smuf-ww Posted February 15 Share Posted February 15 55 minutes ago, TenYearToGetMyMoneyBack said: I have said before how during the 1990s You need to get away from the 90s. Today has absolutely nothing in common with the 90s, socially, economically and culturally. I think people on this forum have lost due to their old thought processes that don't scale to today's world. Just an observation. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted February 15 Share Posted February 15 Doesn’t seem like a recession to me. 🤷 Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted February 15 Share Posted February 15 6 minutes ago, smuf-ww said: You need to get away from the 90s. Today has absolutely nothing in common with the 90s, socially, economically and culturally. I think people on this forum have lost due to their old thought processes that don't scale to today's world. Just an observation. History rhymes baby Quote Link to comment Share on other sites More sharing options...
burk Posted February 15 Share Posted February 15 2 hours ago, Field of Nightmares said: Is @Stewy actually Jeremy Hunt having a laugh? 🏒🏒🏒 No, its a chatbot, ignore it. Quote Link to comment Share on other sites More sharing options...
Dreamcasting Posted February 15 Share Posted February 15 The UK is a busted flush full of parasite companies whom could only exist on cheap money and ultra low rates. The bloated Civil Service and government workers are unproductive leeches. What comes next wont be pleasant at all. The only thing the BOE can do at this point is to not make any stupid mistakes with respect to interest rates - increasing them if necessary to protect the GBP, particularly given that mostly everything one needs is imported. Quote Link to comment Share on other sites More sharing options...
burk Posted February 15 Share Posted February 15 Recessions are pretty bad, I remember the 1990's one well, family home got repo'd, parents business went under and then parents split a few years later. But what bothers me this time round is the number of people we've imported into this country who, when they don't get their way (i.e. govt handouts) or will have their benefits cut as is likely to happen going forward, will resort to ever more extreme violence and criminality. I believe there will be a collapse but not before taxes go through the roof over the next couple of years to keep the ship afloat before the towel is thrown in. Fwiw I laugh when i read here and elsewhere of a mythical soft landing to all this especially when i see recent data on mortgage defaults, company insolvencies and the absolute insanity that is the govt's borrowing figures. Just today i read Cameron wants to treat injured Palestinian's on the nhs whilst its still full steam ahead continuing to house, feed and cloth the entire 3rd world thats coming here legally and illegally. I'm prepping now for the worst, my theory being better to have it and not need it than the other way round......... Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 15 Author Share Posted February 15 2 hours ago, fellow said: Not only that, the fear will also be spreading through boardrooms up and down the country. Expansion plans will be put on hold, recruitment plans replaced with redundancy consulations, wage rises slashed and bonuses cancelled. The recession will feed off itself. I couldn't agree anymore. It looks like the redundancy thread is going to be really busy in 2024. But if our in house financial guru's are correct this will be only a shallow or mild recession so we will see a soft landing. I beg to differ as I can see a crash landing on the horizon. Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 15 Author Share Posted February 15 1 hour ago, Maghull Mike said: History rhymes baby Now a recession is confirmed I have noticed the bulls on here today being on edge. This is what I'm seeing by reading there posts and have noticed they keep saying house prices are still going to rise. Maybe they are using illegal substances which is clouding there vision. Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 15 Author Share Posted February 15 Looks like many other countries in the Eurozone are ready to fall into a recession. I can see 2024 being a global recession with 3 out of the 6 major economies already in a recession Germany, UK and Japan. Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted February 15 Share Posted February 15 should i laugh or cry? Quote Link to comment Share on other sites More sharing options...
winkie Posted February 16 Share Posted February 16 8 hours ago, MonsieurCopperCrutch said: Doesn’t seem like a recession to me. 🤷 Some will joyfully ride the recession out, never had it so good......most people are not feeling good about the place we have found ourselves in, the poor will spoil it for those that used to rely on them to better themselves......less trickling up, nothing trickling down. Quote Link to comment Share on other sites More sharing options...
