Consumers 'gloomy' about economic recovery

11/03/2009

Brits believe that the economy is not going to get better for a long time, a survey from consumer group Which? showed today.

The poll found that a big majority (80 per cent) think that the recession is going to last for at least a year more.

Included in this total is the 23 per cent who think it'll take more than two years before things improve.

Government figures show that the British economy is shrinking at its fastest rate since 1980, as the credit crunch damages the housing market and business revenues.

Unemployment has also risen to a decade-long high.

Which? personal finance campaigns manager, Doug Taylor, said: "Consumers aren't under any illusions - they know the financial crisis will take time to sort out.

"Banks should be doing everything possible to help their customers through the financial crisis, such as taking a responsible approach to repossessions and putting a stop to unfairly high unauthorised overdraft charges."

Which? also found that 49 per cent of Britons believe that it is the government which is "best placed" to solve the economic problems.

Tags; Current UK Economy, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

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