recession

[richie1606]

I work making fibre optic cables and we have definately slowed down. Last year we could do as much overtime as we wanted now there hasn't been any overtime for 4 months. And to add to that we have just laid off all the tempoary staff (15 people) because things are very quite .We also have restrictions on how many people can have annual leave on each shift but have been told we can allow an extra person per shift can have annual leave because we are so quiet.

 

Not looking good for the next few months as orders have almost stopped coming in we usually have 4/5 orders per day but that is down to 2 or 3 a week.

[tweedledee]

i work in the quarry industry here in n ireland and i can say most quarry companies are dead slow and stop compared to the last 8-10 years. it`s a scary predicament as i never witnessed this type of thing before.i got my mortgage fixed for another 5 years last week. it`s up by 50 odd quid but with oil and food costs rising i would say i am a little more careful with my money **** the wife will go mad when she finds out i bought a beretta seriously if my job is ok i`m sure i can ride it out but i would nt want to have a huge mortgage hanging over my head

[decroyffe]

Before all the media coverage i didn't know what a recession was. I feel for all involved and hope everyone pulls through ok. I'm very lucky has i work on the railway.

[myzeneye]

we wouldnt be half as bad if the govermnet stopped bleeding us for taxes and then giving it away left right and centre to anywho has never put in or had any intensions to put in the pot.....

all us hard working, home owning tax paying types are suffering.... the typical scrounger on the dole, income support or immigrants bennefits of some kind get the same rent paid, the same hand out and even a voucher for booze if their registered........

who's got it right here???

[staglioni]

I work in shop fitting and people are still out spending every day i wonder were most blokes get there money from.

Day after day i see them in the town centres bags full of new clothes.Just can't weigh it up

[tinbum71]

which branch do you work in tim?

 

I'm the rep for Penryn and Truro branches. Not the biggest by a long chalk. Jewson have a habit of binning reps 1st when things get tough, they're seen as expendable. In my consultation I pointed out that I brought in an average of over £64k per month so far this year, over 1/2 of that being customers I've found and grown. They said they'd take that into consideration. I don't think they have any plans to keep any in Cornwall.

[Mungler]

Some very interesting and accurate points. Our domestic conveyancing people have been hit but we are a small firm and have managed overheads and a wide practice - as conveyancing has dropped litigation has got mental busy (lots of employment compromise agreements, some insolvency work and of course bread and butter debt recovery).

 

So, what has done it? Agree 100% with the following:

 

1. the restrictive lending practices suddenly imposed by the lendors is the governments back door way of curbing borrowing without raising interest rates (but the net effect is the same). This way they can keep kidding the Country that inflation is under control and we are not looking at "stagflation".

 

2. the introduction of HIPS at the moment in time was sheer and utter madness. Ask anyone in the know. The report costs money, is of no real use and just represents an artificial hurdle for the housing market.

 

3. the media - yep, we knew we were due a recession (it's all cyclical) but as soon as it gets played up as news headlines during the quiet Summer media months then everyone has it in mind they are soon to be ### and unemployed and so stop spending and start stashing away. When the high street goes then it's poo poo time.

[deejay]

The Blame for all this rests with Brown & the Banks.

 

Brown borrowed heavily & sold our Gold to make it look rosy.

 

The Banks got reckless and loaned way above what Joe Public could afford.

 

Result a false feel good factor and high levels of borrowings.

 

This was followed by the escalation in oil prices (which affects production & distribution costs of everything).

 

That runt in Downing Street could have helped by reducing the tax burden of fuel not trying to rip us off on Global Warming bull.

i firmly believe that if the taxes were slashed on all fuel then this could of been avoided maybe the fat cats would have less to spend on there mistresseess but hey we would be better off even slashing it now would be benificial

[Staffs-Shooter]

I would imagine the people spending are doing it on the never never. Most people i know (in all different industries) are cutting back on spending.

 

As for Brown (the runt) & his spending, forget the ones on the dole - have you seen how much MPs get! its day light robbery.

[staglioni]

Forgot to say most of the spender's dont speak English

[Mrs Sweepy]

Tinbum

I hope everything go well for you.

We all like to think we are save in are jobs

I honestly thought i was in my present job till the day i retire.

I have now got two weeks left before i am made redundant.

I do hope you are not about to join me.

Its not a nice thing to go though .And at times very demoralizing.

so fingers cross your not about to join me.

Take care xxxxsuzy

[staglioni]

Yeh me too tinbum been made redundant once makes you feel useless big downer

Like Suzy says finger's crossed mate

[deejay]

Forgot to say most of the spender's dont speak English

yeah you know why cause this goverment is too ******* soft to get rid of and its us FOOLS who have to pay for them stroll on next election

bye bye browny browny goodbye

[staglioni]

If only

[deejay]

which branch do you work in tim?

