To think we are heading towards a huge recession

[jnfrrss]

Homes and retail sales down 3% last month. Pay isn't keeping up with inflation. Backoffice staff are quickly being replaced with robots.

The last recession was only "saved" by printing billions to bail out the banks and this seems to have just caused a huge spike in assets like bonds and homes. None of the issues there have really been solved just delayed and they can't lower rates or stimulate like they did back in 07-08. The public debt has grown huge during the "austerity" times. Every day you hear of new job cuts and that's not to mention all the jobs that aren't replaced after normal attrition. Then there's brexit and the huge amount of people on interest only mortgages.

Or aibu and things are looking good?

I didn't really notice the last one so hopefully I won't notice this one either.

Same here, I don't know anyone that suffered any hardship in the last one. Either at work or in my social circle, which covers a lot of lifestyles.

We could do with a property price crash though, it'd help people get a foot on the housing ladder....

for me it meant delaying my planned retirement.

So no real impact then.

Ummmm...we've been in a huge recession since 2009 at least. Have you not heard of the credit crunch? Have you been hiding under a rock for the last 9 years???

My financial adviser says the elephant in the room is the catastrophic levels of personal debt

This^

.we've been in a huge recession since 2009 at least

So the papers keep telling us.

I've had pay rises & bonuses, my self employed mates have never been busier & if you need a builder/plumber/chippy etc it's a long wait.

Pubs, clubs & restaurants down town are booming, I feel out of place because I drive a 10 year old car.

My house has nearly doubled in price since 2009.

If this is a recession, long may it continue.....

@Bluelady - You really should name change to Cassandra.

I'm not sure what point you're trying to make here. Cassandra's prophecies were true but were not believed. Is this what you're saying about jnfrrss's post? If so, I think you're probably right.

womaningreen
We had planned to retire at 55. The financial calculations we made a few years before suggested we could.
After the crash My husband was made redundant, the value of his pension dropped. My own NHS pension went from final salary to defined because apparently public sector workers pensions are too generous and the nation couldn’t afford them. (Didn’t stop Fred the Shred and various others getting theirs but there you go!!)
There will be another recession and the pain will not be fairly shared yet again. We are not all in it together.

illustriouslyillogical
You think that delaying a planned retirement is no real impact? Three years of working full time I won’t get back. Really?

Backoffice staff are quickly being replaced with robots

Are they though? Cos Sandra from accounts doesn't look like a robot to me....

Pubs, clubs & restaurants down town are booming
Like all the restaurant chains that are closing? Do you read the papers or watch the news?

www.bbc.co.uk/news/business-43259062

I see more and more empty retail units in the different places I go to.

You think that delaying a planned retirement is no real impact?

20 years ago I planned to retire at 60, 10 years ago I planned to retire at 65, currently it's around 68.

By the time I want to retire god knows what the age will be.

So forgive me if I'm less than sympathetic that you have to delay yours - welcome to the club!!

Do you read the papers or watch the news?

I do, and it bears no resemblance to real life - maybe turn off the news & go out & about. Believe what you see, not what people tell you.

Prezzo is invariably sat next to Pizza Express + Frankie & Bennies on the same retail park/cinema complex. Of course it's going to be struggling - it offers nothing different.

No one who doesn't work there will even notice it's gone....

Where I live the town centre has done well through all other recessions. This is the first time there are a fair number of empty units. I live in a wealthy area, so this is worrying.

This is really such non news.

Recessions are part of our economic cycle.

Of course there will be another recession.

Predicting when is always difficult, but there is no doubt there will be one. Irrelevant of whether we voted to Brexit, or were staying.

So forgive me if I'm less than sympathetic that you have to delay yours - welcome to the club!!

Illogical. Yes I am also born in the 1950s and affected by the pension age changes.
My husband and I worked really hard and saved with max extra contributions to our workplace pension schemes so that we could retire early. The crash prevented this. I really don’t get your nasty attitude on this?
Recessions have real and lasting effects on people. Otherwise nobody would worry about them would they? Is that so very hard for you to grasp?
It seems you are telling us that the financial crash had no effect on you or the area you live in. Well good for you. It’s true the effect was much less in London and the S East but this does not mean it had no effect. It very obviously did if you have a look at the statistics.

Prezzo is invariably sat next to Pizza Express + Frankie & Bennies on the same retail park/cinema complex. Of course it's going to be struggling - it offers nothing different

Is that what you put the major downturn in the restaurant industry to? Do you ever get out of the retail parks and walk down the High Street. Our Prezzos were in the town centre. They are also aimed at a different demographic to Frankie and Bennies. If you have a look at the figures out today on the sharp drop in high street spending the trend is across all sectors.
Shame you can’t explain your quick fix theory to the hospitality service. 😂

Yes I wish I hadn't bothered saving for a pension at all now.

Do you ever get out of the retail parks and walk down the High Street.

I certainly do, I used the Prezzo example because that's what you linked to - I've only ever seen them in retail parks/cinema complexes.

Our high street has loads of very nice eating establishments all the way down it, you could have a different nationality meal every day for a fortnight. They certainly seem to be doing alright where we are & we eat out at least once a fortnight.

Yes I wish I hadn't bothered saving for a pension at all now.

You can't say that.

Although if someone worked a NMW and has paid the absolute minimum in for 40 years, then I doubt the pension would be enough to live on. They are deluded if they say "I paid into a pension scheme for 40 years" and expect to retire at 60.

Todays generation have to get the best jobs they can and pay in the maximum contributions. You need a pension of pot of half a million for a livable pension.

Half a million is totally unattainable for most. I paid into a pension since I was 22, at times when I could have done with that money.
Most younger people don't know how many people have been ripped off by private pensions, and how many collapsed and those who paid in got nothing. These were big scandals at the time. No compensation either. I would have been better off saving the money in a regular savings account.

I expected to retire at 62. Average life expectancy for someone my age is 82. And I have poor health so won't live that long. Probably only till 72 if I am lucky.

*I've had pay rises & bonuses, my self employed mates have never been busier & if you need a builder/plumber/chippy etc it's a long wait.

Pubs, clubs & restaurants down town are booming, I feel out of place because I drive a 10 year old car.

My house has nearly doubled in price since 2009.

If this is a recession, long may it continue.....*

That's because the brunt of austerity measures have been borne by the sick, the old, the poor and the vulnerable. And public sector workers, whose pay hasn't kept up with inflation.

Recessions come in 10 yr ish cycles so yes, constantly.