Hourly pay rate of...

[Rossgo]

£9 per hour

So as many are talking about it on Facebook and at my work I wouldn't mind knowing what other peoples views are on the matter.

[Kwacky]

What is this? The minimum wage?

[Monty]

If I had to live on that I'd be bankrupt in 3 months. After tax that wouldn't cover the mortgage and the food bill.

[Cav]

I'm an Apprentice on Salary pay but it works out about £9.90/hour.

I live with my girlfriends family and pay rent. I could just about manage to rent a place but only just - I wouldn't be able to afford fuel to get to work though

[Kwacky]

Property prices are the biggest problem in this country. It's all well and good the government announcing plans for new houses but most of them are beyond first time buyers and large numbers are being bought by people who are renting them out.

[Rossgo]

But do people think that if the living wage was 9quid per hour prices in this country would stay the same? Or do you think it would cause massive inflation?

I think the latter. At the end of the day look at Oz, yes they are on good money but feck me it's so expensive over there.

[Kwacky]

It depends.

In this country we tend to get hit hardest on stuff we have to buy. Car prices have shot up, as have house prices. Petrol was almost £1.40 a litre.

But other stuff remains cheap.

When I bought a house average property prices were 3 times the national average wage. That's gone up to 6 times in recent years, it's down to about 5.25 now.

Inflation may rise if the wage goes up but I doubt it would rise by much. It's been artificially low for a few years.

[Rossgo]

Very true house prices are a joke and many can't afford to buy. me being one of them. Petrol is easy to target everyone has to buy it. I don't understand how in other places in the world it's cheaper than in Europe. To be honest it takes the piss, OZ I's very cheap for fuel I was shocked!

But is the 9qyid just playing catch up of the cost of living and therefore prices shouldn't change? I have heard this from a couple of people and don't see how that works out. Companies pay out more on employees, profits get cut, jobs must get cut and people surely have to get replaced with machines?

[D41]

Gas taxes are HUGE in the UK...and just taxes in general, but gas represents the largest non-income source of revenue for the govt.

[Perkles]

People will get replaced by machines regardless of the minimum wage

[D41]

It depends.

In this country we tend to get hit hardest on stuff we have to buy. Car prices have shot up, as have house prices. Petrol was almost £1.40 a litre.

But other stuff remains cheap.

When I bought a house average property prices were 3 times the national average wage. That's gone up to 6 times in recent years, it's down to about 5.25 now.

I like your thinking re: pricing.....3 times/annual income sounds about right to me for property....30-35% for vehicles (by that I mean a $30K vehicle paid over 5 years)....see too many people working their asses off so they can drive a nice car to work...insanity.

[Kwacky]

People will get replaced by machines regardless of the minimum wage

I'm blaming you

[duke63]

People will get replaced by machines regardless of the minimum wage

Is this Perkles fault too? No wonder he was so keen on that new job.


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[Kwacky]

£4,000?

You can't get a wedding for that.

[Blade]

Its a double edged sword low inflation is no good for savers.

[duke63]

We won't ever see much higher interest rates than now, IMHO.

[Blade]

It's hardly worth having savings these days. You money is probably actually devaluing in the bank. ISA rates have been crap for the last few years.

[duke63]

Banks and building societies are now awash with savers cash but they dont want to lend it out to many people anymore so they can't afford to pay decent interest on the massive savings they have.

[C00kiemonster]

Banks and building societies are now awash with savers cash but they dont want to lend it out to many people anymore so they can't afford to pay decent interest on the massive savings they have.

Why people put their money in banks these days is beyond me. Savings rates are appealing and there is much more money to be made elsewhere. It just takes research and spreading risk.

The cash ISAs amaze me - they may be tax free but there is fook all tax on fook all interest

[Cav]

I'd like to trial an idea I've had for about over 7 years now but I don't have the money for it.

I'd also like to buy my own house by the time I'm 25 but that won't be happening because my girlfriend can't work through disability. You HAVE to be in a partnership with both people earning £25k or more to live comfortably these days.