 

I'm the rep for Penryn and Truro branches. Not the biggest by a long chalk. Jewson have a habit of binning reps 1st when things get tough, they're seen as expendable. In my consultation I pointed out that I brought in an average of over £64k per month so far this year, over 1/2 of that being customers I've found and grown. They said they'd take that into consideration. I don't think they have any plans to keep any in Cornwall.

think i probably speak for most of the pw's on here,but not just for you but to anyone in your position the best of luck to all

[vole]

I have a big mortgage but also a stable job with the NHS.My Mrs tho has a back problem that might just be a career finisher. If she has to stop work and / or my fixed rate expires then thats me into rented housing.To run 2 second hand cars that are likely to be taxed more because they are not brand new Toyota Prius and fuel that is costing more than our food bill is crippling.We seem to be working to run the cars that get us to work and back.We had one child cos that was all we could afford at the time.May as well have been signing on and have half a dozen kids and be able to go fishing 24/7.

[Staffs-Shooter]

Ah the Toyota Prius, as driven by every celebrity & MP (at least whilst being filmed!)

[vole]

Wouldnt mind a Prius if they werent so goddamn expensive.This lot had better watch what theyre doing forcing us average working Joes off the road.We might just think its too much trouble to work!

[Catamong]

I think things have gone downhill more quickly than the Government realise, I work in the new build residential property market in London, and, believe me, things have gone tits up pretty rapidly over the last couple of months, entirely due to the banks closing up on funding new schemes.

 

So, what do we do..??

 

Let's vote Labour out ASAP, and what will we get..??

 

Under the last Tory government, we had :

 

Inflation at 24% per annum, (1974-76)

3 Million unemployed

Mortgage Interest rates at 15%

 

Don't get me wrong, I'm no raving loony leftie, but those that think that ordinary working class people like me & 99.9% of the PW membership will be better off under Camerons "leadership" may well be sadly disappointed...??

 

Let's all emigrate to the South of France or Spain..??

 

Cat.

[Evil Elvis]

or Australia............

[bignoel]

so on the whole it is affectting nearly everyone. i thought it was just me from 3-4-5 jobs a day to 2-3 jobs a week ? plenty of time for shooting but even that needs funding .my uncle in county cork says it has hit the building trade down there sites are closed ? men unemployed goverment say there is nothing to worry about is that becauise most of the goverment dont have home loans or morgages to pay . a friend of mine told me that we pay houseing benifit to the poles for there familys back home ? ?

just heard on the news road tax going up by 200 pound per car

and again on news barret homes laying 1200 men off. bovis homes the day before 480 [ no sign of a recession yet thou ] vote labour

Edited July 10, 2008 by bignoel

[Dr W]

So, what do we do..??

 

Let's vote Labour out ASAP, and what will we get..??

 

Under the last Tory government, we had :

 

Inflation at 24% per annum, (1974-76)

3 Million unemployed

Mortgage Interest rates at 15%

 

Cat.

 

You can't compare the economic situation of 10 - 20 years ago with the current, I can't imagine what state this country would be in now if it had been left to the previous labour governement we'd be in a much worse state I can assure you as the unions would be running the country.

 

This labour government haven't done anything special in the last 10 years apart from tax the hell out of us and basically become a watered down conservative party

[al4x]

Its a surprise what has happened and how fast but to me its media more than fact. Everyone has been talked out of moving house and first time buyers have been lured with the idea prices will take a massive fall so just sit back and wait and that seems to be what is happening. I'm buying some land at the moment and my conveyancer is down from about 70ish trancactions a month to about 10. The new build industry is on its **** and probably the only thing keeping many companies going is the "social housing" which is pretty much all thats going through. Deals are there to buy houses nearly at cost purely because this helps the companies borrowing levels and cash flow and these are where the bargains are to be had.

Couple that with the fuel issue and a general feel of panic and we're talking our way into a recession. I've a transport company and fortunately our overheads are very low and we're trading at an ok level but considering we have more customers than ever our levels of business are similar to two years ago. The problem for most small businesses will be customers going bust on them so its definitely a time to be carefull.

 

Tinbum if you're generating that kind of new business you ought to be ok as they are shooting themselves in the foot if they ditch someone who is paying their own way.

 

p.s are you able to make sales throughout the country as I'm going to be spending a fair bit through builders merchants in the next few months, assuming you keep the job and it helps your figures

[Staffs-Shooter]

Deals are there to buy houses nearly at cost purely because this helps the companies borrowing levels and cash flow and these are where the bargains are to be had.

 

That’s the major problem with the top three house builders (TayWimp, Persimmon & Barratt), they have such high gearing that they are now in major trouble. With no sales and a relatively fixed overhead they are burning cash with heavy debt interest in the background.

 

Whilst it was all going smoothly it wasn’t a problem but the fall out of direct staff and subcontractors will soon hit the headlines and unemployment figures.

 

I agree that we, or rather the press, are or have talked it up but in my opinion we are now in a real mess which will get worse before it gets better.

[Guest Mr Pieman]

The only solution is to stop people borrowing and spending money they don't have. Mortgage and interest rates up = everything slowing down. Some people will lose everythnig, but the longer the gov put the inevitable rises off, the worse it will become for everyone. The recession is already here, its just the people in power won't take the steps to fix it

 

Thank the Lord for offshore banking!!