeeper has an account with the Bank, most of the money would be in a current account to pay his suppliers and vat at the end of the month. The bank goes tits up, Mr Blogs still has to pay his suppliers ( which could be you) and he has to pay the vat. Should he just keep in money under his bed and have some thief break in once they find out he keeps cash in the house.

Sole traders, small businesses should be treated the same as the rest.

 

We are in unusual times. Had it not been for appalling mismanagement of the economy by Gordon Brown, and unprecendented greed by barrow-boys promoted by morons to run major banks, we wouldn't have this problem.

 

If there were no depositor protection schemes and (worthless) parent company guarantees, people might think more carefully about where they put their money. Then prudently run banks would be rewarded by getting more business, and shysters would be punished by getting less.

 

If you want total security, put your money in gilts (government stocks), and accept a lower interest rate.

 

Where is Tugger when you need him? Say NO to investor subsidies!

 

S

[oldmanxfella]

If you want total security, put your money in gilts (government stocks), and accept a lower interest rate.

 

Gilts are interesting. I see that for the first time in his lifetime Warren Buffett has transferred his personal wealth out of US treasury stock into equities, a move which co-insided with a down rating of the US Governments ability to repay its sovereign debt.

 

We are now moving on from bust banks to bust economies.

[Sebrof]

If you want total security, put your money in gilts (government stocks), and accept a lower interest rate.

 

Gilts are interesting. I see that for the first time in his lifetime Warren Buffett has transferred his personal wealth out of US treasury stock into equities, a move which co-insided with a down rating of the US Governments ability to repay its sovereign debt.

 

We are now moving on from bust banks to bust economies.

 

Are you quoting Buffet correctly? I doubt whether he ever held treasury stocks for very long:

 

"Buffett criticized those holding Treasuries or other cash equivalents to feel safe, arguing that they are a "terrible long-term asset" that will pay "virtually nothing" over time, especially when inflation picks up again."

 

And I was not recommending gilts except for those who want total security. Like Buffet, I feel that now is equity time.

 

S

[Gladys]

The scheme has no protection for small companies or sole traders, so let them go to the wall and more on the dole, good thinking batman

 

So Joe Blogs the shopkeeper has an account with the Bank, most of the money would be in a current account to pay his suppliers and vat at the end of the month. The bank goes tits up, Mr Blogs still has to pay his suppliers ( which could be you) and he has to pay the vat. Should he just keep in money under his bed and have some thief break in once they find out he keeps cash in the house.

Sole traders, small businesses should be treated the same as the rest.

Look again, businesses are now included.

[WTF]

If there were no depositor protection schemes and (worthless) parent company guarantees, people might think more carefully about where they put their money. Then prudently run banks would be rewarded by getting more business, and shysters would be punished by getting less.

 

 

S

 

 

it doesn't matter which bank you put your money in, as the good banks lend to the bad banks themselves, the bad banks don't need you to give them money.

[Sebrof]

If there were no depositor protection schemes and (worthless) parent company guarantees, people might think more carefully about where they put their money. Then prudently run banks would be rewarded by getting more business, and shysters would be punished by getting less.

 

 

S

 

 

it doesn't matter which bank you put your money in, as the good banks lend to the bad banks themselves, the bad banks don't need you to give them money.

 

 

Ah, the financial expert speaks again. You appear to have overlooked the fact that it was the refusal of good banks to lend to Northern Rock that brought it down. And that Northern Rock was dependent on this expensive and unreliable source of funds because sensible people wouldn't deposit money with them, despite the high interest rates they offered.

 

Customer deposits are the cheapest form of money available to a bank. If you examine LIBOR rates over the past month or so you will see how expensive it can be for a bank to borrow from another one.

 

S

[WTF]

If there were no depositor protection schemes and (worthless) parent company guarantees, people might think more carefully about where they put their money. Then prudently run banks would be rewarded by getting more business, and shysters would be punished by getting less.

 

 

S

 

 

it doesn't matter which bank you put your money in, as the good banks lend to the bad banks themselves, the bad banks don't need you to give them money.

 

 

Ah, the financial expert speaks again. You appear to have overlooked the fact that it was the refusal of good banks to lend to Northern Rock that brought it down. And that Northern Rock was dependent on this expensive and unreliable source of funds because sensible people wouldn't deposit money with them, despite the high interest rates they offered.

 

Customer deposits are the cheapest form of money available to a bank. If you examine LIBOR rates over the past month or so you will see how expensive it can be for a bank to borrow from another one.

 

S

fair point, but banks not lending to northern croc didn't bring it down, it was obviously already there. they just didn't keep it held up. not the same thing. but atleast the senior management got huge sallaries and bonuses at the taxpayers expense and are still there cos we can't afford to 'loose' the experts!!! they are so good at their job then eh??

[Lee54]

The scheme has no protection for small companies or sole traders, so let them go to the wall and more on the dole, good thinking batman

 

So Joe Blogs the shopkeeper has an account with the Bank, most of the money would be in a current account to pay his suppliers and vat at the end of the month. The bank goes tits up, Mr Blogs still has to pay his suppliers ( which could be you) and he has to pay the vat. Should he just keep in money under his bed and have some thief break in once they find out he keeps cash in the house.

Sole traders, small businesses should be treated the same as the rest.

Look again, businesses are now included.

 

Thanks

But on checking with the treasury today I was told that Tynwald have approved to consider a £15/20k payout to sole traders

[Tugger]

Regulation 9(3) used to say "In determining the amount of an eligible protected deposit due to any individual..." "Individual" has now been changed to "person" which, under the Interpretation Act, includes a body corporate

[Albert Tatlock]

I've never seen so much doom-mungering ever on the BBC (and ITV) about the economy as to what was on today. These people are talking us into a feckin deeper recession.

 

They had unemployment 'doubling' in the North West, when what they meant was double the number as last year went on the dole - wholly different - the actual increase is about 3% of the existing (generally can't work, won't work brigade).

 

Scaremongering twats. Show some responsibility and get your facts right media - most of the views of Joe and Sharon Blogs are based on what you people say. You're leading the panic.

[oldmanxfella]

I've never seen so much doom-mungering ever on the BBC (and ITV) about the economy as to what was on today. These people are talking us into a feckin deeper recession.

 

We're doomed. Its too late to save us now. I see my life unravelling before me now and will enjoy the next 10 years travelling like Charles Bukowski through the dust bowl of the 21st Century Isle of Man. Writing, fighting, drinking, shagging, and chronicling my slow descent from comfortable middle class mediocracy into drunken obscurity.

 

Pass me another bottle of Merlot ......

[Mutley]

So after initially claiming that the IOM will weather the storm it now appears that he totally under estimated the situation and we're all now fooked. Do we get ratio books?

 

http://www.iomtoday.co.im/news/Treasury-Mi...e-of.4727978.jp

[Slim]

So after initially claiming that the IOM will weather the storm

 

I guess his crystal ball must have been fooked that day.

[Amadeus]

Just slim down government a bit - way too many jobsworths anyway. Scrap some fucking roundabout and other looney plans as well and hey presto! Saved...