No shit. Food prices running away from wage increases (if you even get one), energy prices through the roof, interest rising – folk will have no spare cash. Add in the possibility of 90k jobs vanishing if the cuts to the civil service go ahead (& the money that pumps through the system) and the conditions are all set for a catastrophe.
I remember Theresa May doing her deep Thatcher voice impression, saying that this is what would happen if the country put Corbyn into power.
FFS
Got one year left on my degree then I’m doing a CELTA and fucking off anywhere but here. Provided I don’t Starve or freeze to death before then. This government is a piss take
Recession is inevitable. We don’t have enough workers in the country to increase production.
We cannot get enough people on the production lines where I work. We cannot make enough things to supply a couple of our biggest customers, the only thing holding production up is lack of workers. The job centre is all out of people to send us, we have set up a 4 hour shift in the evening that the local college students and ex bingo players like but we still can’t get enough people. Every single business in the area has exactly the same problem.
Unless we get more workers and are able to supply our customers we lose some and the business shrinks. Knock on effect would be less spending on machinery, redundancies, suppliers losing business, smaller profits to tax, etc.
Cannot grow the economy without increasing production, cannot increase production without workers.
​
Note: ‘Pay more’. the existing workers are happy with their pay, the only place you can get more for equivalent work is the local slaughter house and even then not by much. They pay a good rate for overtime, plus a bonus for every weekend day worked. Increasing pay within reason wouldn’t attract new workers because there aren’t any. Increasing the pay to levels that would make people move from higher paid lower middle class jobs(?) to manual factory labour would obviously be unaffordable, and IMO they wouldn’t be very good at boring repetitive manual work.
To be fair, we’re not the only country in the shit.
US inflation hit 12.5% in April 2022 – 4.3% in April 2021, and 8.2% in April 2022 YoY.
Russia is completely fucked.
China is looming on an economic disaster too. Junk bonds everywhere.
I feel like an idiot for not trading tonnes of pounds for euros on the eve of the EU referendum vote.
Now I think I should just invest in USD and brace myself for hyperinflation
Can they break the Bank of England?
This is on a need to know basis and we know, because we need to know…..
Tories are out of touch twats. But you know what, people voted for them, blame them!
Well, think it’s time to start dumping my entire wage into gold on payday
How can normal people bet against the pound? Seems like an easy win to me – 12 years of incompetent and corrupt Tories and Brexit.
I may be stuck in this country but I’d like to profit from betting against it like the rich people do.
That is a terrible headline. It is not traders that set forward rates, it is basic market interest for long term trades. Speculators (at least professional speculators) do not operate on those timescales.
Instead, these are all just the results of economic performance, interest rate and inflation expectations. The UK decided to go with a weak currency strategy, and the markets are just obliging.
The EU is taking a different approach, and they have been wrong in the past. But the Euro as a currency is pretty strong.
Oh well. Until we are truly suffering we won’t do a fucking thing about the scumbag Tory cunts that are running our country.
We’ve had over a decade of this shit just escalating and getting worse under Tory rule. We’ve done nothing. We don’t have the balls to stand up to the Tories and oust them.
I heard an economist on the radio yesterday. He said it was a choice between recession now or sky-high interest rates now and recession later. He said the situation is just like the 70s but there are so few people from that era still working in economics that’s it’s gone unnoticed. I got bored then.
But, what I do remember him saying is that it’s going to get worse before it gets better. A lot worse. And that’s your cheery thought for today.
Wait till you find out what happened in 1971 with gold.
That’s your problem.
As a junior armchair economist, this isn’t a surprise, and shouldn’t be to anyone, only currency worth holding will be the dollar. That said, we are actually in a really good place compared to the Euro and pretty much every other currency going, except the Dollar and CNY.
Let’s see … when did something like this sort of happen? Early 90’s? Interest rates hitting 15% or something of that ilk? We haven’t had a Black Tuesday yet.
If you keep pumping sewage into your foundations you end up with a swamp
Ah! Making money on the back of the British People! That’s probably one of the (undoubtly many) Brexit Opportunities that the government is talking about. Just ask Reese Mogg, he is probably among those who will make a profit of this.
