Just come off the phone to friends of ours who live in the USA, he was telling us that he's just been made redundant after 25 yrs with same company, and from what he is saying it does'nt look like he will come away with very much at all. Many of their friends are being laid off and the prospects for finding new jobs look really bleak. I was reading similar stories on newpaper feedback columns from many other U.S. residents today, and what with the 533,000 laid off in November alone, its looking really bad over there.
There is no doubt about it, we are going to really feel the pinch in the new year here in the UK, its already started, but sadly I fear its going to be much worse than many people realise.
Being retired with no mortgage and some savings does mean it wont affect me too much, thank god, but if the pound collapses competely one's bit of savings will be worthless too.. I am more concerned however for those people who really need the income from full employment to meet the bills, especially those with families to support... not good at all. Lets face it... its dammed hard to save anything at all when bills are rising and one has a family to support. I know what its like only too well from when we were younger.
I've felt for a while that things were going to get really bad here in the UK, but even my pessimistic assessment of the situation, I fear, falls far short of how critical things are going to become.
My advice... enjoy this xmas, it may be our last decent xmas here in the UK for a long time.