Recession

Discussion in 'Current Affairs' started by Scrumpy, Feb 11, 2009.

Welcome to the Navy Net aka Rum Ration

The UK's largest and busiest UNofficial RN website.

The heart of the site is the forum area, including:

  1. With nearly 2 million now out of work, and the bank of England forcasting that we will be getting into more deep do-do, I was wondering how it is affecting members of RR.

    Have you lost your job or about to lose it?
    Do you feel secure with your job, has your company made any redundancies yet?
    Do you really care?
     
  2. I'm still skint! :roll:
     
  3. wet_blobby

    wet_blobby War Hero Moderator

    I had an idea this was going to happen a couple of summers ago. I was working with the general public and noticed a huge down turn in spending, fcuked me right up but, that's another story. End result. I did the big fcuky offy because I was sick of the UK and could see what was happening.

    Unfortunately the company I started working for was being run by a couple of shitesters up to their eye balls in debt and when the wind changed down here they were in the shite. Result, lots of people including me made redundant. Not so bad as you'd think though, just had a fair few weeks on the p1ss dribbling my redundancy down the wall.

    Bad side, not a lot of work going on in my little corner of the world. Have been offered work but it's a bit far away to commute, even at weekends. Unfortunately and as much as I don't want to leave my family again I'm going to have to except it I reckon until things pick up down here.

    Am I worried. No the fcukers cant make me pregnant can they?
     
  4. I'm currently working in Austria, getting paid in Euros. The more Brown fooks up the economy, the better things work out for me on whatever I save, at least in the short term. The Euro:pound exchange rate has been hovering around the 1:1 point for a while now, when it used to be about 1.3/1.4 Euros to the Pound.
     
  5. chieftiff

    chieftiff War Hero Moderator

    Tricky one this, I feel very secure and financially I've never been so well off but...... we've stopped spending so much and started saving a lot more.......... uncertainty really. We have a small mortgage but haven't benefited at all from the lower rate as our mortgage is fixed, probably lost a fair bit in equity but that's irrelevant at the moment as we have no intention of selling.

    Our current thinking is stash the cash just in case, although we can't get a decent return on it for love nor money at the moment. Perhaps if HM govt reduced the ridiculous amount of tax I'm currently paying I'd consider going out and spending some of my hard earned, until then they can stick it, I will carry on stashing it. When their feeble minds actually grasp the concept that demand is the source of "fiscal" fluidity, not the banks who merely supply money to feed demand I may part with some cash. They need to free up the trillions that people have in savings encouraging them to spend instead of making saving unattractive, reducing the interest rate only helps those in debt and savers are suffering badly at the moment, no return means no spendy spendy. Debtors are unlikely to waste the windfall they are currently receiving; saving it for when the inevitable happens or paying off their debts early in the hope that those debts won't become expensive again. There was a guy on the news the other night explaining that the mortgage was unaffordable 6 months ago on his buy to let because he couldn't cover it with rent, now his mortgage payment has more than halved and he's paying it off at twice the rate, seriously how the hell is that helping anyone other than his personal retirement fund? Good luck I say but low interest rates are certainly not helping us out of this hole, ask Merv he seem's to have suddenly realised all this today!

    Still, to get back to the original question I'm doing ok and will probably come out of this with a lot more in the bank than when we went in and with a much healthier liver :wink:
     
  6. As I work for HM Queen & Co I am fairly safe
    I think.

    Can't help thinking about the poor sods who have lost their jobs through no fault of their own, whilst managers directors etc go straight off into well paid retirement or get another well paid job.
     
  7. Me and Mr JW both retired, so jobs not a worry,but financially its affecting us, as we'd saved for retirement, and of course its not earning anything. We invested his pension lump sum and my small inheritance from Dad and Uncle, got very worried last year and withdrew it from the financial markets, Lost about 10% of our capital. If we saw it coming why didn't anyone else!! I dread to think what we'd be left with if we'd left it where it was! probably not a lot now!! reinvested it through bank and b.soc (with some guaranteed good rates). Ah well, at least we don't have a mortgage to pay, so if push came to shove we could sell the kid's inheritance and move into social housing and let the government look after us!!!
    Do I care? yes and no!! a bit for us, and a lot for my kids and grandkids.
     
  8. It's not been easy in fact it's been hard fighting through the recession as even the wealthy have tightened their purse strings so my services haven't been require over the winter as much as usual. But I've started to get very busy again which is nice!

    Long days and nights but it's worth it.
     
  9. I have been transferring my savings into Premium Bonds and am, er, spending some of it. Job wise I am as secure as you can be as a disabled worker with chronic health problems...... Hopefully that print by Constable I bought from Habitat last year for £5 will have increased in value....... ;)
     
  10. Having only just left the mob I'm taking a bit of a sabbatical, which I had planned to do even before the 'downturn' occurred.

    My pension and terminal grant should keep me ticking along for a little while, and my mortgage has reduced by more than half compared to 18 months ago. My weekly spend is much reduced and I'm not sticking £60 a week of fuel in the car like I was last year.

    Doesn't stop them trying though. 8O
     
  11. Haven't lost anything yet --money was in Isa's and deposit accounts .
    Few shares but will wait --as they say in times of depression /recession its time to buy more !
    No Mortguage or debts really.

    Am keeping cash at home --in case any banks do go tits up and the promised government guarantee takes time to pay out. Paying cash works wonders aswell!

