To think that financially, Covid hasn't changed much for many people.

[blueblueblue101]

I keep hearing that we are in a recession that will be the longest and deepest in history. Yet when I look around, no one seems to be financially hit. Plenty of people going out for their meal out to help out. People still able to afford holidays. No one around me has been made redundant and no one I know seems to be remotely concerned about what the future holds in regards to finances Meanwhile, I am eaten up with worry that we'll lose our jobs our home etc.

I think the effects will be polarised.

Huge numbers of people won't have been financially affected at all, i.e. pensioners, benefit claimants, workers who've not been furloughed etc etc.

Furloughed workers may only have received 80% of their wage, but they'll have also paid less tax/NIC/pension/student loans and may have saved on commuting costs, so may not have been hit by 20% in their pocket.

Of course, at the other end of the scale, some people will have been absolutely knackered by covid. I.e. those made redundant or put on drastically reduced hours, the estimated 3 million self employed who fell through the support scheme cracks, etc.

But, I think overall, most people won't have been badly hit, if it all. Trouble is that is offset by the minority who have been so badly hit that they are losing their businesses, their homes, their savings, etc.

I could have cried walking round London yesterday evening, the place should be heaving with tourists, office workers heading for a pint before going to the station, taxis, buses etc etc. It was deserted and I wonder if it will ever recover properly with a lot of business moving out of London due to high rent and the success of home working.

We have become better off, basically no commuting or childcare costs, refunded holidays and forced savings as well as a feeling of uncertainty meaning we don't want to splash out. I've also had a pay rise during covid (I'm an NHS worker!)

I am incredibly worried about the jobs being lost though, friends and family already affected. Those close to me in building-related trades, so structural engineering, architecture etc appear to have been badly hit. Hospitality and leisure is on its knees. It's very worrying.

I'm not too sure how best to support people, could probably donate more to local foodbanks but we give lots to other charities already.

You must live in a very privileged little bubble.

Can't people learn to read?
The OP clearly wrote Meanwhile, I am eaten up with worry that we'll lose our jobs our home etc.

trying to be nasty, sarcastic, and superior is failing spectacularly here!

To the ones who talked about using brain... why don't you try it first yourself? Just a thought.

People tend to keep things private except to a small inner circle. DPs branch is losing 25% of its work force. All coming from the 40% on furlough. There is no talk whatsoever even though the letters were sent two weeks ago. They will not be financially hit until after redundancy.

I don’t recall the 80s either. I did work through 2008/9 though and whilst I didn’t lose my job, we did take a 20% pay cut for 6 months and there were no bonuses or pay rises. I several friends lose jobs and a lot were out of work for 6 months plus.

True for some but for people working in -

theatre, some of the Arts, airlines and associated, some hospitality and people that supply those businesses it has been tough... the unemployment figures can be seen to be rising and the government furlough scheme is shoring up others ...when that ends, we then really see.

If only people could think and read properly...

It is very true that the effects are very minimal SO FAR. A few businesses have closed down, but not many. Most people have benefited from at least furlough, and a huge amount has saved money by being stuck home.

There's a horrible wave of financial disaster on its way, but we are not there yet. The day it comes crashing down, as it will, the post from the OP will make perfect sense.

it is TRUE that the country is booming with holiday-makers, people have rushed to non-essential luxury activities whilst they can still afford them. Around here the property market is absolutely booming.

Our household has been badly affected. DH self-employed in an industry that has had to shut it's doors, he's not worked in his career since before lockdown.
He's done some casual labouring but that's obviously a fraction of what he normally earns.
No end in sight either, and some of the big players in his industry are starting to fold now.

theatre, some of the Arts, airlines and associated, some hospitality and people that supply those businesses it has been tough... the unemployment figures can be seen to be rising and the government furlough scheme is shoring up others ...when that ends, we then really see.

Yes absolutely. Even if you work in say, the IT industry, a lot of your company’s customers could be in the first affected areas, the economy is entwined.

Around here the property market is absolutely booming.

Same here apparently. It’s a mystery to me as usually economic uncertainty means people batten down the hatches. It’s one thing spending £30 on a couple of eat out to help out meals and another to commit to a big mortgage.

I've had to instruct my mother to move her savings to another account because in the event of a 2008 financial melt down, she would loose thousands of pounds.

I guess it depends on who you know.
Personally I have lost £100 a month because of of changes to travel. I use the local
Coach to get to work, this was cancelled back in March, so I have to use the train because I have worked through out. This has resulted in just over double the fare, which is quite a lot for me. Yet my friend who is always skint suddenly has money for takeouts, day trips, clothes etc. I think it’s quite a difficult one to know for sure, everyone is different.

