Did the U.K.‘s economy ever truly recover from the 2008 credit-crunch?
 

What do you think?

The world never recovered from neoliberal capitalism. We just get seemingly-more-stable times occasionally whilst we circle the drain.

Well we haven't had many good years since it, although that's partly due to other global events and turmoil

I think one of my realisations over the last few years is just how much the world is constantly teetering on a tipping point of geopolitical and economic meltdowns

yes

Yes house prices climbed back up and now stand stupidly high prices

What’s killing us is during COVID prices went through the roof
There is no need for those to stay that high now

High house price to average salary ratio is a sign of a crumbling economy, not a healthy one.

Houses are selling people are spending money on extensions home improvement

Your money has gone up not your work load

Yes 100 per cent it recovered maybe not in terms of wage growth, but anyone with property saw their investment increase by 50 per cent

the only way you can view the economy is with respect to every other economy we do business with and leaving the EU is the single biggest event that has reduced our ability to compete with other world economies.

Yes i know my 2 have
by quite a bit truth be told

You're literally describing a real-terms average salary decrease per capita, the exact opposite would be a sign of a good economy. Wages failing to keep pace with the cost of property and goods/services is a major economic red flag?

Right, but interest rates have been at historic lows for a decade until recently so swings and roundabouts?

amen to that

Sure but "are your personal finances OK compared to 2008 crash" and "has the economy recovered from the 2008 crash" are two completely different questions.

e.g. I've also said before on here, throughout the "cost of living crisis" my personal finances and disposable income have been better than at any time in my life... but that doesn't mean there isn't a cost of living crisis.

what about your properties havent they increased dramatically since 2008?

Given that I was a 23 year old part-time cashier with a baby on the way in 2008, funnily enough I did not own property :joker:. I've only been seriously looking to buy for the last year or so.

Speaking of which...

I can say for a fact that houses are NOT still selling like they were a few years ago and prices are being dropped all over the place due to inability to sell.

It is thankfully becoming a bit of a buyer's market :hee:.

There has also been a massive gap between what you can buy in Scotland and what you can buy
In the south of England

The property market down here is booming a house less than a mile away from mine gas just gone on for 4.8 million

Yes but there are whole areas where large portions of the property is bought up by investors (often foreign, surprising with so many Farage fans on the site that people would be happy with that) and they're either rented out for huge amounts or, increasingly, simply left sitting empty.

Genuinely, soaring property prices relative to average income/way above the rate of inflation may be a very good thing for property owners (if they ever intend to sell, otherwise it actually means nothing) but it's not a sign of a strong/stable economy.

Seems somewhat defensive

I'm not sure how an objective appraisal of the country's overall economic position can be defensive :joker:. If anything it seems like patriotic defensiveness to refuse to admit that we're not firing on all cylinders. It's just a fact. And if it isn't, what's your man Farage's problem and what is he looking to reform? The country's going like the clappers, why would you reform anything :think:

You’ve come a long way since the part-time Poundland wages days, eh?

Object appraisal of the country’s economic position :joker:
When did you become this country’s leading economic expert

Your giving your opinion on a big brother forum

Foreign investors buying property is nothing new but they buy flats or apartments mostly off plan , not individual properties

I don't think anyone is denying there is a cost of living crisis, but that didn't stretch from 2008 and came about due to a combination of covid and the war in Ukraine, there was a period just after 2008 were house prices fell and I know this as we bought and sold in 2008 and our buyer pulled out and we sold at a lower price but we also bought at a lower price so in the end it didnt really affect us financially and for anyone buying they were able to get on the housing ladder with lower prices and interest rates hovering around 1 per cent, the massive increase in house prices started during covid as people were scrambling to move out of big cities, so there was a period I would say from 2010 to 2020 where the economy was pretty stable

Yes but if you read or listen to anything written by actual economics experts instead of just going with this bizarre (and just not correct) notion that house prices are an indicator of a country's economic position (genuinely, where has that idea come from? An awful lot of people seem to think this is the case??) you will see that the ACTUAL economic experts don't think that the UK is in a great economic position. "Has it recovered" isn't really the right way to put it because things don't move up and down, they move onwards, and that might be for the better or worse for the average person in a country.

The opinion part - I don't see how there can be any argument that an increasing gulf between average salaries and average property prices is a sign of economic strength. It's just a sign that inflation is outpacing wages. Which is a major economic weakness :shrug:.

Here's an actual graph if anyone wants some actual figures showing that, while it's improving since 2020, the economy seems not yet to have recovered from the 2008 crash (by around 5%).

https://i.imgur.com/Ljab4Eb.png

There are countless more graphs, just sitting there for anyone who actually wants to look, but I'm not going to bother posting them here because it's TiBB SD's and I already know that "Well I think it has because house prices have gone up" is a good way to measure economic success, and basing opinions on what the actual figures and actual experts are saying, is "pretending to be an expert". Lord.

Are we still giving away 11bn to climate aid?