#1104

big ‘if’ there

also, extracting wealth from one economy to recirculate it in another is class politics unless it’s sufficiently taxed

#1105

Taking my own personal example though: I used to pump a fair bit of money Pret’s way, and that has gone. As a result I have saved quite a lot of money over the last few months. Almost none of it has gone to Amazon, although Majestic have done well out of me. The likely recipients of my saved cash will be local builders. However it is certainly possible that the net result of saving that money will be me retiring earlier, which definitely is a downside effect on the economy (from a money point of view, not from a productivity one obvs).

#1106

Recirculation is what money’s for. Once you get into how it’s recirculated then obviously there are a million and one issues.

2 Likes
#1107

It will genuinely be interesting to see the results of research into what people who have gained financially over this period have done with the money.

#1108

Not just ‘how’ but ‘where’.

Small local traders who employ people and who pay their taxes are much better for local and national economies.

Large traders, through which wealth trickles up and out of the economy are much worse.

#1109

How much were you spending in Pret?!?!

MAN STOPS BUYING COFFEE - RETIRES EARLY

10 Likes
#1110

Yep certainly a fair point. Let’s remember we’re talking about money people used to spend in Pret and Wetherspoons though :wink:

What money I’ve spent since lockdown I would estimate has gone a lot more locally than it did before.

#1111

They’ve paid off debt.

#1112

You know I do actually wonder!

I probably did spend a silly amount in lunchtime sandwiches. Not usually Pret, but cheapo Tesco ones too. I’ve also stopped buying newspapers. Other than that I don’t really know where the savings have come from. I didn’t used to go out drinking after work and I don’t pay for travel. The only other thing that occurs is relatively expensive discretionary leisure I guess, but I’m not even convinced I used to do that much either.

1 Like
#1113

Exactly.

The idea that people who spend money in local businesses or paying off personal debt rather than on commuting and large chain lunch retailers is less productive for the economy is a very flimsily evidenced one.

#1114

They have so far. I expect the long-term picture to be more interesting. Obviously it goes without saying that this is a worrying sign for tackling inequality.

#1115

Yup, there’s a brief discussion in that sub-thread on how this is likely to be a ‘K-shaped recovery’.

#1116

Like you said though there’s no way that Deutsche Bank idea has any legs. Not even with our numpty government.

#1117

Shitty desk that I found wedged on top of a cabinet and rebuilt that occasionally falls apart while I’m on a call. This is set up in a converted bedroom that’s filled with all the shit from the other rooms as my GF is set up for WFH from the kitchen.

#1118

I’m economically illiterate so sorry of this is a stupid question

Isn’t the economy hugely dependent city centre commercial property not collapsing in value?

Like it’s not just about not buying sandwiches in pret.
It’s everyone’s pensions and stuff at least partly riding on it.
Also was reading about local council levels of debt/borrowing following the Croydon story, and local service budgets being dependent on property yields.

Absolutely fucked system of course, but I’m not jumping for joy at it falling apart either.

#1119

Yes, pension funds do fund a lot of commercial development. It’s not as big a section of the sector as it used to be (overseas investors and wealth funds have encroached a lot), but it’s still significant.

Of course the reason why pension funds invest in commercial property in this country compared to others is that we have worse state pension provision and we do not have the large institutional residential ownership that other European countries have, with their more equitable tenancy laws.

I doubt that the office buildings will stay empty - they may cease to be offices, but there’s enough demand in the residential sector for them to be put to good use, provided planning legislation keeps up.

#1121

I had to be out of the house this morning at 7 for a medical appointment and it feels completely insane that I had to do that 5 days a week previously.

4 Likes
#1122

Don’t even know where my work shirts are anymore.

3 Likes
#1123

I’m presenting to approx 1,000 people tomorrow.

Gonna wear a shirt for the first time since march, and try not to die of anxiety.

Good thing about presenting remotely is I can write my script and just read it off the screen I guess.

#1124

good luck!

1 Like