Recession 100% official now

Lucylocket01

I cant see how things will be as bad as some other reccesions though. Maybe I ignorant I dont know, but reading the thread the other day about what previous ones have been like, well we're positively rich conpared to the 70's
Reading the posts and remembering bits from my own childhood I feel like a millionaire in comparison.
Plasmas tv, cars on drive, washing machine, phone and mobile, laptops internet, microwave. The list goes on.
So even if we end up with less money to spend we still will have all these things that most people in the 70's didnt have.
You can buy coats for £3 in Asda. I dont think the cost of living is high in comparison.
The differences being younger generation havent been used to it and therefore it would be one almighty shock if things were to return to days like 70's and earlier.
My personal opinion is that it wont get that bad. But what do I know.

kennyboy66_2

Generali wrote: »

People don't riot because the country is officially in a recession. People riot because they are desperate or because they have been silenced and don't see another way to get their view across or because they're drunk and it seems like a good idea at the time.

Another trigger for UK riots used to be if it was hot in the summer.

People don't usually riot in the rain.

At least "we" can behave at the Tennis.

Graham_Devon

Lucylocket01 wrote: »

I cant see how things will be as bad as some other reccesions though. Maybe I ignorant I dont know, but reading the thread the other day about what previous ones have been like, well we're positively rich conpared to the 70's
Reading the posts and remembering bits from my own childhood I feel like a millionaire in comparison.
Plasmas tv, cars on drive, washing machine, phone and mobile, laptops internet, microwave. The list goes on.

It does go on, and a hell of a lot of it is on credit!

Lucylocket01

Graham_Devon wrote: »

It does go on, and a hell of a lot of it is on credit!

Yes but not all of it. We are finacially miles better off than most people trying to struggle in the 70's and earlier.
You could not buy jeans and coats for £3 and the supermarket back then. You can buy a loaf for 30odd pence. Compare that to the average wage back then and read the thread from weekend were someone ask what it was like living in the 70's reccesion.
You have a nearly £10k car. Most people didnt have cars or if they did they were old bangers. Look around most cars on the road are less than 5 years old these days.
Not everyone is hp's to the eyeballs either.

This is the thread I was on about
http://forums.moneysavingexpert.com/showthread.html?t=1422649

torontoboy45

Generali wrote: »

A recession is defined as 2 consecutive quarters of falling (often described as 'negative growth') of GDP.

That means by the time a recession is official it's been going on for 6 months already!

Unfortunately, there isn't really a way around it.

correct. there isn't a way around.
it would be irresponsible for any treasury official to declare recession until the stats tefal-heads say so.
almost as irresponsible as 'green shoots' and 'light at end of tunnel' comments.

Mandark

Lucylocket01 wrote: »

I cant see how things will be as bad as some other reccesions though. Maybe I ignorant I dont know, but reading the thread the other day about what previous ones have been like, well we're positively rich conpared to the 70's
Reading the posts and remembering bits from my own childhood I feel like a millionaire in comparison.
Plasmas tv, cars on drive, washing machine, phone and mobile, laptops internet, microwave. The list goes on.
So even if we end up with less money to spend we still will have all these things that most people in the 70's didnt have.
You can buy coats for £3 in Asda. I dont think the cost of living is high in comparison.
The differences being younger generation havent been used to it and therefore it would be one almighty shock if things were to return to days like 70's and earlier.
My personal opinion is that it wont get that bad. But what do I know.

Spot on! Our standard of living may fall but for most of us, it won't fall to that level. Most of the country was a real dump back then. It would take a war or a plague to knock us back to those levels.

WTF?_2

mustrum_ridcully wrote: »

So the UK is officially in recession now, first time since 1991.
Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter.

Heard the news on Radio 4 this morning.

The presenter said that the PM had claimed that the amount of time required to get out of the mess will depend on whether or not other major economies take the lead he has given and follow his policies.....

Nice to see Gordon maintains his grip on reality :rolleyes:

WTF?_2

Lucylocket01 wrote: »

Yes but not all of it. We are finacially miles better off than most people trying to struggle in the 70's and earlier.
You could not buy jeans and coats for £3 and the supermarket back then. You can buy a loaf for 30odd pence. Compare that to the average wage back then and read the thread from weekend were someone ask what it was like living in the 70's reccesion.
You have a nearly £10k car. Most people didnt have cars or if they did they were old bangers. Look around most cars on the road are less than 5 years old these days.
Not everyone is hp's to the eyeballs either.

Many people have lots of possessions which they bought on credit.

Easy credit and cheap foreign imports are what has made the difference.

Well, the credit cow has been milked well and truly dry and the currency has virtually collapsed - along with supply destruction (factories closing) in the East.

Not too hard to see where this is going - less money around, higher prices on loads of things - large cut in standard of living for most people.

neverdespairgirl

It's a massive drop, not good news.

Lucylocket01

And many people have lots of things that they own outright without credit. I know loads of people. Myself being one.