Do you remember the last recession?
A recession may bring very difficult times for some, but most of us will survive quite well.
Firstly,nobody in this country will(or should) starve as a result of the downturn.
We may have more time to take stock of what we are doing - less time spent tearing around in our 4x4's and a bit more time spent with friends and family.
If we all slow down a bit it can only be for the good
Fri, 24/10/2008 - 14:53
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In our experience, the last recession cannot be forgotten. It was the end of a business established for 31 years, not just due to the recession itself but a major change in the Market Place & a failure of the Monopolies Commission to act in any manner of prevention. Customers (pharmacies) had been slowly aquired on a regular basis into the larger groups ie Lloyds, Vantage & Unichem/Moss (now Alliance). During 1993 this speeded up to such a degree that we lost 43% of our 'regulars' to these 3 groups. There was no attempt of the M.Comm. to intervene, couple this with recession already in place,it was impossible to adjust to such a shrinkage. We were driven out of business.
Why is it that a Government body specifically set-up to control markets from becoming dominated by mega businesses, are nowhere to be found when such a situation occurs?
One of the worst shocks was how our warehouse property became devalued (always advised by the Banks to own your premises if possible) but we were choked to discover just how far we were faced with negative equity. What should have been the greatest asset in these circumstances turned out to be a 'millstone'.
All this took great toll on our health too. We had survived the previous recession in the early 80's but without the right balance of customers to stock/overheads, there is no hope.
Long term, life has never been the same and the struggle to exist & re-build is on-going. You have be very careful on how you spend what little is available after essentials have paid for - an adjustment much harder for those who have been used to 'living-it-up'. Fortunately I wasn't one of them.
For those without the real experience of what a recesssion can mean ~ beware !
Tue, 28/10/2008 - 00:02
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I kind of wonder what I was doing then as it seemed to pass me by. Maybe because we weren't selling a house, didn't owe anything on credit cards and my partner is an engineer so his job wasn't threatened. I had a young daughter and was working as a cleaner so my job wasn't at risk either.
So much of this recession is on 'paper' and in the newspapers. I wonder how bad it would have been if information and hysteria couldn't move around so fast. The quality of our lives seems to be in the hands of a bunch of hysterical traders - again!
Wed, 29/10/2008 - 10:45
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I am 46 and in a govt job
i remember the 70s recessions,( 3 day week telly off at 10pm) the 80s(neg equity, tight credit) and the 90s.
what is coming is FAR BIGGER
I think that the UK will go from a major player in the developed world to something far more insignificant ( china and India will be far more pivotal)
do not underestimate the effect
Wed, 29/10/2008 - 20:52
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The prospect of mass unemployment is real and if it occurs it will create resentment in many, the search for a scapegoat will ensue, where racial tension will explode, the like of which we have never seen in this country before.
Sat, 01/11/2008 - 09:40
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In the last recession I bought our house in 1992 for £84000. It was valued at £300000 earlier this year. When I bought in 1992 I was a bit early but at least I bought. I accept that prices have come down this year but going on my experience , if you have got the money, buy soon and don't wait for the bottom as you may be like my friend who sold but did not buy back and is still in rented accommodation
Sat, 08/11/2008 - 11:33
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I am a great believer in what comes around goes around - this country will see a slump like its never seen since the 30's - official unemployment in excess of 3m no manufacturing, no service sector and a country bankrupted by a corrupt and totalitarian labour government -
My hope is that what has been done to me by this country will in fact come back on this country and when this country comes to its senses with a ridiculous law and the wrong done to me is righted then the misery will end
I am a crackpot for those of you who dont know me but its amazing how everything I have wished for upon the nasty british people has come true and serves you alright - arrogant nasty british people
Fri, 09/01/2009 - 17:00
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Please don't tar everyone with the same brush. It sounds as though your own negativity isn't helping, especially your attitude. I have never been arrogant in my life, and in my part of the U.K. there is a saying "we're all Jock Tamson's bairns" A saying I believe in.
If you are in the U.K. then we will all be going through the recession together..eg a lot of people will be made redundant, my own job used to be considered fairly "safe" but not now. A few folk will make it through OK, but I think most of us will feel the effect.
Fri, 09/01/2009 - 17:40
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Many are still very worried for their jobs according to this report from The Ladders...
Recent news reports show the UK is facing a double dip recession, while Greece is on the verge of economic crisis, Germany has poor GDP figures and the rest of Europe is still in the middle of an economic slump. While the latest unemployment figures are down, it’s a minor change and many employees, hopeful at the start of 2010, will once again be evaluating the security of their role.
Wed, 10/03/2010 - 13:47
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Recession on the Never-Never? Vote Labour if you believe this works!
Wed, 10/03/2010 - 21:20
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With the UK on the brink of a recession, what can we learn from economic downturns of the past?
Share your experiences of the last recession and any tips on how to survive the downturn. Or offload your concerns about what next year and beyond holds.