Will You Be Affected By The Economic Crash?

Discussion in 'Taylor's Tittle-Tattle - General Banter' started by Clive_ofthe_Kremlin, Jun 14, 2020.


Will you be affected by a financial crash?

  1. Yes

  2. No

  1. Clive_ofthe_Kremlin

    Clive_ofthe_Kremlin Squad Player

    67% of people don't think they'll be affected by the coming slump according to a Sunday Times poll.

    Will you be affected? I don't suppose we Kremlins will be too bad. We're all key workers and they're not going to stop caring or cleaning or supermarkets any time soon. I expect the price of groceries will go up and so we'll be worse off that way.

    Andrew Marr says people are living at the moment in a "fools paradise" and don't realise what's coming. What about you?
  2. FromDiv4

    FromDiv4 Reservist

    I agree, all will be affected, it is just by how much.
    We are "lucky" like you, in that we are all still working but who knows what impact it will have on prices as you say or taxes?. My son is also in the middle of his university course, so he will see some impact.
  3. Guy

    Guy Squad Player

    I work in travel so likely to be affected... Biggest change is probably working from home rather than in the office for a long time to come
  4. Irrespective of employment prospects, everyone with a defined contribution pension scheme will be adversely affected. There will clearly be a bounce back but we will never catch up the trajectory we were on. All pension statements at 31/3 will show a reduction of approx 20% in value vs previous quarter.

    Plus of course we will all be affected as taxes will need to rise and public spending will be limited as we pay back the money spent/lost as a result of the virus.

    Everyone will be affected and most will be affected in many ways.
  5. davisp2

    davisp2 Reservist

    I am amazed that we have a lockdown for 70 days with 8 million furloughed , and 67% percent of people think that this will have no impact and they will just crack on as normal. I think there are a lot of people in for a very big shock. This will make the 2008 crash look like a tea party
  6. HappyHornet24

    HappyHornet24 Crapster Staff Member

    Marr is spot on.
    hornmeister likes this.
  7. hornmeister

    hornmeister Administrator Staff Member


    I'm already affected. On furlough, lost 20% or my salary. If I go back on 1st July it will be enforced 3 days a week, so losing 40%. If there's a job for me at all. Highly likely I'll be asked to do the same amount of work, and on that salary it's touch and go if I can survive so likely will quit.
    At my age new employment is unlikely and now is not the time to setup a business. Early retirement, releasing equity and moving somewhere cheap is on the horizon I think.
  8. WatfordÉire

    WatfordÉire Squad Player

    Just a few months shy of qualifying as a commercial pilot. The industry has gone from the best its ever been to completely decimated overnight. Far beyond what we saw during the recession or 9/11, and its anyone's guess how quick or even if it will recover at all. Things are not looking good...
  9. UEA_Hornet

    UEA_Hornet First Team Captain

    Ah man, that's a *******. It was something I was interested in my teens but 9/11 changed the face of training and what airlines would invest in people so much it was unattainable for me. Have you funded your own training or been sponsored?
  10. hornmeister

    hornmeister Administrator Staff Member

  11. Otter

    Otter Gambling industry insider

    When I went in to my industry I was told that gambling is generally recession-proof. However my then boss said that he didn't know how the National Lottery would affect things, 22 years forward the Lottery in my opinion made betting a little bit more socially acceptable.

    The 2008 crash had no affect on me, we were more affected by the 2001 foot & mouth outbreak and that almost broke my then employer. This is something else though, the loss of so many sports for so long could put a fair number of independent bookies out of business.

    I think it will take about 6 months before the full economic horror becomes clear.
  12. Bwood_Horn

    Bwood_Horn Squad Player

    During my first post-doc I was very flattered to have a gorgeous undergrad (1.8m tall, blond, very sporty - triathlons) approach me and ask to act as an additional supervisor on her final project. I found her very bright and quick to pick up new things (unfortunately just in structural chemistry). Something I did pick up on was that she suffered quite a lot of 'sniping' from her fellow cohort of students. At the end of her project she asked me to go through her dissertation/report with her so we retired to a nearby bakers/cafe.

    It was pretty good work, a few 'howlers' so what sat making small talk. I asked her is she would answer a personal question, she said yes so I told her that I had heard on the grapevine that she was entering training with BA, as a trolley dolly - WTF was she doing that for as she had more than enough brains to be pilot. She looked like she was going to belt me, she thanked me for saying something positive about her abilities and said that with her £30K of debt she accrued as a student she couldn't afford another £30K fees upfront that BA required for their flight school...
  13. I can't believe how well my admittedly modest pension pot has done. At the moment it is down a few grand on last week, but still up 7% on this time last year; but last week it was up 9% on 12 months ago, at its highest ever and I didn't do my (annual) contribution. Have I just got a really good fund manager or am I missing something?
  14. Didn't Quagmire work as a male prostitute when he was suspended from flying?
  15. reids

    reids Squad Player

    Not sure. My main career is pretty recession-proof and hasn't been affected by Corona too much (in fact i'm even getting a bonus for the work we've done over lockdown) and the rest of my financials are probably the healthiest they've ever been (although my investments may tank if the stock market does). That being said my fiancees career is pretty much the opposite and her company lost a lot of business due to Corona and may see similar in a recession, and considering she earns triple what I do that might be a concern!
  16. Filbert

