tl;dr - I think it’s going to be worse and again it will be those with the least who get hit the hardest.
That’s not a positive thing! - Bring on the Wikipedia exerpt…
" May you live in interesting times " is an English expression that purports to be a translation of a traditional Chinese curse. While seemingly a blessing, the expression is normally used ironically; life is better in “uninteresting times” of peace and tranquility than in “interesting” ones, which are usually times of trouble.
…but back to the @m-getinvesting’s question of will it be worse than 2008, I think that very much depends on how the government handles it. The recovery last time (and I really don’t think there has been one for a lot of people) was strangled by the post 2010 election winner’s ideological use of austerity as an excuse to dismantle as much of the state as possible under the guise of “the country’s credit card is full” and other economically illiterate nonsense and political soundbites.
Will they do it again? Hopefully not. With the right government stimulus aimed at the right sectors, we could see a great recovery with employment rebounding and huge boosts to various industries - eg a green revolution giving UK hydrogen/renewables companies a massive advantage and foothold in the global market or maybe fibre internet to every household in the country, improving the country’s infrastructure with long lasting positive benefits and literally following they Keynesian idea of “The government should pay people to dig holes in the ground and then fill them up (whilst replacing the telephone lines at the same time).” The government furlough scheme has been a fantastic achievement, I really didn’t see that coming but unless there are some plans to extend or replace it then I think it’s just put off the inevitable. Anyone with the Yahoo Finance app will have been getting notifications this week about the job losses - 4000 at Boots, 1300 at John Lewis, 3000 applications for redundancy at Rolls-Royce and Moody’s saying the UK economic downturn is the worst in the G20.
Sadly it’s all going to come down to politics, which I’m loathed to drag on to forums, but with the utter disaster that is Brexit looming in the next 4.5 months, £10bn wasted on the Track & Trace app fiasco already and cronyism like “Firm with links to Gove and Cummings given Covid-19 contract without open tender”… well I’m just not sure that there are sensible people steering the ship.
Sorry for the rant. As an elderly millennial that graduated in 2006, I’m frustrated by the continued, at best stagnation and at worst continued undermining of opportunities in this country for people to get ahead. It feels like it’s been 1 step forward, 10 steps back for nearly 2 decades