Coronavirus: Economy shrinks 20.4% in April amid lockdown

[TTmonkey]

That’s in the one month. April.

Recession? A recession would be a good result.

Let’s see what the markets think,

[Andy 308GTB]

I doubt it will come as a huge surprise.

[Bob-iylho]

I think the size is a surprise, I heard 15%, 12% etc.
I hope this wakes up the population to what is coming.
All the facebook Karens need to see reality as soon as possible..................

[rallye101]

Depression I fear....

My business was on for a record year, week 12 came along....90% down on sales

[PRTVR]

Andy 308GTB said:

I doubt it will come as a huge surprise.

Quite, we shut nearly everything down so a reduction would be expected, I find it strange that it is newsworthy.

[ChocolateFrog]

PRTVR said:

Andy 308GTB said:

I doubt it will come as a huge surprise.

Quite, we shut nearly everything down so a reduction would be expected, I find it strange that it is newsworthy.

It's unprecedented, would be a bit weird if it didn't make the news.

[TTmonkey]

PRTVR said:

Andy 308GTB said:

I doubt it will come as a huge surprise.

Quite, we shut nearly everything down so a reduction would be expected, I find it strange that it is newsworthy.

I think it might when those people hiding in fear at home suddenly get the realisation that the government can’t actually save their jobs.

And when we come out of this and face the mother of all spending cuts and tax rises..... it’s going to make the financial crash of 2008 look like a picnic.

[egor110]

TTmonkey said:

PRTVR said:

Andy 308GTB said:

I doubt it will come as a huge surprise.

Quite, we shut nearly everything down so a reduction would be expected, I find it strange that it is newsworthy.

I think it might when those people hiding in fear at home suddenly get the realisation that the government can’t actually save their jobs.

And when we come out of this and face the mother of all spending cuts and tax rises..... it’s going to make the financial crash of 2008 look like a picnic.

It's lost more in a month what the financial crash lost over 08-09.

[JagLover]

Looking on the bright side anyone who suggests locking down in future for a virus that has as little effect on most of the population as coronavirus will probably be put in a padded cell.

We maybe needed this to get over the delusion that we can master nature and stop people dying in the natural course of events.

[Byker28i]

Not sure how you can say that? Lockdown has reduced the infection rate, which has reduced the deaths. And it's not just deaths but the long term effects of having your respiratory system screwed.

However it wold be nice to know what the plans are for a phased return to normality. We know the metrics being used but not what the steps relating to that r number.

Happy to see foreign holidays banned for this year so everyone staycations and spends money here to help the local businesses.

[menousername]

Keep hearing the phrase “pent up demand”. Particularly on the car / house prices threads.

Anyone here gone out big-ticket spending now we are starting to reopen? Anyone planning to?

[Gilzean1]

Quelle surprise!

It won't be getting any better any time soon, 2008 will turn out to be a blip in comparison to what's on the horizon.

[JagLover]

menousername said:

Keep hearing the phrase “pent up demand”. Particularly on the car / house prices threads.

Anyone here gone out big-ticket spending now we are starting to reopen? Anyone planning to?

Anyone with any sense will be hoarding cash in case they lose their livelihoods in the economic collapse.

Ironically that will exacerbate that very collapse but that is the paradox of thrift.

[GMT13]

Byker28i said:

Not sure how you can say that? Lockdown has reduced the infection rate, which has reduced the deaths. Snip .

I don’t know if that’s been proven? I’m sure I read somewhere that the virus peaked before lockdown?

[voyds9]

rallye101 said:

Depression I fear....

My business was on for a record year, week 12 came along....90% down on sales

Same. Staff furloughed, in on my own. Never watched so much Youtube.

[Nurton]

JagLover said:

Looking on the bright side anyone who suggests locking down in future for a virus that has as little effect on most of the population as coronavirus will probably be put in a padded cell.

We maybe needed this to get over the delusion that we can master nature and stop people dying in the natural course of events.

Wow. The UK has had over 40,000 COVID deaths and counting. That's over 13 9/11's or 148 Lockerbies or 26 Titantics. It is a catastrophe of the highest order, which should be ranked alongside world wars in terms of its harm.

Locking down, if done properly following scientific advice, does work. Look at New Zealand, they locked down at the first sign of community transmission and have only lost 22 people (299 people adjusted against UK population, so obviously still a tragedy), and they have now relaxed all their internal restrictions - business as usual. And remember NZ is actually more urbanised (high % living in cities) than the UK. The difference is they had a Prime Minister who listened to the scientists when this started rather than one who spent their time boasting about visiting hospitals and shaking hands with the patients.

[menousername]

We should have locked down earlier and harder. Got the daily rates as close to zero as possible if not entirely.

Phased return with non essential international travel not allowed until perhaps Jan. And checks and quarantine for any travel.

Tough but we would probably be closer to where we want to be rather than this, which seems to be reopening out of desperation and hoping for the best, while daily rates are still high and other regions in other countries that have reopened are already seeing new spikes.

Popped out grocery shopping last night. Usually very quiet and orderly, gloves, masks, etc. Last night pretty much normal behaviour from people - as if none of this happened. Completely care-free, thought-free attitudes. No distancing no consideration. Govt has lost it. People aren't going to listen to another set of rules and restrictions.

Either somehow we continue to curve down, bringing into question the lockdown, or we are going to have spikes and issues for at least the rest of the year.

[monkfish1]

JagLover said:

Looking on the bright side anyone who suggests locking down in future for a virus that has as little effect on most of the population as coronavirus will probably be put in a padded cell.

We maybe needed this to get over the delusion that we can master nature and stop people dying in the natural course of events.

Whilst you would like to think that, sadly i fear the reverse will be true. Now we have done it once, each time something remotely dangerous comes along, we will do the same again.

The demands from the same people driving it now will become louder. Imagine a really nasty flu is doing the rounds. The government is literally going to let people die? But you locked down last time. You can do it again. If they dont, they will be accused of murder and genocide, and be booted out of power at the next election. That only means one response from the government of the day. lockdown or some variation of it.

Im am totally convinced we will see this happen again. From a business point of view, im not really sure how one handles that, but to think that it wont, i believe is setting oneself up for a fall.

[monkfish1]

Bob-iylho said:

I think the size is a surprise, I heard 15%, 12% etc.
I hope this wakes up the population to what is coming.
All the facebook Karens need to see reality as soon as possible..................

I think its a surprise too. Id was expecting nearer 30. Which i s what i think the next months figures will be.

Facebook Karens will not understand the implications of such a drop.

[monkfish1]

JagLover said:

menousername said:

Keep hearing the phrase “pent up demand”. Particularly on the car / house prices threads.

Anyone here gone out big-ticket spending now we are starting to reopen? Anyone planning to?

Anyone with any sense will be hoarding cash in case they lose their livelihoods in the economic collapse.

Ironically that will exacerbate that very collapse but that is the paradox of thrift.

You are right, it will, but when the future, and your income are completely unknown, rushing out and spending large chunks of money makes no sense at all.

Im not sure any sensible person on a "normal" income would do anything other than sit on cash. Invest it maybe, but spend it?