It's been a while since I blogged. We have had Christmas and New Year in between and 2009, with its own set of twists and turns, is well underway. Reflecting back on 2008, it was a year of consolidation for me. I got married, moved into a our own house and have generally settled down nicely. Unlike 2006 and 2007 my career growth in 2008 had a more horizontal feel to it. This year started with a promotion, so not all the good work done last year was lost. I have also made a resolution to start something outside work this year.
Talking about the current economic climate, things have turned for a worse at the start of this year. Woolworths, about which I wrote in my previous post, does not exist in more. Morever, some other big names like MFI, Officers Club, Whittard of Chelsea, Morgan and most recently Land of Leather have gone to administration. These draw a gloomy picture in the retail sector. Banking and Car manufacturing industries have also announced thousands of job cuts. Today I found this link http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3542572/Financial-crisis-UK-job-losses.html on Daily Telegraph, which draws the job losses in UK since Oct 2008 on a map. Frightening stuff!!
Having said, quite a few of positives can be taken from this "Credit Crunch". Firstly, hopefully now people will know the consequence of spending beyond their means albeit in a hard way. I am a firm believer in fundamentals and the very basic principle of economics is if your earn £1 and spend £1.10, sooner or later you will be in trouble. The other good thing is that people would more "earn" their wages. With more people and fewer jobs, only the fittest can survive. It's not such a bad thing. Ever since I have moved into UK, I have always had a feeling that most youngster get it too easy here. With a strong economy and strong social system, youngster with some potential do not have to work that hard to get a life, which youth of many other countries dream of. With a strong economy and strong social system, youngster with some potential do not have to work that hard to get a life, which youth of many other countries dream of. Ask an Indian and he will tell you what it takes to get into IIM in India. I am told three hundred thousand students compete to get thirteen hundred seats.
That is a a bit extreme but i would more like to see people around the world competing on equal grounds. That would surely mean a more fairer world for everybody.