Current economic climate: what does it mean for YOU? And are there any upsides?

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So, we?re all worried about recession (well, I am, if you?re not, please do tell me why!) and what it will mean for us all, so please tell me:

a) what are you doing about it, if anything?
b) What industries/areas WILL do well in the next couple of years?
c) What won?t (retail, banking being obvious ones)
d) What is your worst case scenario and how will you cope?

For me, we?ve repaid almost all of our debt over the past year (this cash would have been savings had we not done so) so we can theoretically live on one salary, assuming dh keeps his job (in IT in a company dependent on retail, so by no means certain)

We are renting with fairly low outgoings (and could go lower if we had to) and have a FIL who would bail us out were we to be unable to feed ourselves, for example but it's still all worrying stuff.

Sorry for the gloomy thread but the Lehman news is particularly scary this morning I think. I think there are plenty of people on mumsnet who are too young to remember this the last time around (although this could potentially be worse than the 90s I realise).

And while we're at it, does anyone have any words of cheer: is there ANY upside?

a) what are you doing about it, if anything? Slowly going bust - unsure how long I can carry on with my business. Made 2 staff redundant - may have to make more redundant
b) What industries/areas WILL do well in the next couple of years? - I thought childcare would but I have been proved wrong
c) What won?t (retail, banking being obvious ones)
d) What is your worst case scenario and how will you cope? I do not think I will lose the house but as the main wage earner I have no idea how to maximise my potential

Post-2001 downturn was good for freelance workers as many companies were using more freelancers instead of recruiting. I definitely noticed an upsurge in work. This time it's more serious I think.

No-one else have an opinion?

upside... death of the chav??

a) what are you doing about it, if anything?
Cutting spending, holidays etc. Have been squirrelling away as much as possible.
Have been thinking about putting away tins of stuff. OTT?

b) What industries/areas WILL do well in the next couple of years? Cheap supermarkets (lidl, aldi, tesco). Local travel lodges. Budget end of thngs. Nothing spectacularly well though. Just too less money floating around.

c) What won't (retail, banking being obvious ones) All?? Travel, cars, holidays, houses, beauty, boots,.

d) What is your worst case scenario and how will you cope?
Dh loses job, I can't find anything as there are too many people looking for jobs anyway and we use up all our savings trying to keep the mortgage going and finally lose our home too! How to cope... go back where I came from and live with my in-laws. Dh will start some business and I'll be the domestic help at home .
Alternatively stay here and live on the dole (where???)

a) what are you doing about it, if anything?

• cutting back on frivolous spending, eating out less

b) What industries/areas WILL do well in the next couple of years?

• no idea

c) What won?t (retail, banking being obvious ones)

• no idea

d) What is your worst case scenario and how will you cope?
DH loses his job and can't get another one. Fuel and food prices continue to rise.

Upside - house prices are dropping so we might manage to move to somewhere bigger

a) not much we can do. we can't switch heating suppliers because it's LPG and the tank is rented by our landlord. can't really cut back anymore than we have. we live simply, and the upside is that for the most part, that just goes on no matter what the economic climate.

i love that line from the Arlo Guthrie song, 'Forwards we rumble, that river and I. All along your green valleys, I work till I die. Travel this road till Death sets me free, because pastures of plenty, must always be free.'

b) no idea, because it won't be anywhere near here and this is our home.

c) again, who knows? it's not round here so stuff it.

d) the worst case scenario would happen regardless of what happens in the economy: our landlords will return in October, 2009 and we have to find another place to live. that may stand us in good stead with regards to lots being up for rent, but it'll still be private rental. we'll always be looking over our shoulders, waiting for the letter to drop on the matt that tells us we have two months to move on. c'est comme ca, la vie.

i feel sorry for those for whom it will mean a bit lifestyle change.

but if they are looking for sympathy and company then i'd be willing to lend an ear.

a) what are you doing about it, if anything?

Nothing. We aren't big spenders, there's nothing to cut back on. I don't think our lives will change at all tbh, we're always skint anyway

b) What industries/areas WILL do well in the next couple of years? Entertainment - people need distracting from reality. I work in IKEA, and we do quite well in times when money is short - we get all the people downgrading from more expensive shops, and people tend to treat themselves to cheap decorations/pictures/candles as a substitute for the expensive things they'd like to be buying. We've actually just cancelled our recruitment ban.

c) What won?t (retail, banking being obvious ones) Travel industry, Estate Agents,

d) What is your worst case scenario and how will you cope? We don't have a worst case scenario. DH works in Local Government, I work in Retail, I doubt either one of us would be made redundant, but should it happen - we don't have a mortgage, we live in a council flat, things might be hard but we'd never lose our home. Absolute worse case we'd move in with MIL.

Interesting to read these, I've only just seen these responses. Depressing stuff.