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...

That’s so kind, I had a bit of a panic as such a random addition to a serious thread !! Thank you

If these lockdowns continue to next spring I doubt if many independent businesses will survive it. Also many other businesses have such a tight cash flow that they will also have difficulty surviving. The fall in tax receipts and our reduced ability to borrow money will affect public services and healthcare. Because people in the U.K. mostly don’t pay for healthcare few are aware of how expensive it is to treat common conditions like type 2 diabetes or COPD. Although some people feel they are safe in their jobs this crisis will hit the whole economy and I can foresee redundancies and wage reductions in the pipeline

Really quite worried. We've just sold our house without having anything to go to so are renting. Not sure how that's going to pan out for us if economy tanks. Suppose at least the rent is cheaper than our mortgage but still.

I am also a cost to the business I work for (though on mat leave for a year) so just hoping we weather the storm and I don't lose my job. Think DH is quite secure and we could technically survive on his wage but it would be tight.

The whole bloody thing is a mess and can't see what the answer is tbh.

Yes I’m terrified. My employer told us last week that they are making redundancies and I have a mortgage and financial commitments like all of my other colleagues so we’re all worried sick. There’s so many people i know in the same position so there’s going to be no jobs to apply for in my area. The effects of lockdown and the government’s response to covid is much more damaging in the long run than the virus itself.

It will be like nothing most of us have ever experienced, and will affect every industry. Very large companies will survive, but they'll make swingeing cuts across the board. I should think the only people unaffected will be those in healthcare or pharma. Wouldn't be surprised if we see 15% unemployment by this time next year of this continues. Even if there's a vaccine, it'll take a while to get back to economic growth and probably four years to get back to January 2019.

I think anyone who isn't worried is a fool.

There's no bounce back once restrictions are eased and borders are opened.

This is going to be a quick decline and a very slow recovery.

Yes, I don't know what the impact will be but I am very worried

Very worried. Really annoyed about people calling for lockdowns etc. and anyone who argues against it being accused of putting job before health.
Worried about keeping my job, feeding my children and keeping our roof over our heads, as I could not pay mortgage if unemployed.

The effects of lockdown and the government’s response to covid is much more damaging in the long run than the virus itself

Yep. It's crazy.

The sad thing is that there was quite a quick initial bounce back after they eased the first round of restrictions. I think that things would have recovered quite well, albeit with a bit of a debt to pay back and some collateral.

Now we're facing six further months of severe restrictions, and with less financial assistance. Private individuals and businesses will have exhausted their resources. It's going to be an ugly winter.

Oh and we're going to possibly have a no-deal Brexit right in the middle of it. Sigh.

I'm vet anxiously about the economy. My parents lost hour house in the big recession, it was horrific. Hopefully my job is secure but I wouldn't guess anything right now.

However there are many many where there jobs aren't secure. What happens to them?

Jesus sorry for the spelling. Edit button needed.

I worry about it more for my family than myself. Me and dp both work in the NHS as a nurse and hca respectively. I believe we are relatively secure however know of a number of nurses whose roles were made redundant or downgraded during the post recession austerity last time so I'm under no illusion that we are untouchable.
I worry for my community, the smaller businesses that are unlikely to survive. I worry about peoples mental health through all this mess and the more to come (I'm a mental health nurse), we've already seen an increase on call to our first response team, christ knows what the future holds with that.

I walk down the local high street a few times a week and over the past few months there has been Increasing number of shop closing down. I think so far most of the population has had their incomes protected but when this become unviable or severely reduced then that’s when there will be a public demand for the government to change tactics

@MaxNormal

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 an incompetent like Rishi becoming PM than I am re the economy.

More funding announced each week. This time arts. Stacking up all the time and feels endless.

It seems the cure will be worse then the illness.

Yes, I’m very worried.,

It’s tricky - I’m in Sydney and we had a short swathe of a number of businesses going under during our height of the pandemic.
And then our lockdown ended and we’re back to busy restaurants and cafes, people getting out and about and things seem pretty much back to normal now. Even tourism, which was hit extremely hard (our borders are still closed) has come back as people are desperate to get away for a bit.
So if businesses can just weather the storm, things have bounced back here so hopefully will there too.
The second lock down is a pain, I agree though.
It’s so hard when it seems like the cure is worse than the illness.