[Politics] Economy Shrinks 20% in April

[The Antikythera Mechanism]

Construction down by 40% but will pick up as back to approx 80% mid May. Most Contractors will use this as an excuse to make sweeping redundancies though.

 

[Bob!]

All the supermarkets, Amazon, online retailers and couriers all recording big profits weren't they, think that was already out there. Amazon reported revenue was up, but profit overall was down due to all the measures they've introduced to avoid paying their just taxes.

Corrected that for you.

 

[Machiavelli]

I might be wrong, but logically retail is not going to recover to anywhere like previous levels. People were already using shops just to check things out, before ordering online. See Debenhams, BHS etc etc. I can see specialist independents surviving and perhaps doing well, but not the usual chains.

Still, lots of housing development opportunities creating town centre flats. And easing the housing shortage without adding traffic.

While we're obsessed with buying more shit, retail will be fine. There's been a shift away from those big department stores for a while, and it's more surprising they've hung on so long. There will be a continual gravitation towards online shopping, while the high street will witness quite radical shifts (not that it hasn't). I think the most clear recent development is the likes of Market Halls. This of course might struggle over the next few years (especially in the absence of a vaccine), but places where people can meet will continue to succeed.

 

[Uncle Spielberg]

The worst previous period in history 2009, we had a 7% reduction over 13 months, this is over 20% in 1 month so as someone said before about 40 x worse than ever seen before over a month. It is utterly catastrophic and will take many years to recover from, this is the fall out of the prolonged lockdown, 3 months and counting and don't forget it is only a partial opening next monday and many businesses will fail to open anyway as they cannot make a living with a 2 meter social distancing rule let alone 1 so won't bother

Also many businesses will still be shut with no opening date, hospitality, social and leisure so many of those will simply go bust. I would go as far as to say 95% of businesses cannot function with any form of social distancing so the longer that goes on the more devastating it will be

 

[Herr Tubthumper]

Jesus. To put this in context I think the German economy shrunk by 10% over the same period. U.K. was twice as much.

 

[nicko31]

There are a number of other countries with similar figures to us, the problem for us is we're far from out of the woods yet.

It was always going to be bad, but it has been made worse by gross incompetence

 

[Albion Dan]

The 2m distance guideline (alongside the resistance to implement face masks in guidance) is going to prove to be absolutely catastrophic for the UK economy. The actual guidance from WHO was always 1m but it's shocking how many people on Twitter are still now so programmed that they think anything less than 2 will equate to mass murder. We are now on course for a far longer and more drawn out ease of lockdown than any other country because the Govt is caught in a trap of doing the right thing and not upsetting the lockdown forever mafia.

 

[Uncle Spielberg]

There are a number of other countries with similar figures to us, the problem for us is we're far from out of the woods yet.

It was always going to be bad, but it has been made worse by gross incompetence

Yes we are hugely behind the curve now and have the tightest lockdown rules in the world in terms of what is open and where you can go

 

[Pavilionaire]

When will the electorate of this country wake up to the fact those that govern do not know what they're doing and demand better from their politicians?

Boris missed 5 COBRA meetings - this is simply unacceptable.

There were lies told about an oven-ready deal with the EU, and the fact is we're staring a No Deal, Hard Brexit cliff edge in the face at a time when the economy is tanking at a rate not seen anywhere else in Europe. Again - this is simply unacceptable and is a result of incompetence.

It is incredibly worrying to hear of the very biggest players in our British economy shedding thousands of jobs, the hospitality and retail sector at breaking point.

We will all be affected by this, even those in "safe professions". It is impossible to have any sort of optimism about the future while we have these absolute f*cking idiots in charge making blinkered, dogmatic decisions. I take my party political hat off here and would gladly accept a Tory government, provided it was run by people of intelligence like Rory Stewart, Ken Clarke, Dominic Grieve - they had some good people and they were all sacrificed on the high altar of Brexit.

The shit has finally hit the fan.

 

[Uncle Spielberg]

The 2m distance guideline (alongside the resistance to implement face masks in guidance) is going to prove to be absolutely catastrophic for the UK economy. The actual guidance from WHO was always 1m but it's shocking how many people on Twitter are still now so programmed that they think anything less than 2 will equate to mass murder. We are now on course for a far longer and more drawn out ease of lockdown than any other country because the Govt is caught in a trap of doing the right thing and not upsetting the lockdown forever mafia.

I agree, the 2 meter is catastrophic, 1 meter is bad enough, infact any social distancing long term will kill off all economies across the World. The government did a great job in creating mass panic and hysteria and so many people like you say who run away terrified if you get within about 5 meters of them now. It will be hard to change that mindset now and so even if things open up the challenge now will be to get some people to come out again

 

[Tom Hark Preston Park]

All the supermarkets, Amazon, online retailers and couriers all recording big profits weren't they, think that was already out there. Amazon reported revenue was up, but profit overall was down due to all the measures they've had to introduce worldwide to remain open and efficient with restrictions in place.

