How long before it is all over?

[Spacecadet]

12 months or longer

This downturn isn't just effecting one or two industry sectors but all and its down to an almost complete break down in how the financial systems are working.

We'll hit rock bottom within a few months and then possibly 1-2 years before any real growth is seen

[DimPrawn]

About 10 years according to the government.

http://www.telegraph.co.uk/finance/n...-a-decade.html

Lord Myners, the banking minister, said the Government's toxic debt scheme will run for at least five years and may last for "eight or nine years".

The value of sterling also fell to its lowest level against the dollar in more than seven years after a well-known investor said the British currency was "finished".

Mervyn King, the Governor of the Bank of England, said on Tuesday that the Bank was preparing to print extra money in a desperate attempt to kick-start the beleaguered British economy.


So a finished currency, decade of bailouts and printing money.

This ain't a 12 months dowturn, this is a great depression. Brown's depression.

[Diestl]

Question 1. Why does he have a van?
Question 2. Why does he only pay 2k Corp tax?
Question 3. Why does he insist looking like a Lorry driving child killer.
Question 4. Does he know .NET?

[Old Greg]

You had savings from before contracting ?

When I started contracting I had no savings and the large credit card debts that I ran up when I was a poorly paid permie. That was one of the reasons for me to start contracting was because it was the only way that I would ever be to get rid of them.

I have been very fortunate with my timing, but it could have gone horribly wrong.

Me too (debts not that large, maybe). It was a good time to move as Mrs OG was in work and there was no little OG on the horizon. Anyway, in the 2 years I've been contracting, we've been putting aside 50k per year against such times as these, so should be fine.

[Bagpuss]

I know a few contractors who spend every penny living the lifestyle...

Mortgaged to the hilt
Privately educate the kids
000's tied up in highly depreciating motors that wont sell
Have cleaner, nanny etc.
High maintenance trophy wife


These are the guys who are fooked once the bench beckons

[BlasterBates]

indeed they become

NINW's (no income, no wife)

[Mich the Tester]

I know a few contractors who spend every penny living the lifestyle...

Mortgaged to the hilt
Privately educate the kids
000's tied up in highly depreciating motors that wont sell
Have cleaner, nanny etc.
High maintenance trophy wife


These are the guys who are fooked once the bench beckons

...or they take anything at a crappy rate thereby pushing down rates for everyone else.

[bored]

I'm surprised noone picked up this from the article:

David, 40, said the hard times continued into the new year when a demand for more than £2,000 for corporation tax arrived.

I hope he didn't just take those £2,000 from the business account...

[Bagpuss]

I wish my corp tax was 2k

[DimPrawn]

I know a few contractors who spend every penny living the lifestyle...

Mortgaged to the hilt
Privately educate the kids
000's tied up in highly depreciating motors that wont sell
Have cleaner, nanny etc.
High maintenance trophy wife


These are the guys who are fooked once the bench beckons

Thankfully in your case it's just you and your crusty sockpuppet to worry about.