    Filbert Leicester supporting bloke

    You missed a great chance there for a ‘Surely you can’t be serious?!’
  17. Bwood_Horn

    Bwood_Horn Squad Player

    No what I did do was to check out how much it cost. ISTR that Bournemouth University did a degree in "flying studies" (?) that incorporated pilot training and that Manston Airport was looking at teaming up with UKC or Christchurch to do the same or similar.

    Conversely ISTR reading on ARRSE (or it might have been a link to PPRUNE) that a lot of ex-RAF pilots (mainly Tornado GR4 when it was binned) who left and became airline pilots will be going back to the RAF to retrain as transport pilots.
  18. Keighley

    Keighley Squad Player

    Looks like you picked the wrong week to be making Airplane references.
  19. They bought their tickets. They knew what they were getting into. I say "let 'em crash".
    I guess the foot's on the other hand now eh ?
    Keighley likes this.
  20. a19tgg

    a19tgg Reservist

    With regards to airlines/air travel, people will always want holidays as long as they can afford them, but surely business travel will become a thing of the past for a while?

    In many cases it’s just a pointless waste of time. People at my last company would book trips to see existing and potential European clients for the fun of it, in most cases they’d book it on a Thursday or Friday if they possibly could to have a long weekend. At least a day out of the office, airplane, hotel and taxi/restaurant costs, all for an hour meeting that could be done over zoom.
  21. Yes agree. We would fly people in from different countries in the Middle East and Europe for Board Meetings with the cost of flights, taxis, accomodation for some, buffet lunch etc. Zoom meetings all the way from now on.
  22. Halfwayline

    Halfwayline Reservist

    actually disagree. I spend 100+ days a year travelling and you can not create the relationships required in my industry through zoom. Thoroughly enjoyed working from home though. What will change dramatically are companies needing office space in central london now they realise that many of their employees can successfully work from home
  23. WatfordÉire

    WatfordÉire Squad Player

    No airline sponsorship, funded entirely by my own savings from 4 years of working in the industry and a significant bank loan. Yeah, very few airlines hire fresh faced cadets and train em up like before, it's now all on the individual to train somewhere and present yourself to the airline more or less.

    Try x3 that figure and you're getting close!
  24. I agree that there will be a massive increase in staff choosing to work from home, probably myself included. There will also be a reduction in travel for internal company meetings for example our board meetings when the attendees know each other well and speak frequently. The area where face to face is really beneficial is cultivating new sales and partnerships and I can see travel will perhaps reduce but still be required. For example we have seen a lot of planned conference and exhibitions cancelled. Some have been replaced with virtual events but I don't see how these can be nearly as effective.
  25. Bwood_Horn

    Bwood_Horn Squad Player

    Oooooooooffffffffff. I remember that the £30K was to get into the door and my story was from 2005.
  26. There are some substantial benefits to be had: reduce rent and running costs, reduce salary costs and employ the best people for the job wherever they are located, reduce CO2, optimise building space to suit retained on-site tasks.

    One of the interesting things to me is how businesses have found solutions for remote call centres, a part of business which has traditionally been reluctant to change.
    The undeniable truth likes this.
  27. a19tgg

    a19tgg Reservist

    A lot of industries, certainly financial are paranoid about data integrity. At one previous company it was a disciplinary to be caught with your phone out on the main floor, because they were paranoid about people taking pictures of screens with client data on. They also disabled usb drives after somebody stole some client data, but I’d imagine that’s fairly widespread anyway.

    They’ve obviously had to get over that with the pandemic and have everyone working from home when it was previously a big no no.

    I’d imagine there will still be a number of companies for whom that concern will not have gone away or change, but it’s probably a case of being more careful about the integrity of the people you employ.
  28. I’ve also noticed the benefit that people are far more collaborative, because they need to be.

    The potential savings, if the U.K. embraces a remote working culture, could make the U.K. very competitive.
  29. Halfwayline

    Halfwayline Reservist

    Can’t see me picking up the phone ever again for business. Far prefer video calls. I love client’s kids unexpectedly coming to the screen to see what’s going on, dogs barking and cats walking infront of the screen mid presentation. 3 months ago that all would be so unprofessional...now it’s the new norm
    Otter likes this.
  30. Otter

    Otter Gambling industry insider

    For an audio call I accidentally hit the video answer yesterday, a client saw me topless with 6 days of stubble.

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