The Recession Megathread

[Dimitri 11]

The BIG issue that any future Govt will have to face is public sector pensions which are paid for out of taxation, they are not in a fund. Basically the potential bill is cripplingly huge and most likely couldn't have been borne when the economy was growing. Now? No chance. Expect massive public sector disruption when the inevitable happens.

 

Do you think there will be a lot of public sector redundancies as well?

[Dave650]

Do you think there will be a lot of public sector redundancies as well?

 

Yes there will be and they are already starting as stated in the OP

[Dimitri 11]

Yes there will be and they are already starting as stated in the OP

 

Do you reckon public sector jobs are safer, the same or less safe than private sector jobs. I know it's very simplistic but what is your general view on this?

[Dave650]

Do you reckon public sector jobs are safer, the same or less safe than private sector jobs. I know it's very simplistic but what is your general view on this?

 

Much safer. But not 'safe'.

[Dimitri 11]

Much safer. But not 'safe'.

 

Yeah id never think anywhere was safe especially at the moment and with a lot worse to come.

 

Why do you think Public sector jobs are safer?

[Dave650]

Yeah id never think anywhere was safe especially at the moment and with a lot worse to come.

 

Why do you think Public sector jobs are safer?

 

Because the government will always fund vital services. When I was saying public sector I was thinking mainly education but it extends to the NHS, police and other places.

[SHYTOT]

From the Guardian:

 

Quote..

 

Voters think that Gordon Brown's high-profile battle to turn around the economy is doomed, according to a new Guardian/ICM poll. Only 31% think the prime minister's strategy will make things better. Most, 64%, think it will either achieve nothing or even make the situation worse.

 

Even Labour's supporters are doubtful: only 48% of people who voted for the party in 2005 believe that the government's measures will work.

[John Hope]

Gordon Brown refused to drop the interest rate a while back (while the rest of the world did), saying it would lead us into a stronger economy that won't go into recession if we don't lower the interest rate.

 

Now look whats happened. We have been stuffed twice.

[foxy lady]

The IMF now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.

 

The IMF says financial markets remain under stress and the global economy has taken a "sharp turn for the worse".

 

In another gloomy view of the UK economy, the Institute for Fiscal Studies (IFS) said Britain would be saddled with government debt for more than 20 years.

 

IFS director Robert Chote warned that spending would have to be cut or taxes raised by more than planned to allow public finances to recover.

[Titanic99]

The IMF now projects the UK, which recently entered recession, will see its economy shrink by 2.8% next year, the worst contraction among advanced nations.

 

The IMF says financial markets remain under stress and the global economy has taken a "sharp turn for the worse".

 

In another gloomy view of the UK economy, the Institute for Fiscal Studies (IFS) said Britain would be saddled with government debt for more than 20 years.

 

IFS director Robert Chote warned that spending would have to be cut or taxes raised by more than planned to allow public finances to recover.

 

I wouldn't worry too much about what they are predicting, they seemed to miss predicting the recession so I guess they'll get this wong as well.

 

so stop worrying and get yourself out spending some of that extra money you'll probably be currently getting.