How bad is the economic fallout going to be from COVID?

[lemonlime1988]

With furlough ending at the end of this month and countless companies announcing cutbacks, redundancies, closures and hiring freezes alongside many companies unable to viably reopen - how bad will it get? Is there a chance the economy will bounce back really quickly come end of spring?

Obviously no one knows for sure, but what are people thinking?

Bad. It’s not just about Britain, the whole world is having to impose restrictions and probably beyond the spring for much of the world. The likelihood is there will be a global depression.

Probably depends how much the government decide to fuck it up for ideological reasons. You know, like they did with "austerity" which is 100% ideological and 100% shit economics.

Of course it's going to be bad. Even the optimistic scenario is bad. The others are very bad:

www.ifs.org.uk/publications/15074

But: The government can make choices and support normal people or they can shaft us all and just focus on measures which will make poverty & inequalities worse.

So while it's going to be bad the question is how bad will it be for most of us?

The small group of very wealthy people will always be fine. They might be slightly better or worse off depending what measures the government takes but with so much wealth, assets & income they can weather any storm. Unfortunately most of us are not in such a privileged position.

I just hope that they leave the ‘squeezed middle’ alone for once! But they won’t because they never do. It’s never those with £5 or £5000 left at the end of the month who foot the bill, it’s always those with £500... but they’re also supposed to be paying for childcare so they can work, or supporting kids through uni, with that money too!

Not as bad as the fallout would be for the UK from a no deal Brexit, apparently!!!

So we've all got to pray they work something out sharpish!

It's going to be bad for the next year or so. Millions out of work and losing their homes, mass poverty and homelessness, the gap between the rich and poor getting even bigger, the same with the 'haves' and 'have nots'

Not to mention a suicide crisis, mental health crisis, dental health crisis, animal health and welfare crisis, people dying from illnesses for which treatments were postponed or cancelled.

It's a rough ride ahead and a depressing winter too, unless you are rich.

www.theguardian.com/politics/2020/sep/23/no-deal-brexit-will-cost-uk-more-than-covid-report?CMP=Share_AndroidApp_Other

With that plus Brexit I’d say pretty catastrophic

I think it won't be as bad as Brexit, but it will be bad and if it would be combined with a no-deal Brexit...