19 comments
No shit. Food prices running away from wage increases (if you even get one), energy prices through the roof, interest rising – folk will have no spare cash. Add in the possibility of 90k jobs vanishing if the cuts to the civil service go ahead (& the money that pumps through the system) and the conditions are all set for a catastrophe.
I remember Theresa May doing her deep Thatcher voice impression, saying that this is what would happen if the country put Corbyn into power.
FFS
Got one year left on my degree then I’m doing a CELTA and fucking off anywhere but here. Provided I don’t Starve or freeze to death before then. This government is a piss take
Recession is inevitable. We don’t have enough workers in the country to increase production.
We cannot get enough people on the production lines where I work. We cannot make enough things to supply a couple of our biggest customers, the only thing holding production up is lack of workers. The job centre is all out of people to send us, we have set up a 4 hour shift in the evening that the local college students and ex bingo players like but we still can’t get enough people. Every single business in the area has exactly the same problem.
Unless we get more workers and are able to supply our customers we lose some and the business shrinks. Knock on effect would be less spending on machinery, redundancies, suppliers losing business, smaller profits to tax, etc.
Cannot grow the economy without increasing production, cannot increase production without workers.
​
Note: ‘Pay more’. the existing workers are happy with their pay, the only place you can get more for equivalent work is the local slaughter house and even then not by much. They pay a good rate for overtime, plus a bonus for every weekend day worked. Increasing pay within reason wouldn’t attract new workers because there aren’t any. Increasing the pay to levels that would make people move from higher paid lower middle class jobs(?) to manual factory labour would obviously be unaffordable, and IMO they wouldn’t be very good at boring repetitive manual work.
To be fair, we’re not the only country in the shit.
US inflation hit 12.5% in April 2022 – 4.3% in April 2021, and 8.2% in April 2022 YoY.
Russia is completely fucked.
China is looming on an economic disaster too. Junk bonds everywhere.
I feel like an idiot for not trading tonnes of pounds for euros on the eve of the EU referendum vote.
Now I think I should just invest in USD and brace myself for hyperinflation
Can they break the Bank of England?
This is on a need to know basis and we know, because we need to know…..
https://i.imgur.com/GNkqXFB.jpg
Tories are out of touch twats. But you know what, people voted for them, blame them!
Well, think it’s time to start dumping my entire wage into gold on payday
How can normal people bet against the pound? Seems like an easy win to me – 12 years of incompetent and corrupt Tories and Brexit.
I may be stuck in this country but I’d like to profit from betting against it like the rich people do.
That is a terrible headline. It is not traders that set forward rates, it is basic market interest for long term trades. Speculators (at least professional speculators) do not operate on those timescales.
Instead, these are all just the results of economic performance, interest rate and inflation expectations. The UK decided to go with a weak currency strategy, and the markets are just obliging.
The EU is taking a different approach, and they have been wrong in the past. But the Euro as a currency is pretty strong.
Oh well. Until we are truly suffering we won’t do a fucking thing about the scumbag Tory cunts that are running our country.
We’ve had over a decade of this shit just escalating and getting worse under Tory rule. We’ve done nothing. We don’t have the balls to stand up to the Tories and oust them.
I heard an economist on the radio yesterday. He said it was a choice between recession now or sky-high interest rates now and recession later. He said the situation is just like the 70s but there are so few people from that era still working in economics that’s it’s gone unnoticed. I got bored then.
But, what I do remember him saying is that it’s going to get worse before it gets better. A lot worse. And that’s your cheery thought for today.
Wait till you find out what happened in 1971 with gold.
That’s your problem.
As a junior armchair economist, this isn’t a surprise, and shouldn’t be to anyone, only currency worth holding will be the dollar. That said, we are actually in a really good place compared to the Euro and pretty much every other currency going, except the Dollar and CNY.
Let’s see … when did something like this sort of happen? Early 90’s? Interest rates hitting 15% or something of that ilk? We haven’t had a Black Tuesday yet.
If you keep pumping sewage into your foundations you end up with a swamp
Ah! Making money on the back of the British People! That’s probably one of the (undoubtly many) Brexit Opportunities that the government is talking about. Just ask Reese Mogg, he is probably among those who will make a profit of this.