U.K. economy suffers record slump with 20.4% drop

Watch
Andrew97
Badges: 20
Rep:
?
#1
Report Thread starter 3 weeks ago
#1
https://news.sky.com/story/uk-econom...-20-4-12005140


The figures, for April, were released by the ONS this morning and is a record for a single month.


Does this change yiur opinion on lockdown? Shall we start lifting more?
0
reply
Jammy Duel
  • Political Ambassador
Badges: 21
Rep:
?
#2
Report 3 weeks ago
#2
Isn't it great how they all overestimated the covid casualties and underestimated the economic impact
3
reply
Pleasantri
Badges: 14
Rep:
?
#3
Report 3 weeks ago
#3
(Original post by Jammy Duel)
Isn't it great how they all overestimated the covid casualties and underestimated the economic impact
How did they? We have the second highest death toll in the world.
1
reply
imlikeahermit
Badges: 12
Rep:
?
#4
Report 3 weeks ago
#4
Waiting for brexit to now be the final nail in the UK economy. If that still goes ahead we could be looking at a 25% drop in GDP overall. Absolutely ridiculous.
2
reply
Ambitious1999
Badges: 20
Rep:
?
#5
Report 3 weeks ago
#5
(Original post by imlikeahermit)
Waiting for brexit to now be the final nail in the UK economy. If that still goes ahead we could be looking at a 25% drop in GDP overall. Absolutely ridiculous.
Totally agree. But sadly most people on TSR news and current affairs forums are very pro-Brexit and getting through to them is impossible.
0
reply
Napp
  • Political Ambassador
Badges: 22
Rep:
?
#6
Report 3 weeks ago
#6
(Original post by Pleasantri)
How did they? We have the second highest death toll in the world.
Assuming other countries figures are reliable, something i seriously doubt.. Brazil, Iran and China being the standout ones
0
reply
YaliaV
Badges: 21
Rep:
?
#7
Report 3 weeks ago
#7
(Original post by Pleasantri)
How did they? We have the second highest death toll in the world.
I don’t think the UK figures are very reliable.
1
reply
TJ1997
Badges: 16
Rep:
?
#8
Report 3 weeks ago
#8
May's figures should be interesting but 20.4% is not that surprising given the severity of the situation.

I think lifting lockdown is crucial to slowly get things back to work, but done in a managed way. Given the R rate is different across the UK, we need to assess the implications of that first and understand that making hasty moves to supposedly rectify economic damage might create even bigger problems requiring gargantuan solutions..
1
reply
CoolCavy
Badges: 20
Rep:
?
#9
Report 3 weeks ago
#9
My only hope is since this isnt a bank crash theoretically we will recover faster (financial crashes tend to take longer to recover from as the entire financial infrastructure is affected), that is my only hope going into this looking for a graduate job...
1
reply
anom.econ
Badges: 13
Rep:
?
#10
Report 3 weeks ago
#10
the lockdown is a waste of time and is destroying our economy causing more deaths in the long run than the virus itself. suicides, poverty, people with health problems that’s are too scared to go to the hospital and can’t have operations. it is estimated that at least 10000 people with cancer right now, who are sitting in their homes trying to ignore the symptoms as they can’t do anything about it as their cancer inside them grows and takes over their body, will die this year alone.

it is actually ridiculous. i am passionately against the lockdown. it has 100% done more harm than good. we did the lockdown too late that it was useless (unlike for example New Zealand who did lockdown before the virus beat them).

the government has done too good a job at scaring everyone that now life will take forever to get back to how it was if it ever will. we need to remember that life revolves around the economy and we do not really have one anymore. the impacts of this lockdown will be felt for the rest of this century.
1
reply
fallen_acorns
Badges: 20
Rep:
?
#11
Report 3 weeks ago
#11
Shutting down huge chunks of our economy.. causes the economy to shrink while those parts are shut down.

Who knew.

Its really not that big of a deal.. at the moment. It will become a very big deal if this drags on for a long time, and the recovery isn't V shaped. But the april figures shouldn't surprise anyone considering how much of our economy we shuttered up.
0
reply
Wired_1800
  • Political Ambassador
Badges: 20
Rep:
?
#12
Report 3 weeks ago
#12
(Original post by Andrew97)
https://news.sky.com/story/uk-econom...-20-4-12005140


The figures, for April, were released by the ONS this morning and is a record for a single month.


