Holy Shit the UK Economy is Fucked!

I've never known it so bad, most of my friends are out of work or on furlough (and looking like they won't have a job after furlough ends).

I looked at the job sites today and there's nothing pretty much other than multidrop delivery driver work and carers (Both of which are virtually minimum wage and hard work).

I'm alright my businesses are surviving just and I've got a family network which could help me if the worst case happens and my businesses go bust... but I don't envy anyone looking for work right now its grim and looks like its only going to get worse.

I thought there are plenty work places at factories after brexit

everyone knew this that this would happen, but it would be this early I couldn't imagine.

cooxer said:

I thought there are plenty work places at factories after brexit

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It's nothing to do with Brexit.

Yea, the lockdown is doing real damage to economies. But the UK economy is pretty strong, so the comeback after Covid19 will definitely be better as compared to the shitty countries some of us live in.

MisterF said:

It's nothing to do with Brexit.

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I know it’s not about the brexit, I said that ironically. But anyway after the transition period UK will be really fucked up if there would be no trade deals

I know a person from UK and I can’t mention where you can read his analysis but he gave some strong points why UK will benefit from brexit, he’s not some analyst or a economist but a general uk fellow with better understanding of UK. Also people are loosing jobs but this the time for them to enter IM market and embrace work from home concept, people are so tied to a concept they can’t earn if they’re not in a physical office is what’s stopping them from earning

I guess it will get even worse in a few months, not only in the UK. At the moment many people can still survive on their savings. Paying their mortgages etc., but in a few months (maybe even sooner than we think) the whole economy will implode. No one will be able to pay for anything. Even more people will lose their job. People will lose their houses or other belongings they can't pay any longer.

So... should I just go with my gf to Australia?

Not kidding. I'm supposed to move to the UK as soon as possible.

Yes but lending rates are going to be low too and the housing market will crash. Now's the time to get ready to buy real estate.
Even good standing property should make it to the auctions wait for this and then BUY, BUY, BUY. Get ready. The HMO market will be booming as will council housing estates.

That's bullshit. If you want to work in UK you will find at any corner, if you are fancy on empty stomach that's other story.

The problem in UK is about people abusing the benefits while others get tired paying extra taxes so they stick to 37.5 hours a week or less.

It's the most beautiful system in the world, but people abuse it badly unfortunately,or at least that's what I feel comparing to my home country.

Lockdown is terrible. Unfortunately a lot of my familliars got a damage by it and by protests

Hanzo_AA said:

Yes but lending rates are going to be low too and the housing market will crash. Now's the time to get ready to buy real estate.
Even good standing property should make it to the auctions wait for this and then BUY, BUY, BUY. Get ready. The HMO market will be booming as will council housing estates.

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Great point on HMO market. I think it's still 6-12 months till we see the full extent of the damage done to the market. I'm hoping to get into property this year/next once we see the full effect and demand starts rising.

Its not only UK, most of the companies in the world are not hiring anyone. This is because of 2 reasons, first, nobody wants to interview complete strangers in their office. Second is, most companies are actually going through loss at the moment as their orders have been cancelled.

Everything will be alright. Governments are forced to pass neoliberal policies to build up the weakened economy again, so don't worry. Capitalism will do its wonders and we will get to the pre-corona economical levels at the end of 2021 at the very latest.

cooxer said:

I know it’s not about the brexit, I said that ironically. But anyway after the transition period UK will be really fucked up if there would be no trade deals

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that is true, UK will need some good trade deals in order to start getting back to where it was before. but what I want to see is will the real estate in central london go down in price?

KelvyTheBlacky said:

Yea, the lockdown is doing real damage to economies. But the UK economy is pretty strong, so the comeback after Covid19 will definitely be better as compared to the shitty countries some of us live in.

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What makes you think the economy is strong?

London is a bubble - and it burst the moment the banks decided to leave (due to brexit and other reasons). Most of London is funded by financial services and high-scale money movements (ahem) - there's a reason the vacancy rate of apartments in places like knightsbridge is so high; a lot of that is owned by rich arabs etc!

Look at TFL - mayor khan had to literally come out to the gov and say "if we dont get a bailout by tonight, TFL services will completely shut down" - TFL is one of the largest public transport networks in metro cities across the world, the fact that they had minimal cash reserves should reveal a lot about the state of the economy. It's being run by a bunch of monkeys (not saying I could do any better but it is what it is). The sad thing is, public transport in London isn't even that cheap...

The rest of UK has some farming and engineering but overall we were mainly being funded by financial services, and a lot of them are starting to leave.

Finally (and most importantly), our gilts (look them up) aren't shifting as fast as they used to - a lot of the debt we've racked up is fuelled by this and if these slow down, then its a dangerous situation of stagnation and decline.

I wouldn't be so confident the economy will just comeback after covid19. The government can only stimulate if the gilts are selling, but if they aren't, its kind of like a farmer without the manure - sure he's got land and tools, but no fertiliser for growth.

Just as an indicator - gilts were still selling at an okay pace during the 2009 global recession, so it should give you some idea on what the dangers are.

kasher9 said:

What makes you think the economy is strong?

Look at TFL - mayor khan had to literally come out to the gov and say "if we dont get a bailout by tonight, TFL services will completely shut down" - TFL is one of the largest public transport networks in metro cities across the world, the fact that they had minimal cash reserves should reveal a lot about the state of the economy. It's being run by a bunch of monkeys (not saying I could do any better but it is what it is). The sad thing is, public transport in London isn't even that cheap...

.

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The cash reserves probably went into their own pockets or their friends.

social engineer said:

I've never known it so bad, most of my friends are out of work or on furlough (and looking like they won't have a job after furlough ends).

I looked at the job sites today and there's nothing pretty much other than multidrop delivery driver work and carers (Both of which are virtually minimum wage and hard work).

I'm alright my businesses are surviving just and I've got a family network which could help me if the worst case happens and my businesses go bust... but I don't envy anyone looking for work right now its grim and looks like its only going to get worse.

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Seem like every countries the same , the country I in now , also . Food delivery is what most jobless currently is doing but I see will get harder to earn because many jobless go do is completing one another riders.

zerrith321 said:

The cash reserves probably went into their own pockets or their friends.

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Ha most likely - as I said, run by monkeys!