Blobsy Posted February 16 Share Posted February 16 9 hours ago, MonsieurCopperCrutch said: Doesn’t seem like a recession to me. 🤷 Are you still locked in your covid panic room? Quote Link to comment Share on other sites More sharing options...
nome Posted February 16 Share Posted February 16 20 hours ago, Stewy said: Unemployment continues to fall. 🙄 Unemployment hasn't been an issue in this country for well over 2 decades now. The issue is under-employment thanks to the benefits culture allowing people to choose to work minimal part time hours in order to receive optimum benefits, or people being classified as "disabled" and removed from the Unemployment statistics. Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 16 Author Share Posted February 16 (edited) 29 minutes ago, Blobsy said: Are you still locked in your covid panic room? He's says he is not feeling it yet maybe his recession proof. Same happened to me in 2009 I said I am not feeling this recession yet and then bang I had no work for 6 months. Edited February 16 by Tony_Teacake Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 16 Author Share Posted February 16 3 minutes ago, nome said: Unemployment hasn't been an issue in this country for well over 2 decades now. The issue is under-employment thanks to the benefits culture allowing people to choose to work minimal part time hours in order to receive optimum benefits, or people being classified as "disabled" and removed from the Unemployment statistics. Add carers into the mix. Quote Link to comment Share on other sites More sharing options...
Stewy Posted February 16 Share Posted February 16 39 minutes ago, Tony_Teacake said: He's says he is not feeling it yet maybe his recession proof. Same happened to me in 2009 I said I am not feeling this recession yet and then bang I had no work for 6 months. So long as you can pull a pint or are good at Excel, you'll have a job. 👍 Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted February 16 Share Posted February 16 10 hours ago, Tony_Teacake said: I run a IT service business mainly looking after computers, servers and networks. My main contract was with a business in Manchester who gone bust about 6 months ago so that was about 30% of my business. Luckily I have other work so this keeps me going but unfortunately it looks like another firm I deal with are on the brink of going under. To be honest I had a good idea this was coming so I am better prepared for this downturn and fortunately I don't have any debt. I remember the early early-mid 90s recession and as you know this recession was brutal. Thanks. I guess that shows the ripple effect on other companies> 10 hours ago, smuf-ww said: You need to get away from the 90s. Today has absolutely nothing in common with the 90s, socially, economically and culturally. I'm only here to give people a history lesson from the 1990s. Although a few people had different experiences, to me 2008 was the crisis that never happened. After waiting three years to see any effect I followed the advice of someone like @smuf-ww or @Stewy and bought the place I now own outright. 10 hours ago, Maghull Mike said: History rhymes baby Exactly. Will 2024 rhyme with 1993 or 2008 ? That is literally a £64 Billion question. Quote Link to comment Share on other sites More sharing options...
Stewy Posted February 16 Share Posted February 16 13 minutes ago, TenYearToGetMyMoneyBack said: I followed the advice of someone like @smuf-ww or @Stewy and bought the place I now own outright. Exactly. Will 2024 rhyme with 1993 or 2008 ? That is literally a £64 Billion question. In 1993 we didn't have machines doing 90% of our work for us. Lockdown showed just how few people we need working to keep things ticking over nicely. All the cupcake parlours and nail bars are just icing on the cake... ✓✓ Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted February 16 Share Posted February 16 7 minutes ago, Stewy said: In 1993 we didn't have machines doing 90% of our work for us. Lockdown showed just how few people we need working to keep things ticking over nicely. All the cupcake parlours and nail bars are just icing on the cake... ✓✓ That prompted me to watch https://www.bbc.co.uk/news/av/business-68283847 Interestingly, I that reminded me that the one person I knew who was affected by 2008 was a book designer / illustrator who said her work just dried up. She ended up emigrating to Switzerland. Quote Link to comment Share on other sites More sharing options...
fellow Posted February 16 Share Posted February 16 Don't worry, the recession is already over 😄: Is the recession already over? Retail sales roared back in January after grim Christmas in glimmer of light for Jeremy Hunt ahead of Budget https://www.dailymail.co.uk/news/article-13087923/Could-UK-France-form-nuclear-umbrella-Europe.html Quote Shops roared back from a dire Christmas last month fuelling hopes that Britain might already be out of recession. Retail sales saw the biggest single monthly rise in close to three years, with volumes soaring 3.4 per cent during January. That was far better than had been expected by analysts, and offset a dismal performance in December when the level fell 3.3 per cent. Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted February 16 Share Posted February 16 10 minutes ago, TenYearToGetMyMoneyBack said: That prompted me to watch https://www.bbc.co.uk/news/av/business-68283847 Interestingly, I that reminded me that the one person I knew who was affected by 2008 was a book designer / illustrator who said her work just dried up. She ended up emigrating to Switzerland. Lol An app generating pics of sharks riding bikes and with the CEO saying we don't really know what to do with this thing just use it valued 1 billion. Quote Link to comment Share on other sites More sharing options...
