Quote Originally Posted by The Bedlington Terrier View Post
For anybody with a few bob in the bank it's great news, for those who are skint and up to their neck in debt it's disastrous

https://www.gbnews.uk/news/bank-of-e...0-years/348349
Not quite as simple as that but you're right. Investments including pension funds and ISAs have taken an absolute hammering - down >10% since Christmas and still falling. If you're old and dependent on private or work pension, you've got to live long enough for global markets to recover - if they ever do - and ideally not have to draw down money to live off now. If you're young and are paying into a pension or ISA - and can afford to do so despite rising costs, you're buying in at a lower price so if/when the market recovers you'll make money for the future. But in a capitalist society, we are all gambling via our pensions etc on the global market continuing to expand forever - and that's the fundamental flaw with capitalism. It's like a shark that has to keep moving or die.

Folk that have taken on debt like loans or mortgages will struggle short term, but nobody will escape being hit apart from the super rich who have enough spare dosh to ride out the storm - or even profit from it. The UK will be hit hard because of the decline in our economy, but the poor in second and third world countries will - as usual - bear the brunt.