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Economic impact of Coronavirus


Killiepies

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5 hours ago, Scooter said:

Haven't you been paying attention, by the way? Look up Salary Subsidy Scheme, where millions of workers have been put on state-paid leave. That will save businesses, won't it? They can do it if they want, it's all about political choices.

I don't think that will save businesses beyond the white collar, service economy.  Businesses still have overheads beyond wages.  Almost all will have stock just rotting or wasting away - 50million pints of beer (tragically) going to waste, is just the tip of the iceberg.  There seems to be an assumption after lockdown ends, consumers will go back to behaving as they did before - my guess is they won't.  People will be a bit spooked and reluctant to be in crowded spaces and areas for some time to come, even if they do have money to spend and want something to do with their time.

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23 minutes ago, Zorro said:

How are we feeling about the NHS being funded by the charitable deeds of some plucky OAP’s? I’m sure our resident Tories will think it’s great; bulldog spirit etc, etc, but it looks more like a failure of government policies to me. 

Yup. From the BBC presentation I thought I was the only person on the plant who thought this. But  there are two of us at least. 

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15 minutes ago, chubbs said:

I imagine there are a helluva lot of folk hanging from this tree..

 

I read last night that Capt Tom's 'reward' is to be guest of honour at the opening of one of the 'Nightingale Hospitals' .... how does that work with keeping the over70s isolated?

The highlight will be Priti Patel reading out how much money he has raised. 

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22 hours ago, Scooter said:

Haven't you been paying attention, by the way? Look up Salary Subsidy Scheme, where millions of workers have been put on state-paid leave. That will save businesses, won't it? They can do it if they want, it's all about political choices.

I think you should have paid more attention at economics at school if you think the above will save business, you post proves you know nothing about the subject matter.

businesses still have other costs (look it up) then come back to me

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6 minutes ago, Bhamkillieken said:

I think you should have paid more attention at economics at school if you think the above will save business, you post proves you know nothing about the subject matter.

businesses still have other costs (look it up) then come back to me

You talk of "business" as being one homogeneous thing. So the  Salary Subsidy Scheme won't help any businesses at all? Really?

Edited by Scooter
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3 minutes ago, Scooter said:

So the  Salary Subsidy Scheme won't help at all? Really?

naughty boy you responded to quickly to have done any reading, so I know you have not gained any knowledge.

the part payment of employees wages is a small temporary sticking plaster when there is no income to pay other outgoings. companies are looking at their cash burn rate and are counting the days. 

Edited by Bhamkillieken
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13 minutes ago, Bhamkillieken said:

naughty boy you responded to quickly to have done any reading, so I know you have gained any knowledge.

the part payment of employees wages is a small temporary sticking plaster when there is no income to pay other outgoings. companies are looking at their cash burn rate and are counting the days. 

I don't have to prove anything to you Tim, and you wouldn't listen anyway as you're so cock sure of yourself!I It's about debate but all you want to do is score some virtual point ...big wow!

Of course the SSS is temporary, but you can't even admit it helps slow down losses to make sure the company will have staff healthy enough to start going again.

Edited by Scooter
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Isn't it interesting that the debate is being moved away from scrutiny of the government's deeply flawed lockdown messaging towards one about when the lockdown will end?

And the people claiming the lockdown needs to end because of the 'economic harm' it will do, are the same people who argued, shortly after the reality of Brexit began to bite, that people in fact wanted 'economic harm', and that they had actually voted for it!

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3 hours ago, chubbs said:

I imagine there are a helluva lot of folk hanging from this tree..

 

I read last night that Capt Tom's 'reward' is to be guest of honour at the opening of one of the 'Nightingale Hospitals' .... how does that work with keeping the over70s isolated?

He's to be guest of honour over a video link. This was quoted at the end of one of the announcements.

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2 hours ago, Scooter said:

Isn't it interesting that the debate is being moved away from scrutiny of the government's deeply flawed lockdown messaging towards one about when the lockdown will end?

And the people claiming the lockdown needs to end because of the 'economic harm' it will do, are the same people who argued, shortly after the reality of Brexit began to bite, that people in fact wanted 'economic harm', and that they had actually voted for it!

Excellent post

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2 hours ago, Scooter said:

Isn't it interesting that the debate is being moved away from scrutiny of the government's deeply flawed lockdown messaging towards one about when the lockdown will end?

And the people claiming the lockdown needs to end because of the 'economic harm' it will do, are the same people who argued, shortly after the reality of Brexit began to bite, that people in fact wanted 'economic harm', and that they had actually voted for it!

I don't think the criticism is any less. If the Times and the Daily Mail are having a go at the government, you know they are in trouble. It is right that both governments are being asked about their exit strategy, because I suspect that they have as much preparation for getting us out as they did for putting us into lockdown. A lot of people with mental health issues and serious health conditions, other than the virus, are suffering because of the lockdown. We need to know how they will ease the restrictions even if we don't when the restrictions will be eased. 

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25 minutes ago, Wrangodog said:

I don't think the criticism is any less. If the Times and the Daily Mail are having a go at the government, you know they are in trouble. It is right that both governments are being asked about their exit strategy, because I suspect that they have as much preparation for getting us out as they did for putting us into lockdown. A lot of people with mental health issues and serious health conditions, other than the virus, are suffering because of the lockdown. We need to know how they will ease the restrictions even if we don't when the restrictions will be eased. 

