Brexit uncertainty and financial worries
Discussion
Is anyone else feeling really uneasy about Brexit, their job and just generally this government's handling of our future! I find myself delaying making decisions about anything because of the current turmoil.
How have you been handling this stress and preparing for the inevitable crash.
How have you been handling this stress and preparing for the inevitable crash.
Nah opposite I’m thinking now a great time to buy a sports car. Prices have softened steadily over the past year.....always buy on bad news!
I’m not too worried about brexit to be honest.
I think there will be an initial market reaction to the brexs
t a bit of a hold up at airports and ports then things will go back pretty much to as they are.
I’m not at all concerned about not being a eu member, we weren’t before 1973 and the world still spun on its axis and it will again.
Recessions a periodic occurrence so we’re probably due one.
It’s just life really there’s not much can be done about these things.
I’m not too worried about brexit to be honest.
I think there will be an initial market reaction to the brexs
t a bit of a hold up at airports and ports then things will go back pretty much to as they are.I’m not at all concerned about not being a eu member, we weren’t before 1973 and the world still spun on its axis and it will again.
Recessions a periodic occurrence so we’re probably due one.
It’s just life really there’s not much can be done about these things.
red_slr said:
Business has ground to a halt here. We are trading around 20-30% of normal at the moment.
Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
I'm sure I have seen you posting in system dev based posts previously. Is that what your company does? (if you dont mind me asking). Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
Automation is usually the first thing businesses turn to when pinched. It's often a great upturn for IT based companies.
From a personal perspective I am not too worried - the company I work for exports mainly to US/ Japan. So I am not particularly taking any financial precautions for Brexit.
For the rest of the country, including friends and family, I am slightly worried about future prospects. However looking at other recession, banking crisis, black Monday etc. the world keeps turning and things resolve themselves. I am a remainer, but I suspect there will be some opportunities on an individual level - if you can spot them before others.....
Mike
For the rest of the country, including friends and family, I am slightly worried about future prospects. However looking at other recession, banking crisis, black Monday etc. the world keeps turning and things resolve themselves. I am a remainer, but I suspect there will be some opportunities on an individual level - if you can spot them before others.....
Mike
andyb28 said:
red_slr said:
Business has ground to a halt here. We are trading around 20-30% of normal at the moment.
Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
I'm sure I have seen you posting in system dev based posts previously. Is that what your company does? (if you dont mind me asking). Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
Automation is usually the first thing businesses turn to when pinched. It's often a great upturn for IT based companies.
red_slr said:
Business has ground to a halt here. We are trading around 20-30% of normal at the moment.
Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
That sounds horrible, and I feel for you. I'm not sure of the exact sector you are in, but I (honestly) doubt it is directly linked to Brexit. Our business involves highly discretionary spend and we are having a period of record months. I do though wish for a stable USD/GBP exchange rate, which the potential of Brexit likes to influence. Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
I'm a retailer selling relatively high value products. 2018 was up 15% on 2017. This year is approximately the same as last year though I think we'll finish just up on last year.
Our demographic is largely male, 45-60. So the majority would be leave voters, therefore in a positive, confident frame of mind in my opinion and just getting on with it. I believe the degree of uncertainty and financial worrying differs considerably between demographics.
However I think our sales would be 20-30% higher in different times.
Our demographic is largely male, 45-60. So the majority would be leave voters, therefore in a positive, confident frame of mind in my opinion and just getting on with it. I believe the degree of uncertainty and financial worrying differs considerably between demographics.
However I think our sales would be 20-30% higher in different times.
EddieSteadyGo said:
red_slr said:
Business has ground to a halt here. We are trading around 20-30% of normal at the moment.
Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
That sounds horrible, and I feel for you. I'm not sure of the exact sector you are in, but I (honestly) doubt it is directly linked to Brexit. Our business involves highly discretionary spend and we are having a period of record months. I do though wish for a stable USD/GBP exchange rate, which the potential of Brexit likes to influence. Never known it this bad. Its highly unlikely to pick up till the new year IMHO either. We are already down to skeleton staff at the moment, nothing else we can do just try and ride it out.
All the local businesses are reporting very similar situations when I speak to them. Several of our customers who are self employed (we sell to the trades as well as public) have jacked it in and taken full time jobs in the council or working in costa coffee etc. One guy who was in our place probably 3-4 times a week is now a security guard at Asda. That's a customer who spent maybe £1-2k a month gone. We have probably lost 10 of those in the last 18 months.
Scary stuff. Our worst month was June, exactly 70% down. The rest of the year I would say each month has been c.20-30% down on average.
Luckily as things stand for now we can ride it out as we just need to cover employee costs and stuff like rates which thankfully we are just about managing to do. Our competitors are suffering as I have people ringing me up who are getting prices that are at least 50% off the normal price so everyone is having a hard time in our sector.
The government's handling of it is shocking, some sectors are likely to come under pressure and some people will, unfortunately, be worse off because of it. For a large percentage of the population though, life will carry on as normal.
Half the problem is idiots like this who are given air-time by the media to talk about something they know nothing about.
https://www.bbc.co.uk/news/business-49355891
t (both the argument for, and against it), since when did 'Ian Rutter, 54, healthcare worker from Harrogate' become the go to man for advice on Brexit? We are in as much danger from talking ourselves into a problem, as getting into one by the government's actions.
Half the problem is idiots like this who are given air-time by the media to talk about something they know nothing about.
https://www.bbc.co.uk/news/business-49355891
BBC said:
Ian Rutter is a healthcare worker at a hospital in Harrogate, and he is very worried about the economic effects of Brexit.
So much so, he has taken on more weekend agency work to set money aside, and has cut his spending.