Does this change yiur opinion on lockdown? Shall we start lifting more?
Do you think austerity will be the right way to go? Or should the Government introduce a multi-trillion pound economic boost?
0
reply
barnetlad
Badges: 19
Rep:
?
#13
Report 3 weeks ago
#13
It does not change my opinion that the restrictions should have come in at least a week earlier. It seems to reinforce my point that the way restrictions have been eased has been done in an economically illiterate way. You can go miles to a beach, spend nothing, not be socially distant and cost the council there money to clear up your litter. Yet until now you could not go to a zoo, a heritage building, or to a non-food shop, all where social distancing and things such as screens to protect staff can be installed, and people would be spending money. The introduction of planes quarantine which is largely unenforceable, harming aviation, instead of three months ago.
0
reply
ColinDent
Badges: 14
Rep:
?
#14
Report 3 weeks ago
#14
(Original post by Napp)
Assuming other countries figures are reliable, something i seriously doubt.. Brazil, Iran and China being the standout ones
And Russia, also all of Germanies figures are from people that had no other underlying health issues so they are almost certainly comparable to ours also.
0
reply
Napp
  • Political Ambassador
Badges: 22
Rep:
?
#15
Report 3 weeks ago
#15
(Original post by ColinDent)
And Russia, also all of Germanies figures are from people that had no other underlying health issues so they are almost certainly comparable to ours also.
Mmm Russia's are rather dubious, the fact the government had to significantly scale up their claims was.. embarrassing, to say the least.
With that being said i'm doubtful they rank overly high, if by virtue of nothing else than their geography is favourable to keeping transmission rates low.
0
reply
Jammy Duel
  • Political Ambassador
Badges: 21
Rep:
?
#16
Report 3 weeks ago
#16
(Original post by Pleasantri)
How did they? We have the second highest death toll in the world.
Which means nothing, you're assuming comparability of data and ignoring per capita rates which are really what matters, if the vatican had literally everybody die it would still be one of the lowest nominal death counts in the world.

You also have to compare what the models said would happen and what actually did happen, we're getting more and more looks at what actually happened from around the world and they are all pointing to enormous overstatement of deaths, Norway believes their R value was barely above 1 when the lockdown was introduced, a paper from Bristol suggests our new cases leading to death were plummeting before the lockdown too, and obviously we have Sweden where there was no lockdown and the number of deaths are more than an order of magnitude smaller than they were supposed to be.
0
reply
TheMcSame
Badges: 18
Rep:
?
#17
Report 3 weeks ago
#17
(Original post by Pleasantri)
How did they? We have the second highest death toll in the world.
Here's the issue... In fact, several issues

You're assuming the world's figures are all reliable.
You're assuming our figures are reliable.
You're assuming Corona is a one-time thing, that there will be effective antivirals and/or vaccines, that it won't flare up again or that it'll magically disappear. All of which isn't impossible mind you. But also has no guarantee of happening as well.
Last edited by TheMcSame; 3 weeks ago
1
reply
Quady
Badges: 20
Rep:
?
#18
Report 3 weeks ago
#18
(Original post by imlikeahermit)
Waiting for brexit to now be the final nail in the UK economy. If that still goes ahead we could be looking at a 25% drop in GDP overall. Absolutely ridiculous.
So a rise of over 1%?

Sounds good.
0
reply
Quady
Badges: 20
Rep:
?
#19
Report 3 weeks ago
#19
(Original post by Wired_1800)
Do you think austerity will be the right way to go? Or should the Government introduce a multi-trillion pound economic boost?
Inflate away?
0
reply
Quady
Badges: 20
Rep:
?
#20
Report 3 weeks ago
#20
(Original post by anom.econ)
we need to remember that life revolves around the economy and we do not really have one anymore.
Revolve around yes.

Life is life though.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How are you finding researching unis for 2021 entry?

I have been able to get all the information I need from online research (65)
19.35%
I have tried virtual events and found them useful (72)
21.43%
I have tried virtual events and did not find them useful (62)
18.45%
I would be interested in trying socially distanced or scaled down in person events (70)
20.83%
I want to but don't know where to start with researching unis for 2021 entry (34)
10.12%
I haven't started researching yet (33)
9.82%

Watched Threads

View All