yodigo Posted February 16 Share Posted February 16 10 hours ago, burk said: Recessions are pretty bad, I remember the 1990's one well, family home got repo'd, parents business went under and then parents split a few years later. But what bothers me this time round is the number of people we've imported into this country who, when they don't get their way (i.e. govt handouts) or will have their benefits cut as is likely to happen going forward, will resort to ever more extreme violence and criminality. I believe there will be a collapse but not before taxes go through the roof over the next couple of years to keep the ship afloat before the towel is thrown in. Fwiw I laugh when i read here and elsewhere of a mythical soft landing to all this especially when i see recent data on mortgage defaults, company insolvencies and the absolute insanity that is the govt's borrowing figures. Just today i read Cameron wants to treat injured Palestinian's on the nhs whilst its still full steam ahead continuing to house, feed and cloth the entire 3rd world thats coming here legally and illegally. I'm prepping now for the worst, my theory being better to have it and not need it than the other way round......... all true, but mustn't grumble 😶 Quote Link to comment Share on other sites More sharing options...
Tony_Teacake Posted February 16 Author Share Posted February 16 It is really big news that both the UK and Japan are officially now in recession at the same time two of the biggest economies in the world are now currently struggling. There are multiple factors that have driven the UK into recession and looking at what happened with inflation, this time last year inflation was running in double digits and that was general inflation but when you dig down and have a look at what was happening under the surface the two areas of the economy that were hardest hit were energy prices and food prices as they were hugely into double digits and of course those prices affect everybody these are not discretionary items you can't suddenly decide to stop buying food or energy you need both of them to survive so these are basic costs of living for everybody so that impacted on absolutely everybody in society. It has also had a massive impact on companies as many companies use a lot of energy and the fact that those prices stayed so high for so long really damaged the economy in the UK. No wonder we are seeing businesses drop like flies. It's been very difficult for the UK to try to get prices back under control so the knock on impact of all of the things has led the UK to fall into recession but the big question is how quickly will it be able to come out of recession and the answer to that is it's unlikely to come out at any point in the near future because as if you look at inflation it is still double the target rate that the bank of England has set of 2% and until it gets in down to 2% the bank of England doesn't want to start cutting interest rates and the fact that interest rates are sitting at 5.25% is hurting a lot of businesses and a lot of people and over the course of the next 3 to 6 months that situation is going to continue getting worse because more and more people are seeing their mortgages coming off their 2-3-5year fix rates and they're having to remortgage at rates that are three or four or five times higher and that's just simply unaffordable for a lot of people. They're now having to make some serious decisions as to what they spend their money on so we've seen a reduction in people booking holidays and buying new cars and just generally spending less at the tills and until that situation reverses itself the UK is going to struggle to get out of recession. So the Bank of England really needs to cut interest rates to stimulate the economy. But if it did that inflation would start going up again and that is the Bank of England's number one target is to focus on inflation which is actually damaging to the overall UK economy now the UK has a general election coming up later this year and until then it's very likely that there will be a change of power because at times like this when we have a recession and people are unhappy about what's happening in the economy when there's an election I am sure we will see a change of government in the UK later this year and until that happens I don't think we will see this recession sorting itself out because it's likely that the economy will stay in the doldrums nobody's going to want to take any radical action at a time when there's a general election coming up they want to protect their own positions With the UK along with Japan is now officially in recession and it's unlikely that it's going to get itself out of that situation at any time in the near future because it's still focused on bringing down inflation even though it's down to 4% it's not at 2% which is where the bank of England wants it and so interest rates are likely to remain high and that is depressing the level of spending both for companies and individuals in the economy and until that's sorted out we won't see the UK economy bouncing back anytime and unfortunately I see this recession getting really bad. Looking at these GDP figures it looks very depressing. Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted February 16 Share Posted February 16 Back on message: Quote Link to comment Share on other sites More sharing options...
Sackboii Posted February 16 Share Posted February 16 10 hours ago, fellow said: Don't worry, the recession is already over 😄: Is the recession already over? Retail sales roared back in January after grim Christmas in glimmer of light for Jeremy Hunt ahead of Budget https://www.dailymail.co.uk/news/article-13087923/Could-UK-France-form-nuclear-umbrella-Europe.html Higher for longer then.. ✔️ Quote Link to comment Share on other sites More sharing options...
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