Slowing economy adds to pressure on debt-hit Britons
Slowing economy adds to pressure on debt-hit Britons
Tuesday 22nd July 2008
According to a study from the Ernst & Young Item Club, an influential think tank, the country's economy will grow by just one per cent in 2009.
More worryingly, the organisation also predicted that inflation will continue to be above the government's official target and that the UK is likely to "struggle" to avoid falling into recession as the slowdown continues.
Professor Peter Spencer, chief economist at the Item Club, said: "Both on the high street and in the housing market it is going to get a great deal worse before it gets better."
Signs of worsening conditions in the economy will add weight to forecasts that more and more Britons are set to struggle with debt problems this year.
Debt management organisation TDX Group recently announced that between January and May there was a 32.3 per cent increase in the number of individual voluntary arrangements (IVAs) opened to 2,517.
Debt1, official website of Byrom & Keeley - Experts in Debt Management
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