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The economic impact of Covid-19


Genie

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4 hours ago, Demitri_C said:

I had a quite decent deposit and even with that i struggled to get a mortgage.  Its tough out there.

It is tough. I imagine most big UK banks will be posting huge losses this year. They are being extra careful now with every penny going out the door. 

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6 minutes ago, Xela said:

It is tough. I imagine most big UK banks will be posting huge losses this year. They are being extra careful now with every penny going out the door. 

Which leads to more people renting. Its a mess

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23 hours ago, HanoiVillan said:

can't wait to see my pals in the office again

colin-hunt-the-office-jok-012.jpg

I can’t WAIT to get back in the office again. I’ve spent lockdown preparing pranks and bantz. Fake sneezing over everyone and that.

”I much prefer you with your mask on, Sheila!”

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Had to go to the Fort Shopping Centre today to get footy boots for the boy.

Absolutely rammed, like Saturday before Xmas rammed. Queuing to get in the car park, queues for a lot of the shops, people everywhere. Never seen the s***hole so busy.
 

Be interesting to see the next set of economic data for the retail sectors. 

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43 minutes ago, Xela said:

Thoughts and prayers.

It was rubbish. 
 

Obligatory throbbers with no masks and just a huge volume of people in general. It’s a proper hell hole these days. 

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14 minutes ago, wazzap24 said:

It was rubbish. 
 

Obligatory throbbers with no masks and just a huge volume of people in general. It’s a proper hell hole these days. 

I used to like going there when it opened.... we lived by Pype Hayes then so it wasn't far and I used to drive there in my Mom's car (old battered Mk2 Fiesta with a gear change as slick as a Massey Ferguson tractor) when I first passed my test in 1997, just because it meant getting out of the house! I used to go to HMV to have a mooch and then WHSmiths to have a read of the magazines! It was quite a pleasant place then.

I went a few years ago and it was appalling. Completely gone down the pan. 

If I need to go shopping now I tend to go to Ventura in Tamworth... only on a weekday though as its mega busy on a Saturday morning. 

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33 minutes ago, Xela said:

I used to like going there when it opened.... we lived by Pype Hayes then so it wasn't far and I used to drive there in my Mom's car (old battered Mk2 Fiesta with a gear change as slick as a Massey Ferguson tractor) when I first passed my test in 1997, just because it meant getting out of the house! I used to go to HMV to have a mooch and then WHSmiths to have a read of the magazines! It was quite a pleasant place then.

I went a few years ago and it was appalling. Completely gone down the pan. 

If I need to go shopping now I tend to go to Ventura in Tamworth... only on a weekday though as its mega busy on a Saturday morning. 

Were you looking at any particular shelf?

tenor.gif?itemid=8937393

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3 hours ago, Xela said:

I used to go to HMV to have a mooch and then WHSmiths to have a read of the magazines! It was quite a pleasant place then.

That was genuinely my idea of a great night out in my early teens

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55 minutes ago, Wainy316 said:

That was genuinely my idea of a great night out in my early teens

It still is for me!

I did the same when I got my first job in Brum centre in the late 90's, on Colmore Row. I used to while away my lunch hours in the big HMV in the Pavilions, the Virgin Megastore, Tower Records, Waterstones, Dillons Books (now the big Apple store on New St) and Smiths. Happy days! 

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3 hours ago, Xela said:

It still is for me!

I did the same when I got my first job in Brum centre in the late 90's, on Colmore Row. I used to while away my lunch hours in the big HMV in the Pavilions, the Virgin Megastore, Tower Records, Waterstones, Dillons Books (now the big Apple store on New St) and Smiths. Happy days! 

Yep, a trip to Brum or the Fort was always a mega treat for me.  Growing up in Tamworth we just had a little Ourprice and another small music shop.  HMV was like a media Mecca for me.

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7 minutes ago, Wainy316 said:

Yep, a trip to Brum or the Fort was always a mega treat for me.  Growing up in Tamworth we just had a little Ourprice and another small music shop.  HMV was like a media Mecca for me.