Shame that companies like Argos and CurrysPCWorld more or less just shut up shop for the duration and missed out on the potential upside of the lockdown. Oh well

 

[GT49er]

To put it in context, the biggest monthly fall in GDP in the aftermath of the Global Financial Crisis was ONE percent.

To put it in context, businesses didn't close their doors and shut down with staff sent home on furlough for a month after the Global Financial Crisis.

 

[ManOfSussex]

The discounters like Aldi & Lidl I suspect out on top again, still decent sales and haven't needed to discount as much

They definitely would I think as well as they don't have fallen clothing or fuel sales to offset. Co-Operative must be another one who've seen sales go up.

Elsewhere Boots, Superdrug and WH Smith to name but 3 must be teetering now. My local M&S as a sole example for them would have seen food-hall sales go through the roof and they're so well stocked too, even during the panic buying, but you have to enter the store through the clothing section now. So obvious they're desperately hoping people pick some garments en route to the food-hall if they have to queue. Similar at my local Morrison's but in reverse - you queue to check out through the clothing section.

 

[nicko31]

When will the electorate of this country wake up to the fact those that govern do not know what they're doing and demand better from their politicians?

Boris missed 5 COBRA meetings - this is simply unacceptable.

There were lies told about an oven-ready deal with the EU, and the fact is we're staring a No Deal, Hard Brexit cliff edge in the face at a time when the economy is tanking at a rate not seen anywhere else in Europe. Again - this is simply unacceptable and is a result of incompetence.

It is incredibly worrying to hear of the very biggest players in our British economy shedding thousands of jobs, the hospitality and retail sector at breaking point.

We will all be affected by this, even those in "safe professions". It is impossible to have any sort of optimism about the future while we have these absolute f*cking idiots in charge making blinkered, dogmatic decisions. I take my party political hat off here and would gladly accept a Tory government, provided it was run by people of intelligence like Rory Stewart, Ken Clarke, Dominic Grieve - they had some good people and they were all sacrificed on the high altar of Brexit.

The shit has finally hit the fan.

I've voted for them in past, didn't used to agree with everything but their success has been they have always been a broad church, but adults have well and truly left

They are now literally destroying our country, I'm really start to fear for my kids future and now worse still their life options have been massively reduced

 

[Pavilionaire]

I've voted for them in past, didn't used to agree with everything but their success has been they have always been a broad church, but adults have well and truly left

They are now literally destroying our country, I'm really start to fear for my kids future and now worse still their life options have been massively reduced

I am normally an optimistic person. When there has been a disaster - like the Banking Crisis - you know that the basic economic infrastructure is there for the country to bounce back. However, this is no longer the case.

As lockdown begins to be lifted the UK looks like an alien country, and if people aren't sure how the next 6 or 7 months are going to pan out then just wait 'til Hard Brexit on 31st December. How the f*ck we're going to repay all this emergency borrowing God only knows.

 

[beorhthelm]

I am normally an optimistic person. When there has been a disaster - like the Banking Crisis - you know that the basic economic infrastructure is there for the country to bounce back. However, this is no longer the case.

As lockdown begins to be lifted the UK looks like an alien country, and if people aren't sure how the next 6 or 7 months are going to pan out then just wait 'til Hard Brexit on 31st December. How the f*ck we're going to repay all this emergency borrowing God only knows.

what economic infrastructure do you think is missing, needed?

 

[Bold Seagull]

I am normally an optimistic person. When there has been a disaster - like the Banking Crisis - you know that the basic economic infrastructure is there for the country to bounce back. However, this is no longer the case.

As lockdown begins to be lifted the UK looks like an alien country, and if people aren't sure how the next 6 or 7 months are going to pan out then just wait 'til Hard Brexit on 31st December. How the f*ck we're going to repay all this emergency borrowing God only knows.

If the entire world is emergency borrowing to get themselves out of this, who is doing all the lending!?

 

[Swansman]

If the entire world is emergency borrowing to get themselves out of this, who is doing all the lending!?

Always been the question no one wants to talk about...

 

[Justice]

If the entire world is emergency borrowing to get themselves out of this, who is doing all the lending!?

Still nowhere near the amount used to prop up banks in 2008 I wouldn’t worry about it.

 

[Bold Seagull]

Always been the question no one wants to talk about...

When people talk about global economies, borrowing etc. I always think it's a bit like trying to conceive the size of the universe, or what is beyond the edge of it.