With the prospect of a no-deal Brexit and increased trade tensions with the US, along with recession warning signs in other economies, he believes the UK economy is "almost heading for the perfect storm".
...
He normally gets a new car, via financing, every two years, but has held off due to concerns about repayments.
"I sound like Frazer from Dad's Army - 'We're doomed!' - but I really am genuinely worried about the future," he says.
He is not going on holiday this year, has not upgraded his phone, and has put buying a new television on hold. The one luxury he still grants himself is a season ticket for Leeds Rhinos rugby league club.
Mr Rutter is also concerned about the effects of Brexit on his work in terms of finding staff.
"My support workers are Polish, Italian, Lithuanian. The house-keeping staff are from Spain and Portugal," he says. "I work in Harrogate, which is an affluent area, and we struggle to recruit people for low-income posts."
As much as 'project fear' is a load of bullsSo much so, he has taken on more weekend agency work to set money aside, and has cut his spending.
With the prospect of a no-deal Brexit and increased trade tensions with the US, along with recession warning signs in other economies, he believes the UK economy is "almost heading for the perfect storm".
...
He normally gets a new car, via financing, every two years, but has held off due to concerns about repayments.
"I sound like Frazer from Dad's Army - 'We're doomed!' - but I really am genuinely worried about the future," he says.
He is not going on holiday this year, has not upgraded his phone, and has put buying a new television on hold. The one luxury he still grants himself is a season ticket for Leeds Rhinos rugby league club.
Mr Rutter is also concerned about the effects of Brexit on his work in terms of finding staff.
"My support workers are Polish, Italian, Lithuanian. The house-keeping staff are from Spain and Portugal," he says. "I work in Harrogate, which is an affluent area, and we struggle to recruit people for low-income posts."
t (both the argument for, and against it), since when did 'Ian Rutter, 54, healthcare worker from Harrogate' become the go to man for advice on Brexit? We are in as much danger from talking ourselves into a problem, as getting into one by the government's actions. Haha at Ian Rutter. Just budget you fool.
I was a well off freelancer up until recently and my telly is from 2011, no need for a new one until this one explodes. I have just changed my phone after 5 years to a mid range model, and my daily driver I bought in 1998.
Just budget, then you can have toys along the way, like various motorbikes, an old US full size car, a new Mustang GT and a new Boxster 987.
I was a well off freelancer up until recently and my telly is from 2011, no need for a new one until this one explodes. I have just changed my phone after 5 years to a mid range model, and my daily driver I bought in 1998.
Just budget, then you can have toys along the way, like various motorbikes, an old US full size car, a new Mustang GT and a new Boxster 987.
I am wanting to find a new job for various reasons, one being looming redundancies in my company, partly due to Brexit. But. I have 10 years service and a good redundancy package if it happens. I went after a job with a decent pay increase and car allowance (don't currently have one of those, so more money still), but I have turned it down in the end as I can't risk going in to a new job and facing 2 years at risk of redundancies there if the economy tanks and the new company starts underperforming, with no redundancy pay in that time and potentially a worse job market to face. Just can't take the risk at this time in my life, with 11 and 14 year old kids, who I want to go to University, and a fair mortgage still.
So yes, Brexit uncertainty has led to me passing up an opportunity, as the risk at the moment is too great for my palate. Others may differ, but my appetite for risk has evidently reached its limit with this one.
So yes, Brexit uncertainty has led to me passing up an opportunity, as the risk at the moment is too great for my palate. Others may differ, but my appetite for risk has evidently reached its limit with this one.
I work for a travel company specialising in winter holidays and our bookings (along with the industry in general) are fairly poor. People are holding off booking, and our prices have increased loads due to the weak pound. Everything is 20% - 25% more than is was.
We also have quite an issue when it comes to employing our seasonal staff. Looks like we'll need to employ them from the end of October despite not needing them till early December.
It is a total car crash for us.
We also have quite an issue when it comes to employing our seasonal staff. Looks like we'll need to employ them from the end of October despite not needing them till early December.
It is a total car crash for us.
My brother and his wife both have the threat of redundancy hanging over their heads. Both their employers warned of the dangers of a Brexit vote before the referendum back in 2016, and a no-deal Brexit (certainly with the attitude currently being displayed by the UK government) will definitely not help. Like another poster in this thread, they both have long service with their respective employers, so aren't jumping ship yet. It doesn't help that they are in the Swindon area - given Honda's announcement of closure, the job market probably isn't too rosy. They are also both late '40's so heading toward an age where employment may be harder to find. On the plus side, their children have both graduated from uni and they are currently renting, so they have the advantage of mobility.
A no-deal Brexit could cost me personally at least £25000 turnover per month and I'm not even UK-based. I import products from the UK, and the tariffs which have been suggested would kill that part of the business. My UK supplier is looking for contract manufacture within the EU, but it certainly won't be ready by the end of October. In the run up to the March deadline we took a large volume of product into stock, but they are saying that they can't do this a second time.
Some members have posted glib comments both on this and other threads regarding it all being project fear. I'm genuinely curious how they can be so sure that Brexit either -
a) won't be any problem, or
b) even if it is, won't affect them in some way.
A no-deal Brexit could cost me personally at least £25000 turnover per month and I'm not even UK-based. I import products from the UK, and the tariffs which have been suggested would kill that part of the business. My UK supplier is looking for contract manufacture within the EU, but it certainly won't be ready by the end of October. In the run up to the March deadline we took a large volume of product into stock, but they are saying that they can't do this a second time.
Some members have posted glib comments both on this and other threads regarding it all being project fear. I'm genuinely curious how they can be so sure that Brexit either -
a) won't be any problem, or
b) even if it is, won't affect them in some way.
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