UK growth forecast cut by CBI: Inflation and recession fears
We try and think positive about the future of the UK and the money we will all have at the end of each month or week, but we also have to be realistic about the future and what we can do to prepare for the hard times if they are coming. Today we are hearing the BBC report that the UK growth forecast has been cut by CBI again and also on what’s about to happen with inflation and the public’s recession fears.
Its being reported that the United Kingdoms economic growth will slow to its lowest level since 1992 in 2009 and in March the CBI lowered expected GDP growth again for next year, they reduced their predictions from 2.1% to 1.7%. We all have seen the higher fuel prices every time we visit the pump and when we go to buy food you can easily see how much food prices have increased. This has put pressure on households to tighten the spending budgets and with the CBI also saying to expect a “very prolonged period of very sluggish growth”, we will have to either earn more money or keep a close eye on where the money goes.
Even amongst all this negative news, we are still hearing from many in the business world that there will NOT be a recession. This can be hard to believe for many as you could be mistaken for being in a recession when people are losing their jobs in the thousands and expenses are continuing to increase on a monthly basis.
How can we keep paying the bills when they keep increasing and wages do not?
100 Mortgages raised a point by saying that local councils in the UK could adopt the same mortgage support plans that the US use and give the public more support in paying the mortgage. While I do not believe in free handouts, sometimes it’s not the publics fault when prices are going up left, right and centre.
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