UK Economy

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/08/2008 13:49

It's official - UK economic growth is at a standstill.



Recession to follow? Tighten your belts...here it comes.....

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
22/08/2008 13:57

Lets hope we don,t go back to the days of mass repossession of peoples homes and the weekly tally on the news of the thousands of jobs lost the previous week. Without doubt times are going to get tough, you only have to see the massive increases in energy prices announced recently to realise that the future months are going to be diificult for a lot of people.We can only hope it doesn,t last too long and does cause too much lasting damage.

stevie-d



Joined: 13/07/2007
Posts: 1420

Message Posted:
22/08/2008 14:22

One word for UK economy " GUBBED "

stevie-d

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
22/08/2008 15:03

Some facts as too why we are in far deeper trouble than most.



In europe they dont worship the god of home ownership as much as in the UK.



Mortgage lending accounts for 28% of GDP.The higher the amount of GDP that is given over to house lending the less left over for investing in industry and public works



UK's mortgage debt accounts for more than 25% of the TOTAL mortgage lending balance in Europe.



As one industrialist said, Its about time we learned again, how to earn money

from making and exporting things,rather than from selling houses to each other.



If my house goes up by £20,000 and I sell ,where did that £20,000 come from, that I have made, I didnt make or sell anything, didnt do overtime for it. Was it just printed? Or as many suspect ,was it money that should have been saved for troubled times that we are seeing now.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/08/2008 15:08

UK repossessions have reached a 12 year high. Statistics show that the number of homes repossessed in the first half of 2008 stood at 18,900.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
22/08/2008 15:30

What will be the knock on effect to the TRNC?

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/08/2008 15:33

I think we are already seeing a knock-on effect. The week pound is causing uncertainty and increasing costs with the brits abroad. Utility costs are rising. Whatever next?

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
22/08/2008 15:41

We are already (despite being a multi billionaire obviously) starting to find ways of economising, from cutting back on my Sky package, turning off lights to reducing the hours water heating on, got bikes out to go down the town, is just as a start. Can we afford to fly over to NC as often? Cost of flights, cost of electricty etc. If we do then the amount of eating/drinking out will be reduced.

It's certainly an open topic amongst our friends.

Martin

cruggs


Joined: 06/04/2008
Posts: 498

Message Posted:
22/08/2008 17:08

hi rtddci,i know exactly what you mean as we are in the same boat so to speak

had to sell the rolls last week,so now we only have the aston martin to do the

shopping in. lifes a bitch when your down to your last few million, but it`s not

all bad news ,just found a few candles we can use tonight. i always find it romantic to eat by candle light anyway ,and the wife looks better in the dark.

the downside is that i will have to get rid of the servant`s and butler very soon.

to keep the roof on our hovel, the good news is iv`e got my wife another job

as a post women, she said it was better than walking the streets and i had to

agree. p s can you lend me a fiver

Mr Vince


Joined: 24/07/2008
Posts: 696

Message Posted:
22/08/2008 17:19

If you are letting staff go then The Hippo on another BB is looking to train one as a Punka Walla

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/08/2008 17:28

You are both right. My share portfolio has lost 30% in the last 6 months. My stockbroker has just called me on my Verso and informed me it's now only worth £40m. Blimey how can you live on that? I'm selling the Island in the Pacific if anyones interested. I'll throw in the 1931 Bugatti Royale Kellner Coupe for good measure. Any decent offer considered.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
22/08/2008 17:41

Knock on effect for TRNC?

rtddci



Dont think there will be any difference,the economy cant really get any worse.As far as recession is concerned its obvious the the TRNC economy has been in recession for a couple of years already, so they are ahead of the game and with the latest price and tax rises one can only hope it has peaked.

Europeans economising on holidays will not have much effect either, as tourism is at such a low level already ,any downturn will have little effect.

All Medi countries will suffer from people not buying property ,especially as most will have been bought with equity release,and the housing market in in UK is in recession. Again will not effect the market in TRNC as is already at rock bottom.

The main effect will be from people who have property in N.CYP.,and visit 2 or three times a year,and who I am sure bring in a fair bit to the economy.



Hopefully one can say ,with what has happened in TRNC, that the country can only go up ,while elswhere they still have to go down.

Bigger problem will be the huge populations of the third world, who cannot afford the fuel and food prices and will go hungry. Food riots are becoming quite common now.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
22/08/2008 18:34

"The main effect will be from people who have property in N.CYP.,and visit 2 or three times a year,and who I am sure bring in a fair bit to the economy."



I'm sure I'm not the only one considering not visiting as often. Even less likely if the airfares increase by much.



Martin

MUSIN M


Joined: 26/06/2008
Posts: 1352

Message Posted:
22/08/2008 22:57

hi guys

i,m looking for an investment of £100,000 for 10% of my company .







kind regards

musin

no1doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
22/08/2008 23:35

musin, you're fired. Oooooops sorry wrong show.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
22/08/2008 23:40

I'm out

Martin

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
22/08/2008 23:40

Musin M,



I am looking for £10 for 100% of my Company, the state the countries in!



wyn

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
24/08/2008 02:29

The Uk economy and global economy is heading for a massive recession.