Very aptly put .
Perhaps both govts know that there is a small % of the population that will go back to their old habits the minute restrictions are relaxed and undo all the good that has been done . 

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On 4/19/2020 at 12:38 PM, Bhamkillieken said:

rubbish, i dont see anyone rushing to save the businesses going to the wall right now do you? just empty words, yet again.

every week this drags on for it does huge damage to the country. if there is not a partial release by the end of this three week period, then it will be a different economic landscape 

 

IMG_20200420_191856.jpg

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Can you imagine the state of an independent Scotland’s finances right now of it had gone ahead? Withdrawal of the Barnett subsidy having now accumulated over the years. The battle to get the deficit down and the oil price crash, with US oil now worth less than zero!! Still controlled by the Bank of England, without or own currency or with a currency that had been hammered by the speculators. The final fatal blow being struck by Coronavirus and the economy collapsing unless we go cap in hand to rUK. Absolute nightmare.

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How crazy is this!?

 

The price of US oil has turned negative for the first time in history.

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.

Demand for oil has all but dried up as lockdowns across the world have kept people inside.

As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel.

 

The severe drop on Monday was driven in part by a technicality of the global oil market. Oil is traded on its future price and May futures contracts are due to expire on Tuesday. Traders were keen to offload those holdings to avoid having to take delivery of the oil and incur storage costs.

June prices for WTI were also down, but trading at above $20 per barrel. Meanwhile, Brent Crude - the benchmark used by Europe and the rest of the world - was also weaker, down 8.9% at less than $26 a barrel.

The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output.

Earlier this month, Opec members and its allies finally agreed a record deal to slash global output by about 10%. The deal was the largest cut in oil production ever to have been agreed.

But some analysts said the cuts were not big enough to make a difference.

"It hasn't taken long for the market to recognise that the Opec+ deal will not, in its present form, be enough to balance oil markets," said Stephen Innes, chief global market strategist at Axicorp.

The leading exporters - Opec and allies such as Russia - have already agreed to cut production by a record amount.

In the United States and elsewhere, oil-producing businesses have made commercial decisions to cut output. But still the world has more crude oil than it can use.

And it's not just about whether we can use it. It's also about whether we can store it until the lockdowns are eased enough to generate some additional demand for oil products.

Capacity is filling fast on land and at sea. As that process continues it's likely to bear down further on prices.

It will take a recovery in demand to really turn the market round and that will depend on how the health crisis unfolds.

There will be further supply cuts as private sector producers respond to the low prices, but it's hard to see that being on a sufficient scale to have a fundamental impact on the market.

Meanwhile, concern continues to mount that storage facilities in the US will run out of capacity, with stockpiles at Cushing, the main delivery point in the US for oil, rising almost 50% since the start of March, according to ANZ Bank. "We hold some hope for a recovery later this year," the bank said in its research note.

Mr Innes said: "It's a dump at all cost as no one, and I mean no one, wants delivery of oil with Cushing storage facilities filling by the minute."

https://www.bbc.co.uk/news/business-52350082

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2 hours ago, Mclean07 said:

Can you imagine the state of an independent Scotland’s finances right now of it had gone ahead? Withdrawal of the Barnett subsidy having now accumulated over the years. The battle to get the deficit down and the oil price crash, with US oil now worth less than zero!! Still controlled by the Bank of England, without or own currency or with a currency that had been hammered by the speculators. The final fatal blow being struck by Coronavirus and the economy collapsing unless we go cap in hand to rUK. Absolute nightmare.

Could have went to the IMF Mclean

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I see someone is a fan of Scottish exceptionalism again. The only county/nation (his words) on the planet who’d face tough economic times due to a global pandemic. The only country that couldn’t borrow. The only nation who would have a greater deficit. Seems unlikely, but if it helps him sleep at night....

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9 hours ago, Mclean07 said:

Can you imagine the state of an independent Scotland’s finances right now of it had gone ahead? Withdrawal of the Barnett subsidy having now accumulated over the years. The battle to get the deficit down and the oil price crash, with US oil now worth less than zero!! Still controlled by the Bank of England, without or own currency or with a currency that had been hammered by the speculators. The final fatal blow being struck by Coronavirus and the economy collapsing unless we go cap in hand to rUK. Absolute nightmare.

Ooooohhh the drama! We could all paint a picture depending on our 'motives' and 'feelings'! Did you have roastit cheese for supper last nite? 9_9

the-scream-gif-7.gif.9f1879386cfa029ca56b85bb80215f1e.gif

 

Edited by Scooter
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10 hours ago, Mclean07 said:

Can you imagine the state of..a currency that had been hammered by the speculators. The final fatal blow being struck by Coronavirus and the economy collapsing..Absolute nightmare.

I don’t think we really need to ‘imagine’ a currency hammered by speculators - the scenario is hardly hypothetical.

You’ll get $1.24 for a £1 in 2020. Sorry I couldn’t get you more up to date figures..

image.jpeg.6f3d27807df98065b920290e3921a497.jpeg

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