UK Justice Forum

News and current affairs => The Coronavirus and Covid-19 => Topic started by: Holly Goodhead on April 05, 2020, 10:02:19 AM

Title: The Effect On The Economy
Post by: Holly Goodhead on April 05, 2020, 10:02:19 AM
The amount of money the Government is borrowing to counter Covid is eye watering:

- 80% of employee salaries and self-employed net profits during 'lockdown'.

- Loss of revenue to exchequer in terms of taxes from individuals and businesses.

Businesses will also take a hit from loss of revenue.  Those companies operating full or hybrid final salary pension schemes which they are duty bound to fund will face large deficits from the fall in asset prices.

Individuals with assets will also take a hit from a fall in asset values whether it be property, investments, savings etc.

Will it be possible to stick with established economic principles or will it require a radical new approach and if so what?
Title: Re: The Effect On The Economy
Post by: APRIL on April 05, 2020, 11:11:13 AM
The amount of money the Government is borrowing to counter Covid is eye watering:

- 80% of employee salaries and self-employed net profits during 'lockdown'.

- Loss of revenue to exchequer in terms of taxes from individuals and businesses.

Businesses will also take a hit from loss of revenue.  Those companies operating full or hybrid final salary pension schemes which they are duty bound to fund will face large deficits from the fall in asset prices.

Individuals with assets will also take a hit from a fall in asset values whether it be property, investments, savings etc.

Will it be possible to stick with established economic principles or will it require a radical new approach and if so what?


I'm inclined to think that the way off life we've all known, and many of us have enjoyed, has gone for good. I'm glad it isn't I who will have the responsibility, other than the personal, of rectifying it.
Title: Re: The Effect On The Economy
Post by: barrier on April 05, 2020, 11:12:08 AM
The amount of money the Government is borrowing to counter Covid is eye watering:

- 80% of employee salaries and self-employed net profits during 'lockdown'.

- Loss of revenue to exchequer in terms of taxes from individuals and businesses.

Businesses will also take a hit from loss of revenue.  Those companies operating full or hybrid final salary pension schemes which they are duty bound to fund will face large deficits from the fall in asset prices.

Individuals with assets will also take a hit from a fall in asset values whether it be property, investments, savings etc.

Will it be possible to stick with established economic principles or will it require a radical new approach and if so what?

Those of us with retirement within reach may have had it snatched away,austerity,you ain't seen nothing yet.
Title: Re: The Effect On The Economy
Post by: Admin on April 05, 2020, 11:14:26 AM
The amount of money the Government is borrowing to counter Covid is eye watering:

- 80% of employee salaries and self-employed net profits during 'lockdown'.

- Loss of revenue to exchequer in terms of taxes from individuals and businesses.

Businesses will also take a hit from loss of revenue.  Those companies operating full or hybrid final salary pension schemes which they are duty bound to fund will face large deficits from the fall in asset prices.

Individuals with assets will also take a hit from a fall in asset values whether it be property, investments, savings etc.

Will it be possible to stick with established economic principles or will it require a radical new approach and if so what?

Notice how you never hear the word Brexit hardly used now.  And some thought that was going to be bad for the economy.
Title: Re: The Effect On The Economy
Post by: Admin on April 05, 2020, 11:16:48 AM
Those of us with retirement within reach may have had it snatched away,austerity,you ain't seen nothing yet.

Always remembering that 60-year-old women have already had it snatched away.  What astound me is that there wasn't enough money in the government kitty to pay these women and men who had reached the age of 65 yet mysteriously they have been able to conjure up £100 billion out of thin air..
Title: Re: The Effect On The Economy
Post by: barrier on April 05, 2020, 11:17:35 AM
Always remembering that 60-year-old women have already had it snatched away.
My wife being one of those.
Title: Re: The Effect On The Economy
Post by: barrier on April 05, 2020, 11:20:35 AM
Notice how you never hear the word Brexit hardly used now.  And some thought that was going to be bad for the economy.

Oh! they'll appear once the dust settles and some kind of normality reigns (whatever that will look like) we'd recover quicker etc,of course the whole eu may collapse,  Italy will want some help and then some.
Title: Re: The Effect On The Economy
Post by: Eleanor on April 05, 2020, 11:50:56 AM
Oh! they'll appear once the dust settles and some kind of normality reigns (whatever that will look like) we'd recover quicker etc,of course the whole eu may collapse,  Italy will want some help and then some.

