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Original poster

Recession is here

110 replies

icelolly12 · 03/08/2023 14:50

With the rising prices, hiked interest rates, closures of shops now Wilko, plus in my area many local restaurants and cafes that had been open for years have recently announced they're having to close... I'm pretty sure we're in a recession and that it's going to get worse. Is anyone else feeling the same? Everybody in real life is acting as if everything is perfectly fine.

OP posts:

VinEtFromage · 04/08/2023 11:28

icelolly12 · 03/08/2023 15:17

I know there's an official definition, but I can also see what's around me and can't see how we're not in one despite what the stats say. There's no way we're "over the worst of it" the fallout from the interest hikes hasn't had chance to fully impact yet.

@icelolly12

As you admit, there's an official definition of Recession. It's irresponsible to go around announcing we're in a recession when officially we are not!

you are, of course, welcome to your own opinion on the state of the economy, but it's not on to be making it sound like you'd heard official news, when you haven't.

edwinbear · 04/08/2023 11:31

@VinEtFromage completely agree. Massive, sensationalist thread title, which is completely inaccurate.

VinEtFromage · 04/08/2023 11:34

icelolly12 · 03/08/2023 16:53

I guess what I mean is... it's round the corner and the warning signs are here.

@icelolly12

maybe report your OP & ask MN to amend your title.

VinEtFromage · 04/08/2023 11:39

SilverGlitterBaubles · 03/08/2023 17:46

I recently read that only 30% of homeowners have a mortgage, that is quite a lot less than I thought it would be.

@SilverGlitterBaubles

yeah, I heard that too, had to rewind to check I'd heard correctly. Hopefully that will help keep things a bit more stable.

RosaGallica · 04/08/2023 12:07

We are certainly in turbulent economic times, bad economic times for most people, and have been really since the 1980s. Ways of making a living have changed and are still changing as societies adapt to new technology. Social trends in the U.K. seem to favour a return towards inheritance and family connections as the basis for society. The push for consumerism has driven up environmental damage which is only now beginning to impact on most humans. It’s as turbulent a time as the Agricultural or Industrial Revolution, the Bronze Age and post-Roman collapses, and only the historians of 200 or 2000 years time will be deciding whether it is revolution or collapse and how much cultural continuity there is. But not officially a recession, and the people who get to write the histories are the social winners, not the majority of ordinary working folk who get ploughed under.

VinEtFromage · 04/08/2023 12:46

icelolly12 · 03/08/2023 19:20

Maybe not, but it's another load of job losses and yet another empty shop in the high street.

Show quote history

It's a shame for the job losses of course, and a shame for yet another longstanding, well known retailer, but this has been happening since well before covid, willow had held on longer than expected. It no longer has/had that corner of the market, competitors are doing it better & their online presence was dismal.

i hope the staff all get new jobs, there seems to be a lot advertised in retail (hopefully near where the wilko staff live!!)

JugglingJanuary · 04/08/2023 13:03

Willmafrockfit · 03/08/2023 21:24

why would you not buy a house now?
it wont be easier in the future?

@Willmafrockfit

I'm not moving now because I now can't borrow as much as I could before & I needed every bit of it to jump up a housing category (flat to house with garden & parking). (Deep joys of living in the SE)

I know it may not be any better in the future, trust me I'm all too fucking aware of that!

even if I could do it, I wouldn't be putting myself under that much stress, I could currently cover my mortgage & council tax with bits & pieces of jobs if I needed to & fortunately I have enough saved to get me through until I got a full time job again. No way could I do that if I moved.

your theory only really applies if you're young, in good/stable jobs & likely to climb the career ladder.

SilverGlitterBaubles · 07/08/2023 10:48

When I look around I see very little evidence of recession - all the families I know are still going on holiday, people are going ahead with home improvements and most importantly everyone is in work. The only thing people have cut back on is eating and drinking out and being more careful about food shopping.

Beezknees · 07/08/2023 11:06

I was made redundant at the beginning of July, the company I worked for went bust. Myself and my 3 office colleagues have all managed to secure new jobs within the month. All my family and friends are ok. My best friend is currently on holiday in Italy. Doesn't seem all doom and gloom to us.

I think if you have young kids and childcare costs it's a harder situation. Nobody I know has young children.

SilverGlitterBaubles · 07/08/2023 11:40

I think if you have young kids and childcare costs it's a harder situation. Nobody I know has young children.

Agreed, childcare costs are extortionate and if you have a rising mortgage and childcare costs that is a huge burden. Swap childcare costs for subsidising one or two at university and the burden is still high.

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