Lockdown, the challenge of inadequate housing, employment and low interest rates

The pandemic lockdown has highlighted the problem of people living in very small homes with inadequate access to outdoor spaces. This is especially true for young adults and would be viewed as cruel and unusual punishment in our prisons. The cost of better housing is a limiting factor for many.

For people living in such housing, mental health issues have risen even though technologies such as streaming media entertainment and video calling have helped. Inhabitants have previously been able to view their bedsit as merely a place to keep their belongings and sleep as they have lived their lives and sought entertainment and social contact externally.

Rising lack of opportunity for employment and its’ attendant poor sense of personal self worth is storing up a wealth of problems for the future. This is an issue for young men especially as they have no way to test or prove themselves in the world or job market.

The pandemic has also locked in the phenomenon of low interest rates, leading to problems for savers and pensioners. It’s unlikely that rates will rise for several years as this will lead to bankruptcies and the failure of many companies who have been pushed to the financial edge by the economic problems caused by the attempts to contain the virus.

The Government itself has a huge and rising debt due to the financial support package used to prevent economic collapse so is unlikely to press for an increase in rates in the near future.

The pandemic is both a problem and an opportunity. The opportunity arises as the pandemic has lifted the countrys’ awareness of the housing issue

 

 

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