I truly believe this will have a direct impact on North cyprus.

Lets leave the whole unification issue for now...

Most, if not all, people paid for their properties with money they took out from their homes back in the UK, EQUITY release.

As we can all now see, house prices are in free fall.

So where will people get the money from now?

Also, as people begin to struggle back in the UK, one of the first things they might need to sell is their holiday homes, in order to keep their base back in the UK out of negative equity.



Also, lets take into account the crashing markets in Spain and Florida. As property there becomes very attractive why on earth would anyone think about buying in TRNC when you can get something for just as cheap in a more safer and developed country.



As we start to see major banks and construction companies go out of business, property will be the last place people will want to invest, esp somewhere with the added risk, like TRNC.



thats just my thoughts...



Repro

RedSnapper


Joined: 12/08/2008
Posts: 540

Message Posted:
24/08/2008 02:50

you`re 100% right mate. i`ve said the same few weeks ago. people not buying homes in u.k never mind anywhere else. not even holidaying in europe. and the building still goes on!! last thing in most peoples minds buying holiday homes. little chance of any rental return. tough winter ahead at the least. my motgage up 20%. my bills up 30% does trnc appeal apart from "cheap property" with no title...

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
25/08/2008 22:08

i blame the banks. they look at your income and offer a mortgage based on that figure. they allow people to borrow up to their limits and wonder why when the mortgage rate goes up, people cannot afford to pay. the uk has been running on far too much credit, it was always going to happen.

Colliedog


Joined: 16/03/2007
Posts: 132

Message Posted:
25/08/2008 22:33

Over the last sixteen yrs, the only reason this country had so called growth, was that the goverment, "borrowed the money."



So what's gone wrong now?



"It hasn't worked."



So?



It's just payback time.

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
26/08/2008 12:14

With all this BAD news going on:

Why are Mcdonalds HIRING 4000 people and still opening stores?

Why are KFC opening new stores this year?

Why are Travelodge opening 5 more new sites this year?

Why are Vodaphone looking for 100 new staff for their call centres?

Why are there 650,000 vacancies on the Jobcentre Plus Website?



If there were no vacancies and no one was hiring and economic growth was at a standstill, or falling, then there would be a problem. Economists just like to frighten people so they can make money.

CJtill


Joined: 02/05/2008
Posts: 836

Message Posted:
26/08/2008 12:42

There seem to be a lot of people who are desperate to leave the TRNC but because they cannot sell their property are somewhat stuck.

With the property market dead and prices rising, time as they say, is running out.

I know someone who has a bungalow on a complex at Esentepe who has dropped his price so much to secure a sale that he is taking a huge loss from the price he paid.

He finally found a buyer but when the search was carried out it was discovered that the developer had a motgage on the land so, NO SALE.

Of course if the other owners on the complex want to sell as well then they are also stuck.

Michael.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
26/08/2008 12:47

Hi Timothy,



Could it be that these are the establishments where the unemployed hang out, to spend their dole money?



Would you like to work there?



wyn

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
26/08/2008 16:56

Wyn,



I work for 2 of those companies I have listed on a part time basis. McDonalds as a Lobby Host and Travelodge as a Cafe Bar Operative. My partner works full time for McDonalds as a Lobby Host.

No doubt our 2 kids will, before going off to University (and probably whilst in college), will work for one of them too.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
26/08/2008 23:58

Timothy,



Yet again, I wish you well.



wyn

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
27/08/2008 00:48

CJTill

Which complex? Who is the developer?

blackpoolrock


Joined: 28/08/2008
Posts: 24

Message Posted:
28/08/2008 21:09

The reason the UK economy and living standards are collapsing, is because of the Labour Government and its incompetence (I'm not a Tory before anyone has a go at party politics). Gordon Brown created a huge black hole in the nation's finances for 10 previous years, and now the bad effct is coming to bite everyone on the a*rse.



Rising costs, greedy monoploies, eceonomic doom, miserable faces, risiculous cost of living, fuel prices, call centres, nanny state - I can't wait to leave!



The sooner this government is thrown out of office the better for everyone in Britain.... Gordon Brown is simply a victim waiting to be speared.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
28/08/2008 21:23

UK ECONOMY No1 Doyen,



In a nutshell my old friend. Its Knackered. Too many taking out, and too few paying in.



Idiots on the bridge, and heading for the rocks.



Can we still afford a large Gin, dear?



wyn

no1doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
28/08/2008 21:34

my good friend,Wyn. There's always a G&T for you even if the econo

y is tough!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
28/08/2008 21:45

Keep up the morning jokes, mon ami. God only knows we need it!



wyn (Sober, poor, but honest!)