HMV - 3x VHS movies for a £5 (or was it £10?)

Picked up loads of classic movies from those offers! Taxi Driver, Raging Bull, Scarface, Deerhunter, Goodfellas, Mean Streets, Citien Kane, etc...

Still got plastic crates full of them in my Dad's lockup! 

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Quote

The government has warned that home working is damaging the economy as fears grow for city centre businesses.

"The economy needs to have people back at work," Dominic Raab told the BBC.

The foreign secretary said the coronavirus lockdown had led to a "massive shrinking of the economy".

"We are trying to bounce back as strongly as possible," Mr Raab said, although trade unions and a Bank of England official suggest a swift return to offices is unlikely.

Alex Brazier, the Bank's executive director for financial stability, has previously said a "sharp return" to "dense office environments" should not be expected.

Mr Raab acknowledged that there was likely to be a "bit more" remote working in future. However, he said: "It is important to send a message that we need to get Britain back up and running, the economy motoring on all cylinders."

Speaking to the BBC's Andrew Marr on Sunday, he acknowledged that the return to offices could happen in "incremental stages".

'Good health reason'

Shadow home secretary Nick Thomas-Symonds called for a "real strategy about how this can be achieved".

He said Labour had supported the "gradual reopening of the economy" but called for the government to focus on a test, track and isolate strategy. And he said no one should be threatened with the sack for wanting to continue working from home.

Mr Raab said people should not return to the office if there was a "good health reason" not to do so.

The shift toward working from home has seriously harmed High Street businesses that depend on passing trade from office workers and commuters. Sandwich chain Pret A Manger plans to cut 3,000 jobs - a third of its workforce - while Upper Crust-owner SSP Group has said it will axe up to 5,000 jobs.

Image copyrightGETTY IMAGES

Image captionCity offices sit empty and cafes remain shut as workers stay at home

The head of the Confederation of British Industry (CBI) warned that city centres could become "ghost towns" if the prime minister did not convince office workers to return.

The push to get workers back into the office comes as train companies gear up to increase services.

From Monday, the number of trains will return to around 90% of pre-pandemic levels, according to the Rail Delivery Group, although the number of passengers each carriage can carry has been halved because of social distancing.

The latest numbers from the Office for National Statistics (ONS) suggest there has been an increase in people travelling to work in the last two months, with fewer working exclusively from home.

It found 57% of working adults - out of 1,644 surveyed - had travelled to work at some point in the past seven days, while 20% had worked solely from home.

The BBC reported on Saturday that the government was urging Whitehall bosses to "move quickly" to get more civil servants back into the office. But unions have described the government's attitude as outdated and threatened to strike if workers' safety is put at risk.

Meanwhile, media company Bloomberg has given staff a budget of up to £56 ($75) a day to travel into its offices.

"We are pleased to provide up to $75 USD a day to cover out-of-pocket transportation costs when commuting going forward during the pandemic - whether for car services, tolls, parking or public transportation," the company told staff in an internal memo.

But others have shunned the office. Outsourcing firm Capita - a major government contractor - is planning to permanently close more than a third of its offices in the UK in favour of more flexible working.

When the second wave really bites the government advice to get back into packed offices is going to look pretty silly.

BBC

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29 minutes ago, Genie said:

When the second wave really bites the government advice to get back into packed offices is going to look pretty silly.

BBC

I am almost certain this second wave wont happen. There is no chance they will do another national lockdown.  Worst case will be local lockdowns as we have seen more recently.

Its simply costs them too much money

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Once the fear of losing the job has passed people that are now WFH will start spending their new found savings on new things.

It won’t be on inner city sandwich shops or Costa coffee outlets but will breed life into other industries. 

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2 minutes ago, Demitri_C said:

I am almost certain this second wave wont happen. There is no chance they will do another national lockdown.  Worst case will be local lockdowns as we have seen more recently.

Its simply costs them too much money

Second wave is of infections. If there is no lockdown, and continuing pull of people back into office blocks then there is even more chance of a second wave.

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