When will this money crisis be over?

[Londonlade]

How long is a piece of string but realistically when are people thinking this financial crisis will be over?! Or is it the new normal?

The US strategic reserve won’t last forever and if you thinking oil prices are high now, Opec knows the west is on a march to eliminate for what many, is their only export.

Then surely this is the reason we should be investing in renewables asap, and I say that as someone who used to work as an engineer in oil and gas.

Also Brexit is a major negative factor for the UK and puts the country in a far worse economic state to face these global issues.

The UK needs to fix it's own economy, there have been a lot of bad governemnt decisions, it can only blame the war in Ukraine for so long.

To be fair, it can probably do that for a good while longer if the gullability on this thread is anything to go by.

A minimum of 2 years, house prices will drop a forecasted 30%, interest rates will most likely rise to 5-6%.

We will be going back to repossessions, houses sold by mortgage providers for very low prices & anyone who can afford it can snap up a bargain. It was very common in the 1980's & early 1990's.

Brexit is like the gigantic woolly mammoth in the corner really isn’t it?!

So easy to blame it on Ukraine but I went to France in the summer, and they aren’t experiencing half the issues we are….

We’re just trying to get better paid jobs, pay down the mortgage and pay off debts. That’s our 40 month plan (it’s specific because we’re part way through a 5 year plan) So far I’ve managed a pay increase of £2200k and we’re over paying the mortgage by £100 a month. DH has a job interview tomorrow and, if he gets it, it would be a £10k payrise 🤞 It would mean we could pay off our debts about two years earlier, bar the mortgage.

Council tax is rising because the financial contribution to councils from central government has been cut significantly over the last few years. This means that more of the money they spend has to come from council tax payers.

There have been massive cuts in staff, but a lot of council services are statutory and can't be cut. They can make "efficiency savings", but things like social care are driven by circumstances. And the budget for schools (the biggest spend for most councils) is delivered according to a formula, so there is next to nothing that councils can do about it.

@freefromthattoxicmess VVVAusterity came before all of those things and Brexit IS making it worse, stop fooling yourself.
Yes, there are serious global issues - we can add climate change to that list - but our starting point and our ability to deal with these issues is seriously hampered by the self serving fuckers who are in power.
We need a government in place that gives a shit about living standards and opportunities for all of us, not only themselves and other ultra rich people.
Totally agree, but what i said was its NOT totally down to Brexit!
Put simply, things were bad in Britain long before Prime Minister Liz Truss blew up the economy. They were bad before Boris Johnson came to power and bad before Theresa May took charge. And they were bad long before the country voted to leave the EU in June 2016. Indeed, one of the reasons people voted to leave the EU was because things weren’t very good. The truth is that Britain’s economy has been struggling to recover from the global financial crisis that began in 2008—and with it, the political settlement that underpinned the country’s apparently golden years of Tony Blair’s premiership. From that point on, wages stagnated, public services deteriorated, and voters—understandably—got ever more angry.
Britain was perfectly capable of disastrous acts of self-harm before Brexit came along.

When faced with such challenges, the impulse to reach for simple explanations—it’s all Brexit’s fault! To believe that the country’s problems can be explained by a single act of stupidity,
is, after all, easier.

It turns out the central banks have conducted QE in such a way that there is a liability owed to commercial banks on the other side of every bond purchase. That liability is contracted at floating rates. It wasn't 'free' printed money.

The US Federal Reserve, the Bank of England, and the European Central Bank, among others, have borrowed short to buy long. This is a variant of the maturity mismatch that blew up Northern Rock and Lehman Brothers after the short-term funding markets froze during the global financial crisis.
The consequences are catching up with the central banks as inflation forces them to raise interest rates at a galloping pace. They risk rendering themselves technically insolvent.

We seem to be fast approaching an event horizon where fiscal policy may be taken away from the government and the IMF may be called in. That said we are not alone the whole global economy is going south and quickly.

www.telegraph.co.uk/business/2022/11/07/whoops-central-banks-may-soon-need-gigantic-bail-out/

Never ceases to amaze me how many financial experts there on on mumsnet. With so much time on their hands.

Being on MN (or any other internet forum for that matter) is a given for having too much time on your hands!

The most agreeable and succinct post I've ever read on MN. Bravo. And I agree wholeheartedly.

Just checked my crystal ball and it is saying 2 to 5 years. Could be more, could be less.

Lol. Keep telling yourself that!
Ireland has/d the same issues, Covid and Ukraine etc...but is in a far better position than the UK, cos no Brexit. GDP 91% higher than the UK....

Perhaps

but fu@k me - the weather is utterly shite

It will be over the moment we stop denying ourselves access to energy, fuel and food in the pursuit of a NetZero utopia

It’s not a NetZero ‘Utopia’ for fucks sake.
its a liveable planet for us and our kids and grandkids where we don’t all starve to death or be made homeless by flooding and hunger.

Oh embarrassing! You don't seem to understand what net zero is about.

I’m really relieved to see Rishi saying we have to expedite tackling climate change after all the pissing about the Tories have been doing for months over their own vanity leadership issues and the mass distraction of Brexit. Brexit won’t matter when we’re all out of food and livable housing and climate conditions