Past Recessions - what were your experiences?

lovethymini

As we seem to be entering into another recession, what's your stories from past periods of recession in the uk?

In particular, how did you feel about it at the time, and how you feel about now in hindsight, as this may be helpful for us today.

I feel this is going to be a bad one, and feel concerned for the future, as I expect many of us do.

I was a teenager during the last recession, so I don't have much to judge the current situation against, although I do remember one year Dad telling us that the Christmas turkey was actually a pigeon as it was so small.

drbeat

I left school in 91 and managed to get a job for 3 months as a labourer on a 1950s council block of flats redevelopment. I was paid £10 a day...still better then the YTS. After that I was pretty much jobless for most of the time till November 93. I was claiming Income Support during this time of my unemployment because I hadn't paid enough NI for UB40 or was it UB42?? I remember trying to apply for Jobs via the Jobcentre crikey what a pullaver that was! One Jobcentre employee actually told me not to bother as most of the jobs on their board didn't exist??? Did I witness the birth of the Employment Agency LOL )

Anyway, it was a !!!!!! time! I did try the YTS for a bit but couldn't handle the 28 quid a week wage!!! So only lasted 4 weeks on that scheme! Jobs that I had in between were working for Roofing contractors and Electricians as a general piece of !!!!!!...they weren't getting paid much so neither did I, again a tenner a day for risking life and limb carrying roofing tiles or really thick electrical cable up a ladder. I seem to remember a job falling through for a guy I did some labouring for - he found out via a letter - and he was in tears when I arrived at his house to get a lift to a different site we were working at. He used to take on a lot of low paid work as "Charity jobs" i.e. doing jobs for churches and animal welfare centres. In the end he became very succesful and sold his business back in 2000. He then facked off to Oz to retire.

In 96 I !!!!!!ed off to University.

bristol_pilot

I was a new graduate then (1990). Just started my first job and bought a new build one-bedroom flat after which I had little savings left.

Within a year 80% of people at my workplace had been made redundant. The value of my property halved overnight and it took 12 years to regain its original value. Luckily I was in the minority who kept their jobs.

TBH this recession looks like being quite similar.

So this time I am prepared. Changed my career to something less consumer-related, sold my house a couple of years ago (STR) and invested all in National Savings. Batten down the hatches and tinfoil hat on...here we go.

It is utter rubbish that the BOE etc didn't see this coming. I saw it coming and have no economic qualifications at all.

wymondham

pretty bad - lots of shops closed, people out of work and losing their houses all around you but the worst thing is the mood - people being very down on everything (and you could see why!).... hope it is not as bad as this, but suspect it will be, and probably worse...

got into negative equity last time, hence my championing avoid getting into this if it can be avoided.. was stuck in a house we could not afford, and could not sell - not very nice....

[Deleted User]

I have lived through several recessions and have to say that the mood this time is very bad. The feeling is that this one will be a lot worse than all the others including the 70s. I am jolly glad that I have retired because the worry about work and mortgage would be very very stressful

amcluesent

I vaguely recall the 1970's, Grunwick dispute, the three day week, power cuts on rotation, TV (all 3 channels!) went off at 9pm. My parents standard of living went down the toilet due to inflation and a being on a public sector wage which went quickly backwards in real terms.

Early 1990's, well I recall the HPC then of friends thinking of handing in the keys and being in moderate -tive equity myself having bought in 1987. It prompted me to make a career change from the engineering sector to financial services on the basis that metal bashing was a dead-end in England. Certainly remember the miners strike, flying pickets, Met boys out in force, riots etc.

IMHO the febrile atmosphere of the 1990s hasn't yet been equalled, but of course we know that 2009 will be a descent into the maelstrom.

Trollfever

The feeling is that this one will be a lot worse than all the others including the 70s.

Agreed.

And I remember the three day week.

.

phil_b_2

I'm pretty sure past recessions wont have had anywhere near the amount of hype and media attention as this one though, you can't escape it.

mizzbiz

Unfortunately, I was about about 9 when it started and 12/13 when it started to receed so I have no personal anecdotal. I've heard a lot about it from elders, but I think this is one of the few great threads to come about.

Mainly because I am fascinated to hear from people who have already been through it, especially Kitty, who's seenthe even worse mess of the 70's!

drbeat

phil_b wrote: »

I'm pretty sure past recessions wont have had anywhere near the amount of hype and media attention as this one though, you can't escape it.

You're spot on with that observation! But we have had years of:

"I will not allow house prices to get out of control and put at risk the sustainability of the recovery."
Gordon Brown's 1997 Budget Statement

"Under this Government, Britain will not return to the boom and bust of the past."
Pre-Budget Report, 9th November 1999

"Britain does not want a return to boom and bust."
Budget Statement, 21 March 2000

"So our approach is to reject the old vicious circle of the...the old boom and bust."
Pre-Budget Report, 8 November 2000

"Mr Deputy Speaker we will not return to boom and bust."
Budget Statement, 7 March 2001

"As I have said before Mr Deputy Speaker: No return to boom and bust."
Budget Statement, 22 March 2006

"And we will never return to the old boom and bust."
Budget Statement, 21 March 2007

So fairplay to the media for stirring it up after years of the above!

Ok Ok...Clown stopped Boom and Bust in the UK...he was caught out by the "Global Downturn"!! Ok that was a bad joke...sorry! :rotfl:

sarkin

I remember the job centre taking on more staff to cope with the extra workload