Won't we all.  France, I mean.  Britain is the least of my problems.  The EU won't collapse.
Title: Re: The Effect On The Economy
Post by: Brietta on April 05, 2020, 02:28:57 PM
Won't we all.  France, I mean.  Britain is the least of my problems.  The EU won't collapse.

I don't think Europe will collapse because there are economies of scale.  I think little Britain may struggle on its own particularly as the markets we hoped to take advantage of will be looking out for themselves and their own recoveries.
Title: Re: The Effect On The Economy
Post by: Vertigo Swirl on April 05, 2020, 02:57:50 PM
I donít think anyone can make any sensible predictions on this at all.  We are in uncharted territory, getting in deeper the longer this goes on.
Title: Re: The Effect On The Economy
Post by: Carana on April 05, 2020, 03:17:37 PM
Notice how you never hear the word Brexit hardly used now.  And some thought that was going to be bad for the economy.

Including me.

My mind boggleth over as to how the UK will cope with both...
Title: Re: The Effect On The Economy
Post by: Eleanor on April 05, 2020, 03:25:54 PM

Dear God,  does anyone really care?  Just get on with it.  What the hell is so awful?

My life was pretty awful once upon a time.
Title: Re: The Effect On The Economy
Post by: Brietta on April 05, 2020, 04:33:30 PM
I donít think anyone can make any sensible predictions on this at all.  We are in uncharted territory, getting in deeper the longer this goes on.

I think you are right VS and certainly there was no sensible or any other kind of prediction or even any forward thinking about a situation such as we see ourselves in today and how such might impact on the economy of the country.

Our assured market is gone and nothing has been put in place to compensate for that loss.  I think there are huge changes coming as a result and I think the policy of more 'austerity' is going to be a hard one to sell to a weary populace.
Title: Re: The Effect On The Economy
Post by: Vertigo Swirl on April 05, 2020, 06:03:44 PM
I think you are right VS and certainly there was no sensible or any other kind of prediction or even any forward thinking about a situation such as we see ourselves in today and how such might impact on the economy of the country.

Our assured market is gone and nothing has been put in place to compensate for that loss.  I think there are huge changes coming as a result and I think the policy of more 'austerity' is going to be a hard one to sell to a weary populace.
Taxes are likely to go up big time, which in itself will make us all less well off financially, with less disposable income, isnít that just another way of dishing up austerity?
Title: Re: The Effect On The Economy
Post by: Miss Taken Identity on April 05, 2020, 06:08:49 PM
The amount of money the Government is borrowing to counter Covid is eye watering:

- 80% of employee salaries and self-employed net profits during 'lockdown'.

- Loss of revenue to exchequer in terms of taxes from individuals and businesses.

Businesses will also take a hit from loss of revenue.  Those companies operating full or hybrid final salary pension schemes which they are duty bound to fund will face large deficits from the fall in asset prices.

Individuals with assets will also take a hit from a fall in asset values whether it be property, investments, savings etc.

Will it be possible to stick with established economic principles or will it require a radical new approach and if so what?
[/quote

I believe a rethink about social issues and working practices need to be looked at.

I loath to agree with that bstrd IDS, but I do with regards to become self reliant  nation as far inventions and making things ourselves. Support our scientists from our own stock and stop with the out sourcing everything, and get our manufacturing engines started again.

We have become a nation with way too many winging, whining self indulgent,self absorbed, lazy citizens.

Some people are over worked and underpaid to keep others- who are undeserving- this has to stop.

We only have to look at what we are at today - to see into the not too distant future.  many people working from home using IT less workers, and all IT reliance on outsourcing to different countries.  Online shopping-no cash purchases.

Our world is now ruled and controlled by Amazon, Microsoft, google, apple, china technology. I saw it coming a few years back- I didn't expect this so soon!  My first idea for IT thesis was rejected. I wonder why!


To remoaners... we are in a better position than the rest of the EU!  world market is out there.
Title: Re: The Effect On The Economy
Post by: Miss Taken Identity on April 05, 2020, 06:11:29 PM
Taxes are likely to go up big time, which in itself will make us all less well off financially, with less disposable income, isnít that just another way of dishing up austerity?


