We have all been hearing about it for a long time now and a new report from the GfK NOP barometer of UK confidence has shown that the “Fears of Recession” have really started to hit the UK public. According to the GFK, consumer confidence has now hit an 18 year low this month. The results show a score of minus 29 in May, which works out at five points less than April.

The reading is the lowest recorded since November 1990 and what makes things even scarier is that was the start of Britain’s last recession. When you take a closer look at all the latest news, from future gas price rises, house prices dropping the fastest in one month ever recorded by nationwide, fuel prices rising and consumer confidence being at the lowest since the last recession, its easy to see where we could be going.

When budgets get tighter and bills rise, you can understand why the survey’s confidence measure has been falling for nine months in a row. Now we do have to ask what the government is doing about this and can we count on them?

As house prices kept rising, many homeowners have borrowed a lot of money on their homes and because house prices have been falling now for many months, this could put some people in negative equity.

What are your economic concerns and do you think we will hit a full recession?

Source: Read