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Is the Economy About To Implode?


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I feel we need a ''is the economy about to implode thread'.

I'll kick things off but please post your thoughts and articles here as things start to get serious...

200,000 jobs go in Covid corporate bloodbath: Scale of hit to economy revealed as Chanceller Rishi Sunak is urged to 'keep UK working' in mini-Budget this week
 

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Almost 200,000 workers at household-name companies have been laid off since the start of lockdown, an analysis by the Daily Mail has found.

The Chancellor was told last night that his focus needs to be on 'jobs, jobs, jobs' in his mini-Budget on Wednesday.

Senior figures warned that the job losses so far will be just the 'tip of the iceberg' unless dramatic action is taken. Major layoffs have hit sectors such as retail, travel, hospitality and manufacturing, all of which have been shaken by the coronavirus pandemic.

In just the past week alone, firms including Harrods, John Lewis, Cafe Rouge and Topshop-owner Arcadia have all wielded the axe, leaving more than 14,000 staff without a job. But data collated by the Daily Mail shows that 59 household-name companies have cut more than 195,000 roles since lockdown began in March.

Some of the biggest have been at Heathrow Airport, which has laid off 25,000 staff, British Airways, which is axing 12,000, and Rolls-Royce, which is cutting 9,000 jobs.

Thousands of smaller companies have also been reducing their staff. A total of 2.8million are now claiming Jobseeker's Allowance or Universal Credit while searching for a job, according to official data.

https://www.dailymail.co.uk/news/article-8492523/Covid-bloodbath-200-000-work.html

Tip of the iceberg....

 

Edited by Warlord
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Another day, another government scheme or announcement of money:

Traineeships to triple as unemployment fears mount

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The government is pledging to provide 30,000 new traineeships to get young people in England into work, as fears about mounting unemployment increase.

Traineeships provide classroom-based lessons in maths, English and CV writing, as well as up to 90 hours of unpaid work experience.

Under the £111m funding boost, firms in England will be given £1,000 for each work-experience place they offer.

Scotland, Wales and Northern Ireland will receive £21m for similar schemes.

The additional funding for traineeships is set to be announced by the Chancellor Rishi Sunak on Wednesday when he will unveil an economic plan to deal with the aftermath of the coronavirus crisis.
 

https://www.bbc.co.uk/news/business-53301076

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Actually coming out of Nonsense Lockdown will see a major surge in the economy. After that however...

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Posted (edited)
2 minutes ago, Killer Bunny said:

Actually coming out of Nonsense Lockdown will see a major surge in the economy. After that however...

EVERYONE is begging for a bailout or government help... Are we going to bail them all out with the printing press and taxpayers money? Sure looks like that's the plan!

 

Edited by Warlord
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12 minutes ago, Warlord said:

EVERYONE is begging for a bailout or government help... Are we going to bail them all out with the printing press and taxpayers money? Sure looks like that's the plan!

 

Yeah the Tories have turned into everythig they slagged off Corbyn for. 

£1.5 billion bailout for the "arts" sector.........lol.....ffs the comedy all this is providing is pure gold.

Will it be another £1.5 billion in December and another in Spring 2021 and on and on??

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2 minutes ago, Social Justice League said:

Yeah the Tories have turned into everythig they slagged off Corbyn for. 

 

The irony is not lost here at HPC... we point this out regularly... @zugzwang especially ! 

It amazes me that Boris is still getting a free pass from the media 

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Britain's globally renowned arts, culture and heritage industries will receive a world-leading £1.57bn rescue package.

This will probably overshadow the news about props to the housing sector, one of many to come I'm sure. Just think of the poor EAs/Lenders/Builders...

Stamp duty 'holiday' to help rebuild economy. Sunak plan would raise property tax threshold as high as £500,000.
...potentially which would cost the state around £30bn. Tory party Donors will be getting value for money.

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21 minutes ago, Warlord said:

The irony is not lost here at HPC... we point this out regularly... @zugzwang especially ! 

