Recession may be over tomorrow

wageslave

I have no knowledge of the financial sector. I dont return calls from my banks "financial advisor" and my credit card languishes unused in my bedside cabinet.

However I do work for a multi-national company that has been hit hard by the recession and has taken some seriously employee unfriendly measures to limit their losses.

We have had redundancies, out sourcing and wage freezes and, for us, the worst seems to be over. There is sod all left to cut.

Unbelievable as it sounds some of our suppliers just seem to be waking up and smelling the coffee. I had an IT bloke in at the beginning of the week who said his company ( a huge player) has put all its employees under consultation. Sixty percent of them are to lose their jobs by Christmas.

This recession isn't over.

For some of us it may just be beginning.

Thrugelmir

wageslave wrote: »

This recession isn't over.

For some of us it may just be beginning.

Of a new world........

kabayiri

wageslave wrote: »

Unbelievable as it sounds some of our suppliers just seem to be waking up and smelling the coffee. I had an IT bloke in at the beginning of the week who said his company ( a huge player) has put all its employees under consultation. Sixty percent of them are to lose their jobs by Christmas.

I am freelance in IT. When you work freelance you realise you have to put some money away for when times are tough.

Phoning around ex-colleagues I get a similar vibe to what you describe. People are reducing rates, and contracts are shorter, and more piecemeal.

It's a scrap to make a living. The description of London city salaries, and bank bonuses in the tens of thousands is a world away.

I honestly think the UK economy has different bits running at different speeds.

wageslave

kabayiri wrote: »

I honestly think the UK economy has different bits running at different speeds.

that may be one of the most sensible things I ever read on here

Thrugelmir

wageslave wrote: »

that may be one of the most sensible things I ever read on here

There is a financial divide in the UK of that there's no doubt.

So far the manufacturing orientated parts of the UK have taken the brunt.

The service sectors may yet have to feel the pain.

beaujolais-nouveau

bo_drinker wrote: »

VERDICT - By Clinton Manning
Britain isn't broken - neither are we broke.
Despite Tory spin, recovery is under way.
The evidence was clear yesterday with consumer confidence, house prices and car sales on the up.
The recession could end on October 23 when figures should show the economy has grown again.
Manufacturing is still in trouble but the service sector, the economy's new powerhouse, is growing at its fastest rate since the crunch began.

Bet Clinton Manning, whoever he is, feels a complete wally now.

Thrugelmir

beaujolais-nouveau wrote: »

Bet Clinton Manning, whoever he is, feels a complete wally now.

Daily Mirror, the last bastion of New Labour. :rolleyes:

wageslave

Thrugelmir wrote: »

There is a financial divide in the UK of that there's no doubt.

So far the manufacturing orientated parts of the UK have taken the brunt.

The service sectors may yet have to feel the pain.

From what I can see, and I would be the first to admit I live a little life in a little corner of UK PLC, I think you are absolutely right.

We are about the enter recession part deux. The service industries are just starting to feel the pain, it hasn't even reached the public sector yet.

When it does think Tarantino and expect lots of blood.

Asheron

ahahahahahhaaa

Are you people really this stupid?

You have got to wake up,

Buy Gold and Silver, and get ready for Depression, stock up on Food.

kabayiri

There are several divides though.

North-South is one.
Public-Private is another.

I recently worked at a place where the Indian contractors were expected to work 10.5 hour days. They didn't really get much choice, they were bussed in and out.

In such an environment you get the feeling that you're expected to put in similar long hours, otherwise you might be seen to be slacking.

I agree with comments here that other sectors may feel things tightening, and I dont say that with any relish either.