To be worried of impending recession

[PerpetualCircle]

According to some economists It seems that the world wide economy is heading for recession, I was house hunting until Corona broke, now nervous of ending up in negative equity and thinking I should put off buying a house til next year. That’s if I still have a job.

We were due to put an offer on a house this week, DP was made redundant yesterday! Fairly new job, last one in, first one out 😕

We're being asked to drop to a 3 day week.

Could see reduction in numbers of staff within a month

Yes, I'm more worried about that than the virus itself.

We are in a similar boat. House hunting to finally move out of our 2 bed flat (there are now 6 of us since twins came 3 months ago). Now I'm not sure I want to risk stretching our finances like that, but I am dreading this place once the babies are mobile if we don't/can't move 😫

LIFO is not a valid reason for redundancy. He should challenge that. Read the rules on ACAS web site. It’s the job that must be redundant not the person who arrived most recently.

A recession is a certainty, I'm just hoping we avoid a depression. It's definitely scaring me more than the virus just for me personally, I appreciate that the virus itself is terrifying for at-risk groups.

@BubblesBuddy he’d only been there 3 weeks.

Basically they all do the same job, health and safety advisors and apparently a lot of their clients have either cancelled or have obviously had to stop on site visits. So they had nothing for him to do.

I agree @BootShakin, recession will affect far more families than the actual virus. But I understand that we have to get it under control. It’s the speed at which it’s happened that has really winded me.

I think recession is optimistic. I think we are heading for a full blown worldwide depression.

This will be bad - lots of people have overspent when money was cheap with low interest rates and have lived beyond their means. Plenty of the chelsea tractors are on a lease hire .....

It’s the speed at which it’s happened that has really winded me.

Went to work this afternoon (I work in retail), boss came over and said I will be jobless in 2 weeks. So in less than a week really, since the stricter advice hit and I'm out of a work

I know I can manage for the forseeable future but my thoughts go out to if you are in the same situation. There are people far worse off than me and things will get worse before they get better I'm sure but I'm determined to stay positive.

Be kind to each other and I wish you all the best.

I’m expecting the worst, i honestly think the financial aftershocks will still be here when the virus passes.

Why way to much damage has been caused

Debt, depression, suicide is my biggest fear for others right now.

Too many people have took on too much debt...scares me more than the fucking virus.

Death bankruptcy or both!

Great times eh

It is frightening, the only thing I can think is that we are truly all in the same boat. Everybody seems equally at risk in every way.

@PerpetualCircle YANBU. The economic repercussions of this are going to be cataclysmic ...

I know 2 couples right now who have just put an offer in on a house, and BOTH couples are on the verge of withdrawing......

Also... Me and DH are on the cusp of buying a new car. (Well, second hand, like 15 reg, so like 7 or 8 grand.)

We currently have an 09 reg, and although it's OK and paid for 3 or 4 years ago, we want a newer one as this one is likely to cost £800-900 to get through the MOT in October. But we are scared to buy a new one. We will put £3,200 down, and will get £800 for the old car, but that will still leave 4 grand on finance. And we will still be spending eight grand!

Luckily, DH and me are in jobs that are probably not going to be affected anytime soon, and we both have contracted hours. But we are still worried, and want to be careful and cautious.

I feel actually quite worried, and quite upset when I sit and think about it... The long term effects of this is going to be horrific I think. I feel so sorry for small businesses, gig economy workers, theatre and cinema workers etc...

And also for young mums with little babies. I saw a lass in tears yesterday, as she couldn't get any nappies or formula for her kids. Though Lidl did get a load in today. But it's the long-term worry... Maybe Lidl will have some in tomorrow too... But will they have it in next week???

I feel sorry for the old and vulnerable and disabled too. Me and DH are big enough and ugly enough to take care of ourselves, and are quite healthy, and our adult DC are strong young adults (in decent, fairly secure jobs,) with no kids to look after. So I think we will be all right, for the foreseeable future anyway.

3 or 4 months down the line though? May be a different story.

My heart goes out to everyone affected by this......

A few times this past 2 or 3 days, I have sat there watching the news, and felt like crying... for what is happening, and what is to come.

I’m not actually that worried about the virus itself, I’m terrified for the socioeconomic impact.

This scare me more than the bloody virus too.

There's going to be absolute economic carnage when this is over.

Yep this is what is terrifying me most. As a PP said this is going to end in a World Wide Depression. I'm usually the most optimistic of people, but I think it's going to be awful.

I've got plan A, B and C in my head!

I think I'm ok for a couple of years in my job as we have a huge reserve. But a lot of my friends? Well they're going to be in deep trouble. Mostly my single parent friends.

@LittleYorkshireLassyour post angers me so much. Those in the public sector or claiming benefits will absorb this shitstorm better than us poor workers in the private sector

If anything good comes out of this - I hope it’s the ridiculous injustice between public and private workers is equalled out.
The ones I now in the public sector or so fucking smug.

It's nkt only coming. It's here. Everyone should brace and I've been saying for few weeks now. I am more scared of that than the virus

I made sure that I have funds to fund the absolute necessities, checked on possibility of mortgage holidays, decided which bills can wait (hopefully credit score wouldn't suffer much, but I don't plan on getting loans or smth anyway).and started feeding birds so the fat pigeons get used to me...
👀

Now > know

The speed of this has knocked the wind out of my sails too.

Three weeks ago we had s briefing at work about it and we were a bit blase. Yesterday I left not knowing when is be back in again. It's just totally bizarre.

Yep, Sir John Caudwell was on R4 on Tuesday saying the economic crisis will be far worse than the health crisis with millions unemployed.

Exceptionally scary times.

I think a real recession is very possible. I'm mighty relieved that we're mortgage- and debt-free, and feel very sad for younger people, especially with kids, who must be really worried.

The recession and property price crash at the end of the 80s/early 90s was awful. I had friends who lost their homes and friends who clung on through years of negative equity. And interest rates went up and up. The value of my house went down by around 30-40%.

The day that the base rate hit 15%, I found one of the secretaries at work in tears. Her husband had been made redundant, and she had no idea how they were going to manage. Thankfully, they only stayed that high for a brief period, and he quickly found another job, and at a better salary than before, so they were able to hang on to their home.

She was in her 50s, and thought they might have to move in with her daughter, ffs.

*Those in the public sector or claiming benefits will absorb this shitstorm better than us poor workers in the private sector

If anything good comes out of this - I hope it’s the ridiculous injustice between public and private workers is equalled out.
The ones I now in the public sector or so fucking smug*

Did that 10 years of austerity, public sector pay and benefit freezes, and public sector job cuts pass you by, @contentedsoul? In the same 10 years, the going rate for the work my DH does has gone up by nearly 50%.

Do you really believe that nurses, police officers, social workers etc are overpaid for the responsibility of the work that they do? And two of those three are now graduate entry only.

If the public sector is so fab, why are vacancy rates in some public sector professions so high? And why don't you join the public sector if it's so fantastic?

People who want a race to the bottom to iron out perceived inequalities have got it all arse about face imo.