Out of the blue Posted February 12, 2021 Share Posted February 12, 2021 3 minutes ago, Non-Believer said: A couple of things spring to mind here, firstly we're not the UK and secondly, there's any amount of people, including on these boards, saying how buoyant the local economy is at present. I was talking to an electrician chap I know only two days ago who said he and his colleagues have never been so busy, having to turn work away because (he said) of the amount of money people are investing in home improvements rather than off-island trips and holidays etc because of the restrictions. Granted the island's internal economy is currently doing 'okay', with the obvious exception of tourism. Locally we have followed a policy that whether created by accident or design, has insulated us from any immediate impact from the economic damage caused by lockdown restrictions etc, but it is only going to insulate us for so long. If our largest trading partner suffers, eventually so will we. Anecdotally I am aware that many immigrant workers who were settling on our shores and that the hospitality, service, construction and certain tech industries rely upon have left. I hope they return when the restrictions ease, but many parts of our economy are struggling not through lack of demand but through a lack of labour and in some cases materials. I am reasonably optimistic that Britain will bounce back if things in the UK are loosened very soon, but another year of this chaos will be catastrophic for those who can least afford it, which ironically is those we are trying to protect. 2 Quote Link to comment Share on other sites More sharing options...
pongo Posted February 12, 2021 Share Posted February 12, 2021 8 minutes ago, Non-Believer said: A couple of things spring to mind here, firstly we're not the UK and secondly, there's any amount of people, including on these boards, saying how buoyant the local economy is at present. The IOM economy is clearly part of the British economy as a whole - and, importantly from this perspective, with respect to money supply. The measures taken by the London govt (fiscal policy) and the BOE (monetary policy) clearly impact us to that extent. It's the business of the London govt and the BOE to keep money moving through the economy - creating liqudity and removing excess as appropriate. Making sure that the impact of that 10% drop is smoothed out. That's what running an economy is all about. 3 minutes ago, Nom de plume said: There will be economic blowback from the U.K. situation as the months pass, more likely felt in the corporate side of things. If it is anything like QE (and it will be) then the effect here could actually end up being postive. Or at least not negative. Quote Link to comment Share on other sites More sharing options...
Out of the blue Posted February 12, 2021 Share Posted February 12, 2021 1 minute ago, pongo said: If it is anything like QE (and it will be) then the effect here could actually end up being postive. Or at least not negative. It will be interesting to see how it pans out, because a significant difference this time was were previously QE circulated within funds/institutional investment and the like. This time a large chunk of the 'QE' has gone directly into the pocket of the masses via furlough. Quote Link to comment Share on other sites More sharing options...
trmpton Posted February 12, 2021 Share Posted February 12, 2021 Steam packet staff member tests positive. I have a feeling they knew this a couple of days ago Quote Link to comment Share on other sites More sharing options...
Nom de plume Posted February 12, 2021 Share Posted February 12, 2021 20 minutes ago, pongo said: The IOM economy is clearly part of the British economy as a whole - and, importantly from this perspective, with respect to money supply. The measures taken by the London govt (fiscal policy) and the BOE (monetary policy) clearly impact us to that extent. It's the business of the London govt and the BOE to keep money moving through the economy - creating liqudity and removing excess as appropriate. Making sure that the impact of that 10% drop is smoothed out. That's what running an economy is all about. If it is anything like QE (and it will be) then the effect here could actually end up being postive. Or at least not negative. I hope you are correct, really I do. Quote Link to comment Share on other sites More sharing options...
Southernman Posted February 12, 2021 Share Posted February 12, 2021 54 minutes ago, Non-Believer said: A couple of things spring to mind here, firstly we're not the UK and secondly, there's any amount of people, including on these boards, saying how buoyant the local economy is at present. I was talking to an electrician chap I know only two days ago who said he and his colleagues have never been so busy, having to turn work away because (he said) of the amount of money people are investing in home improvements rather than off-island trips and holidays etc because of the restrictions. Our share of VAT receipts is dependent on the UK economy so there could be a significant shortfall. Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted February 12, 2021 Share Posted February 12, 2021 1 hour ago, Nom de plume said: Showing your colours sweet cheeks & following me around here nipping away like a new puppy. It’s all rather flattering. Keep on shining Pingu, you crazy diamond. PS - the economic consequences are only just beginning. Fact. The stock markets are in a state of starting to boom. Explain that with economic depressions. Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted February 12, 2021 Share Posted February 12, 2021 3 minutes ago, AcousticallyChallenged said: The stock markets are in a state of starting to boom. Explain that with economic depressions. Disaster capitalism? War profiteering? 1 Quote Link to comment Share on other sites More sharing options...
