Friday, October 3, 2008

How to ride out the reccession in London

ride-out-recession-londonWith the failing economy, established financial institutions collapsing and the tumbling of house prices (down 12.5% year on year), it seems that recession is upon us and people are already tightening their belts even though they are not directly affected by the recent financial turmoil.

It was announced today that the Labour government will officially guarantee bank deposits up till £50,000 up from £35,000. That move was considerably tamer compared to the Irish's decision to guarantee all banks deposits. Needless to say, there'll be many more saving accounts moving over to Ireland in the up coming weeks, if not already.

I had an interesting discussion about the value of money with a colleague the other day. The conclusion was that we both agree that the value of ones' cash is only worth as much as the credit worthiness of the country issuing it. At this point in time, the outlook for sterling pounds doesn't look quite good.

Perhaps the best solution is to get a patch a land in the suburbs and grow your own food. At least you'll eat healthily while riding out this storm.

Well, I'm open to other more viable suggestions.

Read also...
UK heading for recession - London shedding jobs

Beat the recession - How to survive on £1 per day in Central London

Share/Bookmark Pin It

london+in+a+weekend

14 comments:

My Bug Life said...

I read this from an article which I find is really relevant considering the tough times ahead -defer gratification. Don't buy unless you really need it. A want is not a need.

天堂右边 said...

dont you think afterall recession is like inflation, is just another illusion?
its the panic of the minority (or shortsighted economists) that makes the majority fear about recession.
recession is just another pharse in the economic cycle isnt it?
if the irish gov guarantee the savings of the public, more savings can be used to boost investment and help in improving the conditions.

Cindy King said...

I enjoyed your article and included it in my Blog Carnival (seen at http://cindyking.biz/international-marketer-review-blog-carnival-20/) .
Also, I stumbled this post

Jacqueline said...

Before it's all over, I think more people will consider growing their own food. It's certainly more economical and much healthier.

lina said...

At times of uncertain economy, we as consumer should definitely watch out what we buy (but of course, this will by no means help the retail sector)
Growing your own food should be a serious option especially if one wants to eat healthily. (otherwise, I think processed food are priced cheaper than fresh produce) Now, do everyone have land (or space) & time & energy to do so?

daria369 said...

Growing your own food is always good, regardless of economy! :)

Dutchie said...

The earth in our garden is of sticky clay. We had tried a top layer with fertilized soil but nothing grows in spite of it. My hubby says the population underneath it has a grand feast of our seedlings for tomatoes, cucumbers, garlic, onions, bell peppers n string beans *sob*

Wild bushes of berries, consumption fit for the birds however, thrived, much to our chagrin !

C K said...

@my bug life,
The irony is that most of us tend to 'reward' ourselves, after all the hard work of course, with luxuries. More often than not, such luxuries are the main motivation for turning up for work the very next day. So is that a need or a want? :)

@天堂右边,
As you have correctly pointed out, recession is part of the business cycle. So we can safely assume that there'll be a boom a couple of years down the road. Apparently, it's not only the Irish government but Germany is going down the same path as well. Perhaps Britain will then be pressured into doing the same in the near future.

@Cindy,
Thanks! Really appreciate that.

@Jacqueline,
I'm sure the Greens are for that. But finding a patch of land to do that would be quite difficult…. Just look at Dutchie, a couple of post below yours.

@lina,
That's the thing isn't it? Healthy food naturally cost more than processed food. Since most of us city dwellers would have problem finding land to grow our own food, do it mean that when times are bad, people will tend to eat more unhealthily?

@daria369,
Provided you have access to a garden… or a communal plot or land. :)

@dutchie,
Ouch. Perhaps you can increase the thickness of the topsoil then? I suppose that would help, no?

I've never tried growing anything at all, unless you count those bean sprouts that I grew for my primary school science. But I am seriously considering getting a rental further away from Central London with a small plot of land to do that.

Dutchie said...

How do u grow bean sprouts ? That I would like to know since a handful (100gr)cost 85 euro cents here. I just love the crunch in sayor lodeh, char kway teow, spring rolls, etc.

A stone's throw away from our home are huge fields where the farmers grow red n white cabbages or corn (animal feed). These r robust crops which thrives on fertilised soil. U don't want to be here when they inject the earth with manure - phew !! What I'm saying is that the soil here is probably unfit for tender veggies.

We did hv an apple tree bearing 50kg of fruit per year n that was too much, so we had it cut down. Ditto the prune tree. My patch of strawberries is the only manageable crop. They bear fruits once every 2 years, abt 1,5kg worth :-D There r always rich pickings at the bramble bush - great combination with yoghurt or in a pie !

C K said...

@dutchie,
50kg of apples per year and you got the tree cut down? So much for maximizing food production. So I guess you can make a mean apple pie as well...

But I thought you were saying that you have some problem growing anything in that clayey soil or are we talking about a different garden here?

Well, I grew bean sprouts from green beans immersed in wet cotton. No need for soil even.

SheR. said...

Hahaha.. Apples to make pies?
I guess Dutchie is practising how to make Cider with so much apples in her garden :P

Dutchie said...

ck, the apple & prune trees r at the front of the house where they get lots of sunshine.

I tried growing veggies in the back garden but none sprouts out of the seedlings :-(

Do u know there r more than 200 types of apples in NL ? Each cultivated for specific use - like making juice, compote, pie or as fruits that u buy in supermarkets ?

Yeah, I do make apple pie. Got to get into things that r dutch - like riding a bicycle (I'm hopeless in this) n knitting sweaters (cant managed the socks though) n being frugal (easily done - haha)

Dutchie said...

Sher, I did use the apples for the juice - it's alot of work to get a glass out of the fruits n the juice blender is time consuming to clean !

Can u actually make cider at home ? I thought u need a distillery to make them ? Anyway, if it involves alcohol, I won't be able to drink it bec I'm allergic.

C K said...

@dutchie,
Talking about being hopeless on bicycles. The last time I tried riding below a block of flats, I had kids laughing (loudly) from the 5th floor... I gave up on cycling after that. :P