State of the Economy – Fast Changing

State of the Economy – Fast Changing
State of the Economy – Fast Changing
Anne Marie Waters Tuesday 26th January 2021   It will come as no surprise to you that I am about to give bad news about the UK economy; particularly unemployment.  Reports today claim that 1.72…

forbritain.uk


State of the Economy – Fast Changing

Anne Marie Waters

Tuesday 26th January 2021

It will come as no surprise to you that I am about to give bad news about the UK economy; particularly unemployment.  Reports today claim that 1.72 million are now jobless, with a growing redundancy rate among the 25 to 34 age group.  This is 5% unemployment, and it’s before the end of furlough, which as we know will inevitably mean more people out of work.

But there is something interesting that has happened this week that demonstrates more of that striking change in our economy – the collapse of high street shopping in favour of the internet.

Online fashion company Boohoo has bought Debenhams (another victim of coronavirus) but there’s a difference, it hasn’t bought any of its actual stores, just its name and website.  Now the high street has been left with empty buildings, but more importantly, the company’s staff remain out of work.  There will be no jobs for them at Boohoo.  This is not a first.  Boohoo has already bought Oasis, Coast and Karen Millen, but not the associated high street stores, and not saving any jobs.

It’s been said by many that COVID-19 will lead to a “great reset” and not everyone is pleased about it.  That great reset is named by others as ‘the fourth industrial revolution’ – the age of super-technology.  This technology, many fear, will lead to growing joblessness and therefore a loss of human independence from the state.  Some people worry about a future where cash has disappeared and our buying power (such as it will be) will be dependent upon our behaviour and our compliance with state diktats.  A ‘social credit score’ would determine what we can or can’t do or buy, and this is already very real in China for example.

This dystopian future is often dismissed as a conspiracy theory, but just browsing through this morning’s news confirms that this is no conspiracy.  It is on its way, and in many respects, is already here.  The collapse of the high street is only one example.

It will come as no surprise to you that I am about to give bad news about the UK economy; particularly unemployment.  Reports today claim that 1.72 million are now jobless, with a growing redundancy rate among the 25 to 34 age group.  This is 5% unemployment, and it’s before the end of furlough, which as we know will inevitably mean more people out of work.

But there is something interesting that has happened this week that demonstrates more of that striking change in our economy – the collapse of high street shopping in favour of the internet.

Online fashion company Boohoo has bought Debenhams (another victim of coronavirus) but there’s a difference, it hasn’t bought any of its actual stores, just its name and website.  Now the high street has been left with empty buildings, but more importantly, the company’s staff remain out of work.  There will be no jobs for them at Boohoo.  This is not a first.  Boohoo has already bought Oasis, Coast and Karen Millen, but not the associated high street stores, and not saving any jobs.

It’s been said by many that COVID-19 will lead to a “great reset” and not everyone is pleased about it.  That great reset is named by others as ‘the fourth industrial revolution’ – the age of super-technology.  This technology, many fear, will lead to growing joblessness and therefore a loss of human independence from the state.  Some people worry about a future where cash has disappeared and our buying power (such as it will be) will be dependent upon our behaviour and our compliance with state diktats.  A ‘social credit score’ would determine what we can or can’t do or buy, and this is already very real in China for example.

This dystopian future is often dismissed as a conspiracy theory, but just browsing through this morning’s news confirms that this is no conspiracy.  It is on its way, and in many respects, is already here.  The collapse of the high street is only one example. For Britain read more

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