There’s a recession on the way, some raging inflation for a while and plenty of misery of epic proportions for us minions.

Think this is global or European wide or more UK specific as most of these problems are either thanks to our amplified by brexit?

I do think we’re seeing the multiple Brexit + pandemic + climate change financial impact gathering pace.

It’s not going to be pretty.

I’m relieved to have just signed a 5 year mortgage fix, sold the BTL and not planning any more borrowing beyond £1k of outstanding car loan.

I’m also glad to have three kids/young adults tucked up in education and all working part time.

We’re very fortunate and yet it still causes me concern. I was reading a thing this morning predicting that the Chinese property company and global issues may see us have the biggest stock market crash in history too… (Not sure if I believe that too much)…

Due to remortgage next year, two young kids, meagre savings and one income. Tough times or life of crime here we come!

get rid of things you dont need.
sky tv or any other pay per view.
go pay as you go on a budget phone.
eat less meat, treat it as a luxury once a week.
stop drinking.

if i did all these i would soon be back in pocket.

Similarly, 4 mortgage payments to go.

Not a humblebrag, quite the opposite, been working hard and overpaying for years, it wasn’t easy.

It seems like the first few of us to post, possibly even a reflection of the STW demographic, are not the ‘average’ UK household.

The changes brought in and increases in basic necessities are going to affect those on low income far more. Brutally so – it’s food, energy and housing costs that cannot be avoided.

It’s also got the possibility of hurting many in the ‘squeezed middle’ who while earning well have a lot of debt and (life choices) outgoings. Of course the biggest issues there are employment and mortgage interests rates.

Agree with the above, it is going to be horrible for those who are either only just managing now or are already underwater. I can’t imagine how that must feel

With no debts and a job for life (at least as far as one of those exists these days, haha) I’m not worried – which probably means I’ll be redundant by January and on the streets by March… 😀

I’m fully expecting the shit to hit the fan in the next 12 months for me. My savings are getting very low (got 2 months of bills left) and I’ve not got permanent work so things are a bit close to the bone for my liking. How people who live from paycheck to paycheck are going to cope I have no idea!

Thankfully I have no debt and my outgoings are as low as I can get them (barring Spotify, Amazon Prime and Zwift which can be cancelled immediately) plus my rented flat only needs a month’s notice to leave so if it does get as tough as I think it is I can drop everything and go back to my parent’s house with a month’s notice. Doing that though will severely limit my job prospects and be a real blow mentally, it will be the sign that my life has completely changed in the last 2 years.

I think it’s impossible for most of us to really know how much is Brexit and how much is Covid and other factors, I think most are a bit of each.

That is true but there is no way in hell that Brexit isn’t making our exposure and ability to respond worse than if it hadn’t happened.

For the many millions whose lives are difficult today 2022 will move to way beyond difficult.
Listening to johnson’s conference speech, he clearly has no interest in doing anything to improve that.

Yes you are right to be worried as the personal inflation basket on a low earner will be much higher than higher earners. That’s because energy, food, council tax are a high proportion of their spend, and there’s not a lot you can do about the higher prices.

Sadly a lot of people are living on the edge and this will tip them into debt.

Heard on the news the other day that as many as 4 million families are already in a position where cost of living is up to £9k per annum more than income.

Maddness! Puts things in to perspective.

Currently busy reducing any debt. Mortgage gone, hammering re-payments on the credit card to get it to zero. Should be OK, electric bills are sky high, mainly due to WFH, so we’re not going to use the shed office and conservatory to work from as much over winter (both back 2-3 days in the office). Gas is quite low as the house is efficient, so gas going up, even double is only £40 a month.

I’m back commuting to work by bike when in the office – that’s saving £6 a day in wasted fuel. No plans on a foreign holiday (CBA with testing). Trying to get my son to try harder at a full time job – he’s just part time after losing his full time job – but he’s depressed and it’s not helping.

We should be OK, but as earlier, down a couple of hundred a month.

If you are under the age of 40 and don’t have the bank of mum and dad you have no chance in Brexit Britain. I think we will have 2012 style riots again next year, no way can we just keep writing whole sections of society off, while the rich get ever richer and think people will put up with it.

@TheBrick – not practical when I’ve got 2 elderly parents to look out for otherwise I’d be looking at something like working on cruise ships. A friend did it for 2 years after uni and managed to build up a sizeable savings pot despite lots of partying and other stuff while on board.

in what is purportedly the 7th richest economy in the world

Sorry to pick you up on this and it’s not personal but I really hate this claim that 7th richest country in the world is important. 7th richest is important when it comes to external affairs such as aid we give, or our potential as a market but internally it’s much much less relavent as it’s a per capita, or really per capita but then scales for dependency ratios that’s important. GDP per capita puts us at 26 but that doesn’t take I to account dependency ratio. On top of that GDP can be misleading.

Not saying it’s right that people are struggling but people need to understand these basics. 7th richest is meaningless or at least limited meaning

My daughter starts nursery next month, costing £1300/month. This feels like poor timing…