Does the UK not take a bit hit from devaluation due to needing to import so much?
This is a very comprehensive answer, thank you. My only real concern is food prices as we have to import over half of what we eat, but the status quo is already failing to keep people fed so I guess it can't get much worse.
This is a good answer. That said...the UK doesn't have anywhere near enough agriculture to feed everyone, so "British Butter" isn't an option. Sometimes a lack of supply isn't an import-export problem but a "Physically can't produce enough" problem.
I'm not sure we've had an industrialised country suffer runaway staple food prices since German Hyperinflation.
EDIT: YOu actually answered this below but I have a new question. Isn't the UK dependent on inputs like agricultural feed, even if there's enough land?
A really good summary, thanks.
Fwiw, the Australian Wheat Board still kind of exists. It was privatised by the Howard Government, ostensibly as a Co-Operative. But of course it was set up to fail by having the class B shares become class A ones over time, and is now owned by a major Canadian agricultural firm.
genuine question: i thought we were already in a recession? like, literally the entire time i've been alive i've been hearing ominous things about The Recession™
By any measurement except the official ones we've been on a recession for at least 15 years. Now it's just going to get worse.
Pretty much. As I understand it the "recovery" from 2007-2008 was based entirely on juicing the numbers and on gig economy and minimum wage part time jobs.
it's just PR. we never leave a recession, the government just stops acknowledging it.
when the economy gets even worse, they say 'oh look we're in a recession again, which implies that we must have left the previous one at some point.'
in a desperate measure to stop the bleeding, the UK renames the British Pound as the British Ounce.
Labour will maybe get 1 election soon, and if they don’t fix everything instantly, the past decade plus of Tory rule will be blamed in them, and tories will get another decade.
"The mess we inherited from Labour" was such a stupidly successful Tory line that it's also now the official Labour line too.
Raising interest rates while saying "there will be a long recession" is a new one. They just don't give a fuck.
The recessions just sort of melt together after a point
The previous interest hike made a friend's mortgage unaffordable so they took a big chance on a new job across the country - which turned out to be essentially a scam (less money than offered, job role details not the same, you've quit and moved now so what are you going to do?).
They're now into a six month rent contract (two months, deposit, and fees even if they just bail) and a mortgage they couldn't afford from the last increase, never mind this one. Two years ago they were "comfortable". Now they're fucked. And they're not the only ones even amongst the supposed middle class.
I read this as "Bank of England expects UK to fall into longest ever reaction" and I'm still right
Really because the 4th and 5th centuries were pretty rough and the 8th century wasn't great either.
you heard it here folks it's going to be worse than the danelaw
The Long Depression was during industrial capitalism and lasted 23 years (1873 to 1896), if we consider 2009 to be the start of the current depression, totally reasonable to do so btw, then crossing 2033 would be the longest if they continue to decline.
