Will the economy recover

[Hellin301]

Will our economy recover from this? It feels like we will be paying for this for many years to come?

Do you think there will be more job losses when furlough ends?

Yes, and I expect it'll take years

Yes, one of the reasons for furlough was to spread the number of lay offs, and hopefully reduce them, but nit prevent them

Yes. Look at Germany and Japan after WW2. Both devastated far, far beyond what we have endured. They became economic powerhouses in the years and decades ahead.

If it were COVID alone, yes we would recover. Brexit however has well and truly screwed us. The compound effects of both will make life very hard for a lot of us.

Yes, of course it will. How long it will take though, I don't know.

I’m worried about the long term unemployment rate. Office work from home jobs being offshored to cheaper countries. Other jobs becoming automated.

Other countries will invest to rebuild, the UK will cut services, increase taxes and allow successful UK companies to be sold, claiming its foreign investment.

So much like after 2008, our economy will take far longer to recover.

The Oxford/AZ jab had shown if the UK invests in the right industries we can be world leaders.

We can't compete globally with basic manufacturing, but high end stuff we can.

As soon as we can socialise again I don't doubt many will enjoy and cherish our entertainment economy.

If the youngsters mobilize they can reshape the UK's economic future in many positive ways. The world, Covid aside, has a whole heap of problems to solve. We can be part, big parts, if the solutions.

Yes the economy could recover, just need some "thinking outside the box" solutions.

Frozendaisy wonderful points, I enjoyed reading that.
Great news this week about the future of Nissan too, potential for lots of new decent jobs as a result of this.

OP, I don’t feel optimistic about the economy. The sums we have incurred are staggering. The reason I feel lockdown is so brutally unfair to the young is not just that their lives are curtailed at the moment. It is because we have spent the money which they will spend their working lives repaying, with no funding for basic services which we take for granted.

Healthcare, education, welfare, pensions, spending on security and infrastructure...I don’t think there will be money to pay for these things in future.

Regarding job losses when furlough ends, I feel these will be catastrophic. Isn’t this the reason why Rishi keeps extending furlough? Because when it ends the true bankruptcy of the country will become clear.

I truly hope to be proved wrong but I fear the worst. FWIW I am married to an economist and he is even less hopeful that I am.

@Flyonawalk

OP, I don’t feel optimistic about the economy. The sums we have incurred are staggering. The reason I feel lockdown is so brutally unfair to the young is not just that their lives are curtailed at the moment. It is because we have spent the money which they will spend their working lives repaying, with no funding for basic services which we take for granted.

Healthcare, education, welfare, pensions, spending on security and infrastructure...I don’t think there will be money to pay for these things in future.

Regarding job losses when furlough ends, I feel these will be catastrophic. Isn’t this the reason why Rishi keeps extending furlough? Because when it ends the true bankruptcy of the country will become clear.

I truly hope to be proved wrong but I fear the worst. FWIW I am married to an economist and he is even less hopeful that I am.

I have a close relative who is an economist and tells me that if you ask 10 economists for a prediction as to what will happen you will get at least 12 different options. I think he said it because economists take facts, interpret them and base assumptions on that interpretation.

My relative's thoughts were that there may be some rocky times ahead there is also great potential if people can rise to the challenge rather than maintaining the current pessimism

Yes it definitely will at some point, although I expect people will be on here shortly to tell you that with Brexit thrown in too it never will and we might as well be dead.

Threads like these seem to attach gleeful misery vultures.