To think we are heading towards an economic crisis?

[crunchymint]

The pound has fallen as Brexit approaches and there are no proper deals in place.
Retail spending in Britain is down.
The Turkish Lira fell by 20% today.
The Russian Ruble has also fallen.
All of this will have an impact on the economy. I see us hurtling towards an economic crisis.

[WoodsBook]

I have discovered in life - do not stress about things you can't control.

[ArseHair]

We're already in one.

[Cismyass]

No point worrying unduly but (and i've always been right on these things) we're heading for a God almighty clusterfuck. The UK government will kill off the sick and poor, there will be riots and chaos.

[ThroughThickAndThin01]

Yes, it’s overdue. Don’t think it’ll happen yet but when it does it’ll be big.

[Apehouse]

The Turkish lira and Russian rouble fell against what? The dollar, the euro, the Swiss franc? So something rose, comparatively speaking, and it is no use predicting economic crisis on the back of some random currencies falling.

I’d worry more about hydrocarbons running out and about climate change. That might cause a crisis that is not just economic.

[PurpleFlower1983]

Of course we are, it’s already started.

[Birdsgottafly]

Yes we are. Things are a mess in the US as well. Trump is trying to do deals, or rather not do deals with US Farmers etc and the rest of the World and the truth is that he doesn't know what he is doing, but won't take advice.

The next couple of years, is going to be one of those time periods were there is going to be a change in the World.

Likewise the environmental disasters we are heading towards if the changes suggested, including protecting 30% of the Oceans, don't go ahead.

[Merryoldgoat]

Aren’t we already in one?

[firstevernamechange]

Yes, and a completely avoidable (or at least managable) one at that.

The way the current government is gambling on a completely unrealistic Brexit deal is irresponsible.

[ChazsBrilliantAttitude]

I think people are expecting the more general economic downturn to gather momentum next year. Interest rates are rising, there are huge structural financial mismatches in the Eurozone, weaker companies are starting to wobble.
The Turkish economy is not too closely linked to the European ones but they are acting as a buffer in the refugee crisis from Syria.

[longwayoff]

Yes, yes, yes and yes. Right now and heading for worse.

[ElseaMoon]

If this is the case how can we prepare? I don't mean for hard prepping but in the every day/week sense? We live paycheck to paycheck and already struggle.

[twofingerstoEverything]

Trump has his fingers in the Turkish Lira crisis (surprise!) and is stirring things up to an extent where repercussions could be widespread. If you aren't worried about two powerful dick-swingers being in a standoff over trade tarriffs, you have your head in the sand.
It does not bode well for any post-Brexit trade agreements the UK might make with the US. (I know there are other domestic issues with the TL as well as Trump's tarriffs war.)
I’d worry more about hydrocarbons running out and about climate change. That might cause a crisis that is not just economic.
I'm worried about this, too. We don't have to play 'crisis top trumps'.

[SoftSheen]

YANBU

[ChazsBrilliantAttitude]

How to prepare as an individual?
Cut back on debt - interest rates in the UK will probably rise again.
If you are able to build a bit of a financial buffer do so (I know not everyone can)
Diversify income streams - if both you and your partner work in the same company and there is a round of redundancies potentially your whole family income is at risk.

[PrincessoftheSea]

YANBU and history will judge all the politicians involved with Brexit harshly.

This country is being pushed off the Brexit cliff by the ineducated and ill-informed or the rich with a nasty agenda.

[PrincessoftheSea]

Uneducated

[Helmetbymidnight]

Of course, but according to brexiteers things will be great in between 20-50 years so it’s totally worth it.

[ChazsBrilliantAttitude]

This is a global economic crisis not a Brexit induced one. Brexit may affect our ability to weather it or may bring economic woes of its own but with or without Brexit people are expecting a slow down possibly a recession.

[crunchymint]

It is a global economic crisis, but Brexit is making it worse. There is too much uncertainty for business at the moment and investors are selling British currency.

[KittyHawke80]

Of course we are. And those of us who voted not to be condemned to death are now being expected also to dig our own graves. The ultimate adding of insult to injury.

[ChazsBrilliantAttitude]

I would agree with that.
Brexit will affect how the UK copes with the global crisis but it’s not the sole cause of the problem so our response needs to be wider than just Brexit issues.

[purplelila2]

We never really made it out of the last crisis.

I'm not an expert but to me interest rates being the lowest in 500 years shows that we were due an economic depression that we managed to stave off

[CuriousaboutSamphire]

We have been for many years. We are just in a slightly different track now.

So much fiddling, embroidering round the edges has been done, in a vain attempt to avoid the inevitable, it will, when it happens, be worse than the natural even would have been - again! Those interest rates purplelila mentions should be scaring you more than any Brexit / EU issue!

Brexit itself is just another symptom, not cause!

The only thing you can realistically do is gather your resources, slim down your outgoings if at all possible and, most importantly, remember not to hold your breath.

[KimCheesePickle]

How to prepare?

Learn to budget properly. Look at Dave Ramsey or YNAB program. Lots of youtube videos/blogs discussing these techniques. Also CAP offer budgeting classes. Try to get to a point where you have 3 - 6 months basic living costs saved away. Pay yourself first, ie before you pay any other bills/expenses, put a chunk into an instant access savings account. It's there if you need it (eg boiler repair) but you can't fritter it. Lots of frugal living tips on MSE, eg downshifting grocery brands. Allocate your essential expenses, then give yourself an allowance for "fun" spends, like coffees, alcohol, magazines, household knickknacks, non-essential clothes etc.

Get out of debt ASAP. Throw every penny at it. On your credit cards, switch from direct debit to standing order. DDs pay the minimum amount every month and gradually decrease as you pay back the loan. SOs on the other hand are a fixed amount. The monthly repayments remain constant. Because of this it means the repayment term drops dramatically. Thread & spreadsheet on Money Matters section on here.

You don't need a zombie apocalypse stockpile, but put away a couple of boxes of basic store cupboard groceries in the attic/under stairs in case of job loss/crisis. Baked beans, tomato soup, tuna, sardines, rice, chickpeas, curry paste, UHT milk, loo roll, laundry powder, washing up liquid etc. Keep rice, flour etc in pest proof boxes. Buy cheap, but what you'd be happy to eat/use in a pinch. Just buy a few extra tins per week. This is a good investment actually as these sort of goods will be subject to inflation, and inflation is very likely to outstrip the interest rates you'd be earning in a savings account.

Look into training for other skills so you can diversify your income if you need to. Children's hairdressing, gardening, dog grooming, care work etc etc.