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.

I’m glad that a halt on Section 21 evictions is to be enforced, but repossessions are a completely different nightmare.

agree with everything you've said @lakielady

@contentedsoul (ironic username given the level of vitriol in your post) - interesting it's now the shit's hit the fan that you feel public sector workers have a good deal - yet not good enough to tempt you into applying for a job there at any point in the last ten years you know, when we've been on constant pay freezes?

I feel sorry for anyone, private, public, or self-employed, that is going to be financially affected.

Like others, I’m absolutely terrified that a lot of us are going to have huge financial difficulties impacting us for months or years, which does scare me much more than the virus. I left work today - hardly any cars on the road, bars closed and an almost eerie silence. I can’t grasp just how sudden and quickly this has happened.

My soon to be ex Son in law was made redundant today. Company called in 1/3 of staff and made them redundant. Virtually all were the people who would not qualify for redundancy.

They were told they could reapply if their jobs were there after all this was over.

Are they saving on their wage bill and protecting profits for the already very rich owners or prudently saving the company?

Either way my son in law has had to remove his offer on the house he was buying so he could split up with my daughter - fairly amicable split but even so they now have no idea when they will be able to move on.

I'm terrified, it's keeping me awake at night. If the place I work for loses customers and fees I'll probably lose my job. It's a big employer but My role is non-essential. I'm skilled but it's wether or not any jobs are out there for me. I just hope Boris and Co do all they can to get us through this

It’s a really scary time and so many industries are impacted. The knock on effect is crazy.

Not sure what the government can do to avoid the businesses having to let people go. I know they’re trying to help but it’s hard.

I’m not so worried about my own situation but am for my husbands family. Due to random personal circumstances my MIL, SIL and nephew are not working. They’ve all mentioned they’re worried. Does that mean my husband and I should help them? We’re both in FTE but I’m due our first baby in June and off on maternity leave. I don’t know what to say and what they expect?

It is terrifying. Watching the stock markets plummet and wipe billions out in days is scary. Worst part is the uncertainty- of not knowing when we’ll go into lockdown, when we’ll emerge and when we’ll have the medicines and resources to fight it.

No doubt the financial aftershocks are to come. However interest rates are at an all time low and I suspect a further cut(s) may come. Plus the chancellor has announced a huge contribution to protect the economy, businesses and individuals. It should go some way towards damage limitation.

It will recover- but how long it will take is anyone’s guess.

And then just as hopefully we are coming through it, we'll be leaving the Eu with or without a deal in december. Wonder what the uber brexiteers will say if boris has to get an extension....

We are definitely heading for a recession, possibly a depression, I would definitely not be buying a house at the moment, guaranteed negative equity, the financial fall out will be very ugly, professionals predicting upto 20% unemployment, people who have loaded up with debt because of low interest rates over past 10 years are going to be hardest hit, anyone with massive mortgages and finance cars e.t.c

I agree the impending recession is far scarier than the virus itself. I’m due a baby in the autumn and we were meant to be buying our first house next year, I somehow can’t see that happening now. Both our jobs are relatively safe for now but who knows how bad this will get. It’s really frightening.

I think a recession would be massively optimistic. Depression seems more likely.

More likely to be a depression than just a recession.

Being dim - economically what's the difference in recession and depression?

A recession is highly likely, I am old enough to remember recessions of the 1990’s and financial crash 2008. We had recently brought our first home in 1989, for 42k it was valued at 28k just two years later, so you are right to be concerned. Repossession was commonplace and people were just taking their keys into the banks & building society. It was a really bad time. I have never forgotten it.

We bought our first house last year, with plans to do it up and sell so we can get to a better area, but that doesn't seem very likely now
If they close DH's employer is using the loophole of temporary leave to avoid making redundancy payments and will only pay them for a week. So we will be in quite the pickle

Being dim - economically what's the difference in recession and depression?

In simple terms, a depression is much more severe and lasts a lot longer than a recession.

It will be a depression

I think also think this is where we're heading.

I'm also more worried about the economic impact than the virus itself.

It will likely be a global depression on the scale of the 1930s. I'm sorry that sounds like scare-mongering but I think a lot of people are overlooking the impact of all the shutdowns.

Yup, I think this is going to be a depression the likes we've not seen before.

Just the impact of schools closing, how many companies are dependent on their business?

I agree I don't think people realise how bad it's going to get.

Bubbles, I agree but if sassenach's DP was in England and Wales and less than two years into the (new) job then would they have any recourse now, given the relatively poor protection newish recruits have?

Toogood, a recession has a technical definition for economists (two successive quarters [6 months] of negative growth). Oddly, I don't think there is a technical definition of a depression though generally thought to be longer and/or deeper than a recession. I recall a joke, a recession is when you lose your job and a depression is when I lose mine.

Yes there is going to be a massive recession, but for those who are more afraid of the recession than the virus, WAKE UP

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

Sadly, I agree.

Last one In first one out is illegal by the way. Unless he was still in probation period