Yes I agree, the labour government  (the high tax people) never quite got that. Way over their heads.
Title: Re: The Effect On The Economy
Post by: Brietta on April 05, 2020, 07:34:44 PM
Taxes are likely to go up big time, which in itself will make us all less well off financially, with less disposable income, isnít that just another way of dishing up austerity?

I would be amazed if the ordinary citizen doesn't have to pay through the nose in all sorts of ways for the present necessary expenditure ... in the meantime, according to the Times paper version, Abu Dhabi is adding to our costs by milking us for millions for the use of their empty and unused Excel site which has been turned into a temporary hospital for the sick and dying.

That's just the way of the world ... some pay while others attempt to profiteer.
Title: Re: The Effect On The Economy
Post by: mrswah on April 05, 2020, 07:42:07 PM
I would be amazed if the ordinary citizen doesn't have to pay through the nose in all sorts of ways for the present necessary expenditure ... in the meantime, according to the Times paper version, Abu Dhabi is adding to our costs by milking us for millions for the use of their empty and unused Excel site which has been turned into a temporary hospital for the sick and dying.

That's just the way of the world ... some pay while others attempt to profiteer.


Yes, I read that in the Times. I have to admit, I was quite appalled.
Title: Re: The Effect On The Economy
Post by: Vertigo Swirl on April 05, 2020, 07:56:03 PM
I would be amazed if the ordinary citizen doesn't have to pay through the nose in all sorts of ways for the present necessary expenditure ... in the meantime, according to the Times paper version, Abu Dhabi is adding to our costs by milking us for millions for the use of their empty and unused Excel site which has been turned into a temporary hospital for the sick and dying.

That's just the way of the world ... some pay while others attempt to profiteer.
I heard in the last few hours that the NHS will not be charged for that now.
Title: Re: The Effect On The Economy
Post by: Brietta on April 05, 2020, 08:44:21 PM
I heard in the last few hours that the NHS will not be charged for that now.

That is excellent news ... https://www.excel.london/news/nhs-nightingale-statement it certainly nips what would have been a PR disaster in the bud particularly when many others have pitched in right from the start with free use of their properties as American owned businesses such as NEC have done:
Title: Re: The Effect On The Economy
Post by: Carana on April 06, 2020, 08:32:39 AM
Notice how you never hear the word Brexit hardly used now.  And some thought that was going to be bad for the economy.

Unfortunately, the UK has to somehow cope with the aftermath of both. The UK has just under 3 months left to make up its mind about requesting an extension.

The UK doesn't appear to have taken up the offer of the EU Joint Procuration Agreement on emergency medical equipment / supplies (a provision which was written into the WA, even though it's no longer a signatory), unless something's changed in the past few days. I hope the UK hasn't been cutting of its nose to spite its face in terms of the optics of discovering that Jack might not be quite so alright on its own.
Title: Re: The Effect On The Economy
Post by: Miss Taken Identity on April 06, 2020, 07:44:18 PM
Unfortunately, the UK has to somehow cope with the aftermath of both. The UK has just under 3 months left to make up its mind about requesting an extension.

The UK doesn't appear to have taken up the offer of the EU Joint Procuration Agreement on emergency medical equipment / supplies (a provision which was written into the WA, even though it's no longer a signatory), unless something's changed in the past few days. I hope the UK hasn't been cutting of its nose to spite its face in terms of the optics of discovering that Jack might not be quite so alright on its own.

The EU  who lets face it is France and Germany don't give a flying duck about any other country- ask Italy-Spain et el
Title: Re: The Effect On The Economy
Post by: Carana on April 06, 2020, 09:02:42 PM
The EU  who lets face it is France and Germany don't give a flying duck about any other country- ask Italy-Spain et el

No idea what you're talking about in relation to my post.
Title: Re: The Effect On The Economy
Post by: Holly Goodhead on April 06, 2020, 09:56:44 PM
The EU  who lets face it is France and Germany don't give a flying duck about any other country- ask Italy-Spain et el

https://www.bloomberg.com/graphics/2019-italian-banks/