What effect will Covid-19 have on the economy in the long term?

[MrsSwears2Much]

With the government (rightly) having to help employees, businesses and the strain on the NHS. What is the prediction for an increase in things such as taxes to right the financial mess we now face?

A 2.5-5.5% contraction in the economy this year alone

I'd rather not think about it

It's fucked.

As a previous poster said. It’s fucked.

Jobs will be lost. Businesses won’t survive.

The same effect a solid wall has on a car that is driven at it at 70mph.

It'll be f*ed.

It will be the young paying for it in years to come (on top of what they will already be paying in years to come)

I’m too depressed to think about it. I just keep hoping we keep our jobs, and the govt do the right thing keep food on people’s table and roofs on their heads. It’s time to bail out the self employed, the businesses and those laid off.

The economy will be paying for it for the rest of our lives. Pension values have collapsed so we’ll probably also be working more years.

Pretty catastrophic. Structural changes will be needed including higher tax rates for a long time. We will see many businesses which won’t come back.

On the plus side, I hope we will appreciate things a lot more.

Over night I’ve seen 7 local businesses close up. All small businesses with high rents. Our high street it going to be awful.

I could have misremembered all this, economics is one field that is pretty close to gobbledegook to me. This is my very, very poor take on what I've been listening to.

There is a difference to the impact on the actual economy (real STUFF) and the market economy (the gambling that goes on). Most things currently are massively over priced and this is going to be the mother of all bubbles popping. Not only are the markets crashing, but the actual STUFF that they are loosely based on is floundering too. So governments are going to be literally pouring money into the system, trying to keep things moving. Then, when things improve in the real world of STUFF, and the economu actually starts to get moving again, there is going to be all this excess money floating around, but it's going to buy the same finite amount of real actual STUFF, so the currency becomes worth less STUFF and that's when you get massive inflation.

If you have money (chance would be a fine thing) this is the time to move it into STUFF.

STUFF = land, gold, silver

I'm honestly terrified about how compromised all of our financial security is now. The majority of people
Love from month to month with minimal savings as it is. If taxes and costs of goods are raised I'm pretty sure many more than small business owners will be on the breadline. It's the stuff of nightmares.

Live not love. Although a little bit of love is needed now too.

It will all have to be paid back when there is some semblance of normalcy back, so taxes will be much higher all round, and benefits cut even further. My child has an EHCP so everything fought for will be even harder to get funding for.

I'm not saying Rishi Sunak shouldn't have done the things he's done. Of course he should, and more. But it is all borrowed money.