What is going to happen to the economy? Are you worried about this?

[Whattree]

I know it’s apparently going to crash. But for a dumbed down explanation (I’m not a business person!)...what can we expect? Will it be as bad as they think?

So far I can only foresee house prices dropping. But beyond that I’m not great with economy understanding...

Not sure house prices will drop but I am very worried especially as I have four teenagers/ young adults and I am worried about their futures. Dh and I will be ok as long as we can keep our jobs as we have no mortgage so at least that is something. My job is funded by a charity which is losing millions in revenue, so the future of my job is uncertain. I have no idea how this government are going to fund the benefits bill for mass unemployment if it comes to that and I worry for people losing their jobs who have mortgages and a benefit system which doesn't really help with mortgage payments. The government are going to have to come up with a plan to stop mass repossessions.

Unemployment is a real fear. We were lucky both our jobs were fairly secure. But like PP my job is funded by a charity and our income is down 95%. There are organisations we can apply to for grants (and we have), but we there's not an unlimited amount of money. The painful thing is that the charity is busier than pre COVID-19 as we support some of the most vulnerable in society. Without resources (people) we can't do that work.

It’s already crashed!
And yes, terrified.

Yes. Our future is looking so different to how we imagined

Yes. massively worried.....we are already in the deepest recession and its only just starting.

I think we need to have a look at how we’re expecting people to contribute to the recovery once all this is over i.e not just PAYE taxes but asset taxing, particularly for the asset rich generations.

I'm growing increasingly anxious about the whole situation including the economy. Maybe I've read too many dystopian books, and seen too many films, but I can't stop feeling that we're heading for a real disaster.
DP keeps telling me not to worry, but I can't seem to stop it.

I feel desperately sorry for people who have spent years building up businesses for which there is now no use. It must be heartbreaking.

ln the credit crunch my DH and I both lost our jobs, one of the pensions disappeared with the company so lost that. We just held on to our house but it wasnt that suitable for our stage of life and we were 'trapped' in it for 7 years as it the price dropped ever so slightly. We found other jobs but i never really got back to my old level. Then there was austerity meaning public services are in a state and benefits are letting disabled people die.
This is going to be worse. I am terrified.

I'm terrified at the moment. The business I've worked for an entire decade to (successfully!) build up has completely gone to shit, I've been left in an industry that's worthless with no qualifications or training to do anything else, and am faced with the distinct possibility of having to do a minimum wage job when I was used to earning £60/hr.

There's nothing wrong with minimum wage jobs, but it'd mean selling the house, probably moving a significant distance, probably getting rid of a car, giving up a hobby .. first world problems of course, but life will look very different at the end of this.

I'm worried there will be mass unemployment. Lots of businesses will go bust.

Looking to the future, there will be mass discontentment as people start to resent the restrictions while tax rises and unemployment start to bite.

The divisions in society and the cancel culture which is unforgiving and discourages rational discussion or consensus mean we will find it very hard as a society to pull together and 'keep calm and carry on'. Instead, shrill insults, scapegoats and enmity will be the order of the day, like Brexit but worse. The distrust of the media will grow as biased media perpetuates fear and blame.

There will be massive political consequences. The current government will be voted out, but it's unclear who will replace them. Possibly a far-right or far-left party which will promise to end the chaos through strong leadership, and will start to usher in an authoritarian regime.

There will be limited protest or challenge to this from a weary and fearful majority that has become increasingly used to complying and obeying and having their civil liberties chipped away at for years.

Wildswim - please tell me there is a plucky young female hero who will over throw this regime ?

As a couple we should be fairly insulated as my husband is a high earner and his job is safe for the next couple of years at least, hopefully enough to see us through even if my earnings take a hit. However being ok ourselves is no reason to be smug or complacent as I don't want to live in a society where people are losing their jobs and homes. think we need a radical rethink, higher taxes and and UBI.

The economy is bad now, but when no deal Brexit arrives there'll be food riots. There's only one silver lining: a Biden victory will mean Boris is finally sacked. He's unacceptable to the Dems over the Kenya insult to Obama, and if it looks like the GFA is in danger, we might be instructed to make a deal with the EU. We'll still be in the shit, but no deeper than anywhere else.

Brexit almost seems to be insignificant in comparison to covid now doesnt it? I'm concerned about cost of food rising just as peoples jobs and incomes are going.

We really are pretty screwed and we're middle class etc etc just not in highly paid or safe careers.

So many things we wanted to do with the kids. All sorts. I feel a bit like when a rollercoaster is going up the hill before it spins.

DH and I were both unemployed at the start of this and now things are looking even less hopeful.

I feel very worried and scared for the future of this country. Thousands upon thousands of job losses coming, mass poverty and homelessness too

The gap between the rich and poor and the ''haves and have nots" will become even bigger, and I hate to say it but the north/south divide will also become bigger and more of an issue.

I think Johnson will be gone soon and Sunak will be new PM. He's not much of a lockdown fan so hopefully the economy trashing will stop at that point and he can sack Wanksock.

I'm more worried about it than I am about catching Covid.

I’m absolutely scared shitless.

It’s taken me and Dh a long long time to become finically comfortable (about 10 years - 2 redundancy and lots of bad decisions) covid has come along and boom we are back up to our eyeballs in debt!

Our income dropped 40% but our bills didn’t in fact we were spending more and more on food, electric being at home 24/7. Our commuting cost saved haven’t touched the amount we have spent.

All our savings wiped out and we now have a large credit card debt...which I have worked out will take us at least 12-18 month to clear.

It doesn’t help that I’m down around £300/400 on my salary a month (with very little hope of this improving) and Dh will be made redundant within the next 6-8 months (this was known about and what the savings were for) he’s the main earner. With covid a no deal with leaving the EU I doubt he will manage to get a job on his current salary.

I have been applying for better paid jobs but don’t seem to be getting interviews/the jobs. Also with covid this probably isn’t the best time to job hop as mine is relatively secure.

I’ve started to apply for part time jobs around my full time one working evening/weekends, but these are getting 100 applications per job. This is to clear the credit card and loan before the shit completely hits the fan.

I had a look on the universal credit website and it looks like I’m entitled to zero! This of course may change.

It just really does make life so difficult and the future very uncertain.

Scary times ahead

I feel very worried , like a financial equivalent of a tsunami is coming as every time I read about the level of public spending and also the level of need for it (plus how badly some public spending is spent too) I wonder how society as we know it can function. I am very ignorant on this but When Cyprus had a financial collapse I believe the gov had to seize assets from the wealthiest and I do have anxiety (though no savings!) but wonder where all this public money is going to come from . and also wonder how we can ever recreate the jobs that have gone . I really don’t know the answer and don’t like it.

Yep. The economy tanking is much more worrying than the virus. I'm also extremely worried that we are being governed by deception, and the public are greedily lapping it up.

Is there a way to delete that? It was meant to be a reply to a text ! Sorry

@Specialgodson I've reported your post for you, hopefully will be deleted soon.

Yes it is very concerning.

And likely to get worse as cities ask for funding as they hit more restrictions