Spiralling debt fuelling Brits' recession fears
Spiralling debt fuelling Brits' recession fears
Monday 9th June 2008
According to a survey conducted by the British Retail Consortium, 65 per cent of people now perceive that the country's economy is shrinking.
The survey also found that the future direction of the economy is currently people's chief worry, with one in five of those polled saying it was concerning them.
This was followed by debt, which was cited as a primary worry by 16 per cent of respondents.
Howard Archer, of Global Insight, an economic consultancy, said the fears expressed by consumers are to be expected amid increasing pressure on their finances which has meant that the credit crunch is impacting on their day to day lives.
He said: "The economy has slowed down suddenly, so it may feel like a recession, even though it isn't technically the case. In addition, people are seeing their bills rise and are really feeling the effects of the credit crunch."
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