It amazes me that Boris is still getting a free pass from the media 

Maybe because he hasn't announced how he is going to pay for this yet? If he plans extra taxes for the rich,or homeowners, I suspect that will not go down well. (highly unlikely at a guess though).

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1 minute ago, moonriver said:

Maybe because he hasn't announced how he is going to pay for this yet? If he plans extra taxes for the rich,or homeowners, I suspect that will not go down well. (highly unlikely at a guess though).

The plan is just to borrow it all... for the time being.   They like to kick the can down the road like with the furlough scheme although eventually they will run out of road.

Most families would struggle with a tax increase  but it will have to happen eventually...

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Posted (edited)

Re: tax etc. @moonriver

Labour refuse to rule out support for 'wealth tax' raid on savings
 

https://www.dailymail.co.uk/news/article-8491429/Labour-backs-wealth-tax-best-people-pay-coronavirus-crisis.html

This is what's coming ... a tax on assets. The truly minted will avoid it because they operate offshore or through foundations  and trusts. 

They will target the middle class so get ready because this is how its going to be paid for.. 

Edited by Warlord
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58 minutes ago, Warlord said:

EVERYONE is begging for a bailout or government help... Are we going to bail them all out with the printing press and taxpayers money? Sure looks like that's the plan!

 

Of course. 

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43 minutes ago, Social Justice League said:

Yeah the Tories have turned into everythig they slagged off Corbyn for. 

£1.5 billion bailout for the "arts" sector.........lol.....ffs the comedy all this is providing is pure gold.

Will it be another £1.5 billion in December and another in Spring 2021 and on and on??

And the rest.  IIWII. Act appropriately.

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39 minutes ago, Warlord said:

The irony is not lost here at HPC... we point this out regularly... @zugzwang especially ! 

It amazes me that Boris is still getting a free pass from the media 

I'm amazed you're amazed, given your first sentence.

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3 minutes ago, Warlord said:

They will target the middle class so get ready because this is how its going to be paid for.. 

Higher taxes ad higher inflation. Yeah, great for HPs...

Act appropriately.

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3 minutes ago, byron78 said:

I'm told this will get worse soon. And continue to worsen.

It's become "polically convenient" apparently. 

Anecdotal's welcome. Please post more details if possible! 

Got to run .. back lunch time!

 

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Inflation via a new bricks and mortar based currency would be my guess.

£1 Million pound house in 2020 = 1 Million loafs of bread.

£1 Million pound house in 2021 = 1/2 Million loafs of bread.

£1 Million pound house in 2022 = 1/4 Million loafs of bread.

House prices stay fixed, basic essentials rocket in price. 

 

Edited by Lord D'arcy Pew
Maths.
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3 minutes ago, Lord D'arcy Pew said:

Inflation via a new bricks and mortar based currency would be my guess.

£1 Million pound house in 2020 = 1 Million loafs of bread.

£1 Million pound house in 2021 = 2 Million loafs of bread.

£1 Million pound house in 2022 = 4 Million loafs of bread.

House prices stay fixed, basic essentials rocket in price. 

 

I already pay £4 for a loaf, but I think your maths is the wrong way around!

 

Edited by Mikhail Liebenstein
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I wonder how much often now the phrase "the cure was worse than the disease" will now get used now the dust is settling?

Stamp duty would be reduced anyway if prices fall at least in amounts people pay.

The difference with Corbyn would have been he would have spent/printed all this cash without a once in 50/100 year event to force it.

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48 minutes ago, Lord D'arcy Pew said:

Inflation via a new bricks and mortar based currency would be my guess.

£1 Million pound house in 2020 = 1 Million loafs of bread.

£1 Million pound house in 2021 = 1/2 Million loafs of bread.

£1 Million pound house in 2022 = 1/4 Million loafs of bread.

House prices stay fixed, basic essentials rocket in price. 

 

Too sanguine, as I see it. #onverra

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  • 416 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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