Christ, open you eyes!
Whole retail companies are going under, pubs are closing down at a rate of nearly 4 a day, car dealers are lying to themselves, and tradesmen are far more amenable to discounts and haggling!
By Canary Wharf, there is a massive billboard, advertising an auction service for repossessed properties. Whole office blocks are empty.
something like almost 2 million people are currently unemployed, with this figure set to increase to over 3 million, in the next year or so. Remember the last time we had that level of unemployment?
And there aren't any manufacturing industries left, to close down...
Wakey wakey. It's Finest Colombian.
Maybe a touch dramatic, but not wrong on the whole.
Unemployment reached 2 million a couple of weeks ago though, remember being sat watching the news the day before the job interview I had (which I got offered) and wondering if I was going to remain a statistic for too much longer! They also predict the unemployment figure to reach 3 million by the beginning of 2010, so less than 9 months!
LOL @ "no manufacturing industries left to close down"... Sad but true! The ONLY way to survive in Manufacturing in the UK is to make a product that is so niche/unique/better than all the competition, otherwise you're screwed. I know of several manufacturing companies locally that have gone under recently.
Never in my lifetime either have I known so many boarded up shops (not just the old Woolworths shops either) all over the high streets.
The biggest problem though is that this whole situation is self perpetuating. We have NO CONFIDENCE in our govt. to sort this problem out (well surprise surprise!), and they're proving us right. Which means the problem is going to carry on getting worse and worse for some time yet. Look at the USA, where they at least have a govt. they now believe in for the most part, their economy is at least slowing down in decline if not making a healthy recovery yet, but the UK's economy is probably suffering the most of any out there (Zimbabwe aside) due to lack of faith in the govt.
TandemJeremy - Member
IMO it is bad - but is also being well overstated.
In the eighties recession unemployment if counted as it is now would have been 5 million+ at peak.
I think the major reason its being shouted about so much is that its affecting the middle class much more than previous ones
Hmmm... I agree about the fact it's probably affecting the middle class more than previous recessions, but is the answer to get us out of recession to penalise anybody with enough foresight to put some money away for the rainy days too?
Bring on a good old bout of high inflation yet stagnating house prices I say!