Tuesday, July 8, 2008

UK heading for recession, London shedding jobs

I read with dismay at the headlines of City A.M. newspaper, which the chap at Monument Station shoved into my hands as I stepped into the open this morning. "UK just three months away from recession, City warns". It seems that the boom times are over and the City has started to shed a number of jobs in the finance and commerce sector.

PM Gordan Brown advised the masses to cut down their food wastage in order to combat rising food prices. Londoners throw away 30% of food purchased every year and more than £400 pounds could be saved if we step into the supermarts with a shopping list (and keep to it) and not be enticed by those '2 for the price of 1' offers.

That makes perfect sense. In fact, the same message has been echoed by the Singaporean government a couple of months back. "Turn to cheaper alternatives" intiatives has been the butt of jokes ever since. "Don't eat fish, eat ikan bilis", "Don't waste petrol on your cars, push them around instead… and you can save on your gym membership as well!" are just some of them.

At the end of the day, people aren't prepared to receive bad news after a couple of bountiful years. Instead of tightening their belts and weather the storm, unions opted for strikes and made demands that could potentially slow economic recovery.

For me? Weekends are now restricted to watching tv…. The 5hr Wimbledon Finals epic between Roger Federer and Raphael Nadal was a godsend.


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12 comments:

waitingkitty said...

Sigh...we are not the only ones in Asia suffering from this enormous inflation problems huh? My mum has been complaining to me how expensive things are in S'pore now! Here in HK, I have terminated my Pure Yoga membership and resrtict my Starbucks coffee to just once a week...so sad. Weekends will be spent sleeping as much as I can!

Taitai said...

woah ... they can predict that so accurately is it? sometimes (or often times) these are self-fulfilling prophecies aren't they? Like the supposed rice shortage ...

C K said...

@waitingkitty,
You too? My parents told me of the rising cost of living every single time I call back home. lol

Gym membership seems so long ago. In London, an average gym membership cost around 50 pounds per month and a half decent one cost twice that amount.

Haha, I'll just go push my sofa around for exercise...

C K said...

@taitai,
I think they were referring to recession being two consecutive quarters of negative growth in this instance. Basically a team of surveyors go around asking businesses every month or so...

But it doesn't really help to restore consumers' confidence by splashing that across the news, does it?

Entrepreneur said...

Doom, doom, gloom, mushrooms!

It's time to buy stocks when everyone wants to sell. Who wants to be first?

Anonymous said...

Same old same old gloom n doom here in the low lands .. sigh ...

In spite of it all, my nieces n nephews in Sg r sill spending like there is no tomorrow !

Dutchie

C K said...

@Entrepreneur,
Lol, what has the recession got to do with mushrooms? Haha...

Hmm, the thing is that no one knows how deep this will go. Better to hang on for awhile.

C K said...

@Dutchie,
Are you in London as well? So I assumed that your nephews and nieces are now in S'pore. Well, I don't think S'pore is hit that hard, at least not yet.

But I heard that HK is booming... am I right, waitingkitty?

waitingkitty said...

Young people are spending like there's no tomorrow becos of the GSS. I heard the spending is much more than last year's. Again in HK, it's the young that are spending like crazy. I have young staff working for me sporting LV bags and wallets, Gucci sunglasses, Armani jeans and T-shirts, Agnes B umbrellas, Gucci handphone strap, Adidas or Converse shoes, PSP gamesets, NDSLite, and many more Gucci or LV stuffs. And their monthly income is just around HKD10K! I really wonder?

C K said...

@waitingkitty,
What's GSS btw? I supposed that the 'young people' that you were referring to are spending on credit or they have generous parents.

There was an article in Singapore's Straits Times sometime back saying that parents are still supporting their kids even though they're having a decent paying jobs. Mainly because they need the cash for luxury goods.

waitingkitty said...

GSS stands for the Great S'pore Sale! 1 whole month from June to July every year whereby all the retail shops in S'pore give discounts. In HK, we have sale practically everyday of the year!
I think most of the youngsters are spending through credit or support from parents or even support from sugar daddies or mummies bah. I really don't know...I will refuse to support my children after they have graduated and I will even insist that they pay me some monthly pocket money!

C K said...

@waitingkitty,
But of course!! How can I even forget that, at least my wife wouldn't let me. lol

Anyway, we were thinking about this the other day. Would we want our kids to give us some 'pocket money' even if we don't need it. It's kind of punitive, isn't it?

What do you think? By the looks of it, I think our conversation here will just go on and on. :p