Nom de plume Posted February 12, 2021 Share Posted February 12, 2021 (edited) 23 minutes ago, AcousticallyChallenged said: The stock markets are in a state of starting to boom. Explain that with economic depressions. The markets & the leeches that play them always find a way to capitalise & profit on the misfortunes of others. Twas ever thus. We also need to be mindful that the reason the economy has only shrank by the quoted 10% is that Rishi Sunak is subsidising the pockets of millions through furlough & they are still spending to a certain extent even if it is on Snoop Dog’s Just Eat delivery service .... Don’t be fooled into thinking 10% is a result & we’re home & dry. Edited February 12, 2021 by Nom de plume Quote Link to comment Share on other sites More sharing options...
pongo Posted February 12, 2021 Share Posted February 12, 2021 1 hour ago, AcousticallyChallenged said: The stock markets are in a state of starting to boom. Explain that with economic depressions. Nobody wants to be in bonds or cash. Understandably. 1 hour ago, Nom de plume said: The markets & the leeches that play them always find a way to capitalise & profit on the misfortunes of others. That's an incredibly miserable way of looking at what is arguably one of Britain's largest sectors. Quote Link to comment Share on other sites More sharing options...
monasqueen Posted February 12, 2021 Share Posted February 12, 2021 3 hours ago, trmpton said: Steam packet staff member tests positive. I have a feeling they knew this a couple of days ago Allegedly a UK based crew member, so won't be counted in IOM statistics. Quote Link to comment Share on other sites More sharing options...
Banker Posted February 12, 2021 Share Posted February 12, 2021 1 minute ago, monasqueen said: Allegedly a UK based crew member, so won't be counted in IOM statistics. Yes just heard Robertshaw on radio who raised this issue a few weeks ago, Howie said we won’t give them priority whilst at same time we are vaccinated all health office staff etc plus I understand DOI staff when any doses left over as they are on standby list Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted February 12, 2021 Share Posted February 12, 2021 1 minute ago, Banker said: Yes just heard Robertshaw on radio who raised this issue a few weeks ago, Howie said we won’t give them priority whilst at same time we are vaccinated all health office staff etc plus I understand DOI staff when any doses left over as they are on standby list The trouble is that vaccination could actually make things worse. If the vaccines don't do much to reduce transmission of the virus (rather than making the symptoms less serious) then all that may happen is those infected will continue working - especially as many will be casual workers who need to to get paid. In turn they will infect others they work with and passengers. And vaccination may make those who have received it less careful about social distancing and other measures. I would have expected that carriers and the DoI had regular swabbing carried on all such workers -whether based on on Island or off (this is standard in places like New Zealand). But it looks like this was done at the worker's own initiative. 1 Quote Link to comment Share on other sites More sharing options...
jaymann Posted February 12, 2021 Share Posted February 12, 2021 19 minutes ago, Banker said: Yes just heard Robertshaw on radio who raised this issue a few weeks ago, Howie said we won’t give them priority whilst at same time we are vaccinated all health office staff etc plus I understand DOI staff when any doses left over as they are on standby list Actually saw Robertshaw sat in a coffee shop with Dr Glover for a good hour prior to his MR piece. He must be gearing up. Quote Link to comment Share on other sites More sharing options...
TerryFuchwit Posted February 12, 2021 Share Posted February 12, 2021 3 hours ago, AcousticallyChallenged said: The stock markets are in a state of starting to boom. Explain that with economic depressions. I'm not sure they are actually. The UK markets are probably stagnant at best and a number of the main constituents have a serious drag on their earnings. The US is largely driven by about 5 companies. They are unstoppable to some degree. Covid or not. 1 Quote Link to comment Share on other sites More sharing options...
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