An Observation
Sep. 3rd, 2020 06:40 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
redfiona99(An observation stated with half a conclusion, as economics is not my field, and I think at least 3 people on my f-list are more qualified to comment thereon.)
After the 2008 recession, Kevin Bridges was on Live at the Apollo, and he had this line about how the recession was affecting Glasgow, and how his London audience wouldn't get that because London wasn't affected in the same way, and I think the reason the government are having the screamers at the minute is because this recession is hitting the big cities as hard, if not harder than the provincial towns and cities.
Taking St Helens as an example, most of the high street got wiped out by the 2008 recession and then the following period of austerity. There isn't even a WH Smiths any more and the Marks and Spencers closed 2-3 years ago. Nothing's replaced them, so the high street is all charity shops and betting shops.
Birmingham meanwhile, a few smaller local independent retailers closed, a few large multinationals were replaced by other large multinationals.
But now, there are empty lots in central Birmingham, and in central London (according to the London corespondent). This time, the effects are hitting the cities too and it is therefore more visible. The things London/Birmingham/big cities are good at weren't as affected by the previous recession but the present situation (COVID and Brexit) are hitting the big city/London things as well.
(An interesting article - https://amp.ft.com/content/d8eb62ef-a1cb-4597-867b-15a79dbdcd5d)
After the 2008 recession, Kevin Bridges was on Live at the Apollo, and he had this line about how the recession was affecting Glasgow, and how his London audience wouldn't get that because London wasn't affected in the same way, and I think the reason the government are having the screamers at the minute is because this recession is hitting the big cities as hard, if not harder than the provincial towns and cities.
Taking St Helens as an example, most of the high street got wiped out by the 2008 recession and then the following period of austerity. There isn't even a WH Smiths any more and the Marks and Spencers closed 2-3 years ago. Nothing's replaced them, so the high street is all charity shops and betting shops.
Birmingham meanwhile, a few smaller local independent retailers closed, a few large multinationals were replaced by other large multinationals.
But now, there are empty lots in central Birmingham, and in central London (according to the London corespondent). This time, the effects are hitting the cities too and it is therefore more visible. The things London/Birmingham/big cities are good at weren't as affected by the previous recession but the present situation (COVID and Brexit) are hitting the big city/London things as well.
(An interesting article - https://amp.ft.com/content/d8eb62ef-a1cb-4597-867b-15a79dbdcd5d)
no subject
Date: 2020-09-03 07:41 pm (UTC)Nonetheless, it's definitely true that this crash is very different from the 2008 one (like, first off, the fucking stock market is apparently great!)
no subject
Date: 2020-09-04 07:47 pm (UTC)In the UK, all the tech/legal/service industry jobs are concentrated in the cities so you get random house price flare ups in non-London cities (Leeds went really hot in the mid-2010s) but nothing but reductions in the provinces. So a lot of towns and smaller cities are acting as suburbs for the cities, which is doing nothing for local economies and sending rents up. I think the interesting thing is going to be in 10-15 years when this generation of young professionals want schools for their children.
no subject
Date: 2020-09-15 07:28 pm (UTC)