OP are you my boss? She trotted out something similar at the start of lockdown as she halved my working hours. Meanwhile our mutual friend could've lost her home because she wasn't eligible for support and another will come back from furlough and have to make several of their close friends redundant.

I don't think you're looking in the right direction.

I’m a consultant working with a large UK client and there are about to be huge huge job cuts significantly above the huge cuts that have already been announced. So don’t underestimate the fact that a lot of companies are limping on but about to make the painful decision that the next 2-3 years aren’t looking good so they can’t hold onto people any longer.

In terms of direct acquaintances, yes I only know one person who was made redundant and that was in travel and tourism marketing.

40% of my company was made redundant. Our family’s gross income has now dipped by over a third. We are lucky that we can still afford to do some nice things but our pension contributions, holidays and savings will definitely take a hit!

I wish I lived in your bubble OP. Many people I know have been furloughed, made redundant, had self-employment work vanish, gone onto benefits, had to accept salary pay-cuts, had their career options disappear (eg airline workers) etc etc. Most people I know are terrified of what the future holds financially. Everytime I listen to the news there are businesses closing, layoffs etc.
In our neighbourhood a food bank has just started, to help those affected - every day people start queueing 4 hours before its doors open.
If only we all lived in your bubble, OP.

@notalwaysalondoner

I’m a consultant working with a large UK client and there are about to be huge huge job cuts significantly above the huge cuts that have already been announced. So don’t underestimate the fact that a lot of companies are limping on but about to make the painful decision that the next 2-3 years aren’t looking good so they can’t hold onto people any longer.

In terms of direct acquaintances, yes I only know one person who was made redundant and that was in travel and tourism marketing.

I hate it when people post like this. I think it's scare mongering to the highest degree. Lots of people on here will be working for big companies

@QueSera

I wish I lived in your bubble OP. Many people I know have been furloughed, made redundant, had self-employment work vanish, gone onto benefits, had to accept salary pay-cuts, had their career options disappear (eg airline workers) etc etc. Most people I know are terrified of what the future holds financially. Everytime I listen to the news there are businesses closing, layoffs etc. In our neighbourhood a food bank has just started, to help those affected - every day people start queueing 4 hours before its doors open. If only we all lived in your bubble, OP.

You could re-read the op and her subsequent two posts in which she explains how she is "eaten up with worry that we'll lose our jobs our home etc." before accusing her of living in a bubble.

Same here apparently. It’s a mystery to me as usually economic uncertainty means people batten down the hatches. It’s one thing spending £30 on a couple of eat out to help out meals and another to commit to a big mortgage.

I think many people have realised that they are better off buying now whilst they still can than waiting and getting stuck later on for god knows how long.

i dont think everyone has stopped gong to work my husbands building had a 1000 peo0ple in yesterday so not everyone is working from home

I hate it when people post like this. I think it's scare mongering to the highest degree. Lots of people on here will be working for big companies

People are adults, it's pretty obvious the shit is about to hit the fan, but things haven't changed (or have improved) for many people for now.

If you want to hide your head in the sand, it's your right, but you can't expect people to lie and pretend the economy is on the way to a huge and blissful bloom.

Personally we haven't felt much of an immediate impact since March, but in the longer term it absolutely will affect us. I was jobseeking before covid, having resigned at the end of 2019. Luckily DH's job and income are stable, but now my chances of finding work are far slimmer! I'm mostly looking at retail supervisor/team leader positions and just in our small shopping centre 7 shops have permanently closed so there's suddenly a lot more retail staff competing for the few jobs that are available. Even if I step back and look at sales assistant or customer service jobs, the positions just aren't there to apply for. I think it'd be very naive to think that in 6 months or a years time we'll still be saying 'we haven't felt much of a change' so we're being far more careful with money and thinking a lot more about what we spend.

Not sure where you are looking OP, but lots being made redundant, businesses closing.
We lost 70% of our income, I'd say that's being affected.

@SantaClaritaDiet

Same here apparently. It’s a mystery to me as usually economic uncertainty means people batten down the hatches. It’s one thing spending £30 on a couple of eat out to help out meals and another to commit to a big mortgage.

I think many people have realised that they are better off buying now whilst they still can than waiting and getting stuck later on for god knows how long.

The house prices around me are crazy literally 100k added on since before lockdown. People are going mad!!!!! They seem to be moving though, but then a lot are going on and off the market! We need to sell our house, I'm hoping our will hold value and we are holding on until the new year