    I pity the people with negative equities on their house and paying large mortguages . House prices will never go that high again the bubble has
    finally burst.

    As for the gov. strategy borrow and spend --well thats how the place got into such a state to begin with ---- and its now payback time .

    G.
     
  12. Five index linked pensions between Mrs M and me. Mortgage paid off years ago, both fully paid up in the ISA and TESSA/ISA stakes, but interest will be peanuts after this year. I've just liquidated our other accounts since the interest after tax wouldn't be worth adding on. Topped up the premium bonds to max with the proceeds. Had about 12K worth of shares which are now worth about fourpence. As long as robber Broon and his shifty gang don't dream up any more schemes for defrauding pensioners, we should be OK. Looking forward to our 5% pay rise in April.
    One £50 premium bond win will probably be worth more than the interest we can look forward to on our joint savings, but as a wise man once said - "There's no pockets in shrouds", so it's all a bit irrelevant to us at present.
    The people I feel sorry for are those who've saved a bit for their old age, and rely on the interest and dividends to top up a small pension and pay for their little extras each month. They've got no chance.

    2BM
     
  13. Your always skint :toothy2:
     
  14. I must admit that having spent the last 20 years ducking and diving to avoid redundancy, and done it quite successfully, now I would be quite happy to 'take the package' as it would make early retirement practical and affordable.
     
  15. Probably pretty similar to Chieftiff here.

    My income is the highest it's been for a while but the low standard interest rates have meant that my savings aren't really accumulating anything. I note a couple of people are content with ISAs, but the value of ISAs is related to the trading market, although subject to the level of risk. Mine have taken a hammering as I'm on quite a high risk plan, but the fact that the value could go down as well as up was something I signed up to when I opened it. what I am doing is continuing to fund them as the cash that goes in serves to increase the basis that the value is built on, so when the market recovers I should have a bigger stock portfolio supporting the ISA to work from. Other investments aren't doing so well at the moment, but they're in areas that are safe inasmuch as there will be continued demand for them so the value should recover.

    I have time to wait.

    On the job front, things are somewhat more secure than elsewhere in my industry. The stock value of my parent company has reduced, as with the rest of the market, but not by as much as our direct competitors. Our market share is continuing to grow, although the market we operate in has become very competitive. Client budgets have reduced, but their expectations haven't, so what we're seeing is a lot more aggressive discounting from competitors to win the work. Despite that we're continuing to do well, at the moment we have huge amounts of demand for our services, so we're in a reasonable state.

    What is interesting is that the headhunter market is quite active, even from those firms in the sector who have made some redundancies there is still recruiting effort going on. I've had approaches from two of the big four accounting and audit firms in the last few weeks, although that may reflect an increased demand for insolvency services and business recovery.

    What is a good thing for me is that as budgets tighten there is more demand for effective negotiators to makes sure that organisations get good value for money and low costs.
     
  16. Took voluntary redundancy from a law firm in Sept, thought I would get the redundancy package before they went under. Got a little part time job in Hobbycraft to pay for the girlie essentials and do occasional ad hoc work in law firms and drugs trials.

    Luckily we did not do what a lot of people did, that is use their house for a cash machine. We are lucky to have a tiny mortgage, which is offset against savings. Those will be used up to pay for my time at uni and then I hope that the economy will have turned and there will be a huge demand for people like moi!
     
  17. On the cusp between Service and Civvy Street, so watching with interest (excuse the pun!).

    Now going to have a gap year, so we shall see!
     
  18. There still jobs out there it's more a case of not being fussy to pay the bills until the recession passes over. A friend of mine has gone from no job to being offered 3 jobs and now needs to pick one.

    I've never been out of work. I've vouched never to be out of work for any period of time. I'd stack shelves or clean offices as long as the bills get paid. Once your in job you can spend more time looking for a job/career you want to do.

    Also if your looking to start your own business this is the time to do it. If you have a solid business plan, pitch etc you got a good chance of getting finance
     
  19. I agree with your sentiments about just doing anything until you find something you like doing. If your all wondering why i unfortunately grace you with my presense most days its because i'm waiting for the NHS to get their arses in gear and do an operation on me which will hopefully sort out a long standing problem. I've now opted to go private (£2,500) because my problem isn't life-threatening so i have to wait. I'm currently dredging the bottom of the barrel with all the scumbags who use the NHS as a meal ticket

    Whats this got to do with the recession you ask?? Well if the op doesn't work i'm going to have to serious reconcider my options regarding my job and do something which causes me less physical strain. I'm also currently on zero pay which is a bind as i've just had an extortionate gas bill this morning as well as the usual Mortgage and other bills.

    As blobbs said at least they can't make me pregnant though

    Happy days!!!
     
  20. Recession! what recession. Broon said there will be no more boom and bust so you must be imagining it all.

    To help it along thought, Plymouth Council are upping the rent on industrial units by 60% (sixty), and one of the tennants said they put them up 55% (fiftyfive) 8 months ago.

    He also said that a lot of the tennants, him included can no longer afford to be there and will have to get rid of their staff and probably close down.

    We know it's the authorities that are making it worse with their greed and don't care about job losses. The couple of units under the hotel on Derrys Cross are £20.000 per year and that is just the rent, other bills and business rates on top of that.

    Just coming up to retirement, it is having no effect on me as I can't be sacked.
     

Share This Page